1 hr. ago
The FIA will enforce its sporting regulations more strictly in Formula E's Gen4 era to clamp down on teams colluding to "manipulate" races.
Manufacturers in Formula E hold significant influence over their customer teams, with some agreements extending far beyond the supply of powertrains. This was particularly evident in last weekend's London finale, when Cupra Kiro driver Dan Ticktum admitted to slowing down in qualifying to help factory Porsche driver Pascal Wehrlein reach the final duel.
Read Also:
Did Formula E's London finale go too far with team games and personal vendettas?
While the London races put manufacturer and team orders in the spotlight, the FIA had already been planning a clampdown on such tactics since the summer break.
#down #team #manufacturers
Manufacturers in Formula E hold significant influence over their customer teams, with some agreements extending far beyond the supply of powertrains. This was particularly evident in last weekend's London finale, when Cupra Kiro driver Dan Ticktum admitted to slowing down in qualifying to help factory Porsche driver Pascal Wehrlein reach the final duel.
Read Also:
Did Formula E's London finale go too far with team games and personal vendettas?
While the London races put manufacturer and team orders in the spotlight, the FIA had already been planning a clampdown on such tactics since the summer break.
#down #team #manufacturers
1 day ago
Computer hard-drive manufacturer Western Digital (NASDAQ: WDC) stock jumped a lucky 7% through 11:25 a.m. ET Monday -- and has Donald Trump to thank for it.
Over the weekend, Trump Commerce Secretary Howard Lutnick told The Wall Street Journal the Trump administration "is not in favor" of Apple (NASDAQ: AAPL) buying high-bandwidth memory (HBM) from Yangtze Memory Technologies and CXMT in China, and would prefer Apple buy from manufacturers reshoring semiconductor manufacturing to the United States instead.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
What does this have to do with Western Digital, which doesn't make HBM, but rather old-tech hard disk drives?
Broadly speaking, both DRAM and NAND memory chips, and also the hard disk memory drives that Western Digital makes, are used for computer memory. Memory demands have gone through the roof as everyone and his brother rushes to build data centers -- and to tailor them to provide memory-intensive "inference" functions.
#Trump #NVIDIA #NASDAQ
Over the weekend, Trump Commerce Secretary Howard Lutnick told The Wall Street Journal the Trump administration "is not in favor" of Apple (NASDAQ: AAPL) buying high-bandwidth memory (HBM) from Yangtze Memory Technologies and CXMT in China, and would prefer Apple buy from manufacturers reshoring semiconductor manufacturing to the United States instead.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
What does this have to do with Western Digital, which doesn't make HBM, but rather old-tech hard disk drives?
Broadly speaking, both DRAM and NAND memory chips, and also the hard disk memory drives that Western Digital makes, are used for computer memory. Memory demands have gone through the roof as everyone and his brother rushes to build data centers -- and to tailor them to provide memory-intensive "inference" functions.
#Trump #NVIDIA #NASDAQ
4 days ago
General Motors Co (NYSE:GM) is abandoning one of the most storied American automobile brands in the world's largest auto market, and Ford Motor Company (NYSE:F) announced a different kind of pullback. Together, the two moves demonstrate how much American manufacturers have lost their foothold in China.
According to a report in German trade publication Automobilwoche, General Motors Co (NYSE:GM) plans to stop Chevrolet sales in China after nearly 21 years. The figures driving the decision are stark: Chevrolet sold over 767,000 vehicles in China in 2014, its peak year. Last year, that figure had fallen to less than 9,000 units, a 98.8% decrease in just over a decade. GM's answer has been to double down on its two surviving, more successful Chinese brands, focusing on Buick and Cadillac, with Buick specifically finding success with its new Electra electric vehicle series.
Chevrolet's decline is a symptom of a broader fundamental instability. Foreign automakers' overall share of China's auto market has plummeted, dropping from 53% to around 33% in just two years, while local Chinese companies led by BYD and Geely have taken control.
Ford's version of the retreat, announced on August 13, focuses on Lincoln, its luxury brand. Ford announced that beginning in 2030, it will stop producing Lincoln vehicles in China for the US market and instead expand Lincoln manufacturing domestically. The move notably targets the Lincoln Nautilus, the brand's best-selling model and the only car Ford Motor Company (NYSE:F) currently makes in China for American buyers, manufactured at the Changan Ford joint venture in Hangzhou since 2024.
