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Ben Rogoff

Lead Manager, Polar Capital Technology Trust; Partner, Polar Capital, Polar Capital Technology Trust

Search every verified Ben Rogoff interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In October 2026, Ben Rogoff discussed the Polar Capital Technology Trust’s recent performance and outlook, attributing strong returns to the AI sector’s growth, particularly the rise of agentic AI and revenue increases at frontier labs such as Anthropic and OpenAI. He stated that the trust had added SpaceX as a modest position, describing its AI-related clusters and models as having been substantially revalued by the market. Rogoff characterized himself as an “AI maximalist,” arguing that AI represents a shift toward substitute human cognition rather than merely a productivity tool. Rogoff also addressed portfolio positioning, noting a de-emphasis on software and a reduction in overall internet exposure, which he said pressured the trust’s U.S. weighting as the cloud and smartphone era ends. He identified high bandwidth memory and NAND flash as critical components for AI training and inference, and said the trust had been holding and adding to semiconductor holdings despite skepticism about the cycle’s duration. In September 2026, he acknowledged potential risks, including volatility and the possibility of overbuilding in infrastructure, but reiterated confidence that the market opportunity for AI remains difficult to size and that most returns had been driven by earnings rather than speculation.

Recent appearances

Notable quotes

“I think that there's a downward pressure on the US weighting that comes in the form of sort of AI disruption because let's be honest the US has been the dominant geography in a cloud smartphone world. And I think that we're coming to the end of that cloud smartphone world. We're in an AI era. That doesn't mean, however, that the US is going to lose. And if you look at where the Frontier Labs are, they're all in North”

“The first three and a bit years were spent basically having to argue that this was going to be really important and this is why people were investing and there were going to be great returns and products down the road but those things didn't exist. You know the products were inferior or imperfect. There were really very little in the form of revenues to talk of and then in 2026 we've seen the explosion of revenues at”

“We've moved into a world now where memory, particularly high bandwidth memory, is a critical component in the training um or or building of compute clusters that train AI models. And going forward, as we do more um stuff with the AI, so inference workloads, um the the memory that your AI agent has of of of prior information that you shared with it may be stored in something like NAND flash. So, the products that were”

“As a rule, this idea that productivity software is ultimately a tool for humans to be more productive. But AI is becoming a substitute for human cognition. And I think that again that's a big statement to make but that is how we see it. That's why we believe this is one of those kind of key moments in really in life or in history where non-human scaling takes takes place and we saw it in agriculture when we've seen i”

“I think that this is a very unusual moment. And I think understandably people will default to bubble because that normally when things are too good to be true, they usually are. And the tech sector has a long history of overpromising, underdelivering, and then of course by the time you know and then when you're no longer looking, delivering very much more than anybody imagined, right? So, I understand why people defa”

“I think that the real story of 2026 is Anthropic revenues, where the company was on a I think a $9 billion ARR in January and I think is on 47 billion or something at the end of in May. We've never seen a company do this before. In fact, when it reached 30 billion of annualized revenue, we had past that showed that no company on earth has ever done this before. So that gets to the question of what is it that companie”

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