CEO Jim Farley described the move as a statement of identity as much as strategy, claiming that Lincoln is an American brand and Ford Motor Company (NYSE:F) is America's automaker, telling Reuters that the decision was prompted by the Trump administration's trade policies. Those policies are doing the majority of the work here. The China-built Nautilus is subject to a significant 52.5% tariff in the US, a cost that has become difficult to justify. Despite the fact that the SUV has held up fairly well commercially, its US sales are down only 5.7% year-over-year through July, a smaller decrease than the Lincoln brand overall (down 12.6%).
#ford #american #motor #announced
According to a report in German trade publication Automobilwoche, General Motors Co (NYSE:GM) plans to stop Chevrolet sales in China after nearly 21 years. The figures driving the decision are stark: Chevrolet sold over 767,000 vehicles in China in 2014, its peak year. Last year, that figure had fallen to less than 9,000 units, a 98.8% decrease in just over a decade. GM's answer has been to double down on its two surviving, more successful Chinese brands, focusing on Buick and Cadillac, with Buick specifically finding success with its new Electra electric vehicle series.
Chevrolet's decline is a symptom of a broader fundamental instability. Foreign automakers' overall share of China's auto market has plummeted, dropping from 53% to around 33% in just two years, while local Chinese companies led by BYD and Geely have taken control.
Ford's version of the retreat, announced on August 13, focuses on Lincoln, its luxury brand. Ford announced that beginning in 2030, it will stop producing Lincoln vehicles in China for the US market and instead expand Lincoln manufacturing domestically. The move notably targets the Lincoln Nautilus, the brand's best-selling model and the only car Ford Motor Company (NYSE:F) currently makes in China for American buyers, manufactured at the Changan Ford joint venture in Hangzhou since 2024.
CEO Jim Farley described the move as a statement of identity as much as strategy, claiming that Lincoln is an American brand and Ford Motor Company (NYSE:F) is America's automaker, telling Reuters that the decision was prompted by the Trump administration's trade policies. Those policies are doing the majority of the work here. The China-built Nautilus is subject to a significant 52.5% tariff in the US, a cost that has become difficult to justify. Despite the fact that the SUV has held up fairly well commercially, its US sales are down only 5.7% year-over-year through July, a smaller decrease than the Lincoln brand overall (down 12.6%).
#ford #american #motor #announced
4 days ago
JERUSALEM — Fox News Digital gained rare access to the Israel Defense Forces (IDF) Tzrifin Base in Central Israel, where a vast number of confiscated rockets, grenades, drones, sniper rifles, automated weapons, anti-tank rocket launchers, mortars and other military firepower used by Hezbollah and Hamas are stored.
The seized ***** nal of weapons, ranging in manufacturers from the Islamic Republic of Iran to Russia, China to homegrown producers in Lebanon and Gaza and even a ***** -era gun, were part of the war machinery used by Hamas and Hezbollah against Israeli civilians and the IDF since Hamas terrorists attacked southern Israel on Oct. 7, 2023.
The IDF said Hezbollah also used weapons against Lebanese civilians.
Hezbollah and Hamas, members of Iran's so-called "axis of resistance," have killed over 300 American citizens, according to reports.
'We Want Land Invasion': Iran Mouthpiece Touts New Missile, Boasts Decades Of War Prep
#digital
The seized ***** nal of weapons, ranging in manufacturers from the Islamic Republic of Iran to Russia, China to homegrown producers in Lebanon and Gaza and even a ***** -era gun, were part of the war machinery used by Hamas and Hezbollah against Israeli civilians and the IDF since Hamas terrorists attacked southern Israel on Oct. 7, 2023.
The IDF said Hezbollah also used weapons against Lebanese civilians.
Hezbollah and Hamas, members of Iran's so-called "axis of resistance," have killed over 300 American citizens, according to reports.
'We Want Land Invasion': Iran Mouthpiece Touts New Missile, Boasts Decades Of War Prep
#digital
4 days ago
Varex Imaging Corporation (NASDAQ:VREX) surged 48.5% to $18.42 on August 10 after Teledyne Technologies Incorporated (NYSE:TDY) agreed to acquire the X-ray technology company for $18.90 per share in cash. The offer represents a 52% premium to Varex's unaffected closing price and values the transaction at approximately $1.1 billion, including equity awards and net debt.
Teledyne shares slipped just 0.15%, suggesting investors did not view the premium as an immediate threat to shareholder value. Varex closed about 2.5% below the offer, representing approximately 2.6% upside to the deal price. The narrow spread shifts the debate from whether Varex Imaging Corporation (NASDAQ:VREX) was undervalued to whether Teledyne Technologies Incorporated (NYSE:TDY) can earn an adequate return.
The strategic fit is visible. Varex Imaging Corporation (NASDAQ:VREX) fills specific gaps in Teledyne's imaging portfolio. Teledyne Technologies Incorporated (NYSE:TDY) has cited anticipated synergies but has not quantified them or disclosed expected EPS accretion or return targets.
Teledyne Technologies Incorporated (NYSE:TDY) is not paying primarily for Varex's current growth rate. It is acquiring technologies and customer relationships that could deepen its position across medical, security, and industrial imaging.
Varex produces X-ray tubes, flat-panel detectors, photon-counting detectors, high-voltage interconnects, and imaging software used by equipment manufacturers. These components support medical diagnostic systems, oncology equipment, cargo inspection, vehicle scanning, and industrial quality control.
#teledyne #NYSE #corporation
Teledyne shares slipped just 0.15%, suggesting investors did not view the premium as an immediate threat to shareholder value. Varex closed about 2.5% below the offer, representing approximately 2.6% upside to the deal price. The narrow spread shifts the debate from whether Varex Imaging Corporation (NASDAQ:VREX) was undervalued to whether Teledyne Technologies Incorporated (NYSE:TDY) can earn an adequate return.
The strategic fit is visible. Varex Imaging Corporation (NASDAQ:VREX) fills specific gaps in Teledyne's imaging portfolio. Teledyne Technologies Incorporated (NYSE:TDY) has cited anticipated synergies but has not quantified them or disclosed expected EPS accretion or return targets.
Teledyne Technologies Incorporated (NYSE:TDY) is not paying primarily for Varex's current growth rate. It is acquiring technologies and customer relationships that could deepen its position across medical, security, and industrial imaging.
Varex produces X-ray tubes, flat-panel detectors, photon-counting detectors, high-voltage interconnects, and imaging software used by equipment manufacturers. These components support medical diagnostic systems, oncology equipment, cargo inspection, vehicle scanning, and industrial quality control.
#teledyne #NYSE #corporation
8 days ago
Bloom Energy (NYSE:BE) just added another name to its growing list of AI infrastructure customers. On August 6, the company announced an expanded partnership with MiTAC Computing Technology Corp., a subsidiary of MiTAC Holdings Corporation, to deploy a fuel cell microgrid at MiTAC's AI server manufacturing campus in Fremont, California. It is a small deal in isolation, but it fits a pattern that has turned Bloom into one of the more talked-about names in the AI power trade.
The MiTAC expansion builds on an existing installation at the company's San Jose facility, and it will run as an islanded microgrid, meaning it operates independent of the local grid entirely. That matters because manufacturers building AI servers are running into the same power bottlenecks as the data centers buying their products. Bloom's Chief Commercial Officer Aman Joshi noted the company now serves nearly two dozen AI infrastructure customers with about 250 megawatts of contracted capacity, up from nearly zero just two years ago. Fuel cells generate power through an electrochemical process rather than combustion, which sidesteps permitting delays, water constraints and noise limits that can slow down traditional generation.
That growth shows up in the numbers too. Bloom's backlog reached $20 billion at the start of 2026, and product orders within that backlog rose 140% year over year, according to ****** ysis from Reuben Gregg Brewer published August 5. The company posted its first billion-dollar revenue quarter, and management raised full-year 2026 guidance to a range of $3.9 billion to $4.2 billion, per ****** ysis from Steven Porrello also published August 5. Wall Street currently expects revenue to more than triple over the next two years, and Bloom was profitable in both the first and second quarters of 2026.
The service portion of that backlog, roughly $14 billion of the $20 billion total, is the more durable piece of the business, since every fuel cell sold locks in an annuity-like service contract. But Brewer's ****** ysis points out that Bloom's overall profitability only turned positive in 2026, after losses in 2024 and 2025 even while the services business alone stayed profitable since 2024.
The stock has also been volatile. Shares are up roughly 500% over the trailing year but have pulled back about 35% from their highs, trading near $218 after touching roughly $345. Brewer argues that much of the good news already appears priced in, and that only aggressive growth investors should consider buying after such a rapid move. Even on a forward basis, Porrello notes the stock trades around 11 times next fiscal year's expected sales, a multiple that still ****** umes the AI buildout keeps accelerating without interruption.
#power #backlog #Analysis
The MiTAC expansion builds on an existing installation at the company's San Jose facility, and it will run as an islanded microgrid, meaning it operates independent of the local grid entirely. That matters because manufacturers building AI servers are running into the same power bottlenecks as the data centers buying their products. Bloom's Chief Commercial Officer Aman Joshi noted the company now serves nearly two dozen AI infrastructure customers with about 250 megawatts of contracted capacity, up from nearly zero just two years ago. Fuel cells generate power through an electrochemical process rather than combustion, which sidesteps permitting delays, water constraints and noise limits that can slow down traditional generation.
That growth shows up in the numbers too. Bloom's backlog reached $20 billion at the start of 2026, and product orders within that backlog rose 140% year over year, according to ****** ysis from Reuben Gregg Brewer published August 5. The company posted its first billion-dollar revenue quarter, and management raised full-year 2026 guidance to a range of $3.9 billion to $4.2 billion, per ****** ysis from Steven Porrello also published August 5. Wall Street currently expects revenue to more than triple over the next two years, and Bloom was profitable in both the first and second quarters of 2026.
The service portion of that backlog, roughly $14 billion of the $20 billion total, is the more durable piece of the business, since every fuel cell sold locks in an annuity-like service contract. But Brewer's ****** ysis points out that Bloom's overall profitability only turned positive in 2026, after losses in 2024 and 2025 even while the services business alone stayed profitable since 2024.
The stock has also been volatile. Shares are up roughly 500% over the trailing year but have pulled back about 35% from their highs, trading near $218 after touching roughly $345. Brewer argues that much of the good news already appears priced in, and that only aggressive growth investors should consider buying after such a rapid move. Even on a forward basis, Porrello notes the stock trades around 11 times next fiscal year's expected sales, a multiple that still ****** umes the AI buildout keeps accelerating without interruption.
#power #backlog #Analysis
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Netflix, Inc. (NASDAQ:NFLX). Netflix, Inc. (NASDAQ:NFLX) is a leading subscription-based streaming entertainment platform. On August 7, 2026, Netflix, Inc. (NASDAQ:NFLX) closed at $74.14 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 0.42% and its shares lost 39.15% over the past 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $308.71 billion.
Sands Capital Technology Innovators Fund stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its Q2 2026 investor letter:
"Netflix, Inc. (NASDAQ:NFLX) remains a uniquely scaled premium video platform, with meaningful advertising potential and subscription pricing power. However, we believe AI enabled short-form video could become an increasingly strong competitor for consumer engagement over time, creating greater uncertainty around Netflix's terminal value."
Netflix, Inc. (NASDAQ:NFLX) ranks 13 on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 144 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the first quarter, compared to 146 in the previous quarter. While we acknowledge the potential of Netflix, Inc. (NASDAQ:NFLX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#NASDAQ #fund #letter
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Netflix, Inc. (NASDAQ:NFLX). Netflix, Inc. (NASDAQ:NFLX) is a leading subscription-based streaming entertainment platform. On August 7, 2026, Netflix, Inc. (NASDAQ:NFLX) closed at $74.14 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 0.42% and its shares lost 39.15% over the past 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $308.71 billion.
Sands Capital Technology Innovators Fund stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its Q2 2026 investor letter:
"Netflix, Inc. (NASDAQ:NFLX) remains a uniquely scaled premium video platform, with meaningful advertising potential and subscription pricing power. However, we believe AI enabled short-form video could become an increasingly strong competitor for consumer engagement over time, creating greater uncertainty around Netflix's terminal value."
Netflix, Inc. (NASDAQ:NFLX) ranks 13 on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 144 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the first quarter, compared to 146 in the previous quarter. While we acknowledge the potential of Netflix, Inc. (NASDAQ:NFLX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#NASDAQ #fund #letter
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its Q2 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Arm Holdings plc (NASDAQ:ARM) as a new holding. Arm Holdings plc (NASDAQ:ARM) is a UK-based technology company that develops and licenses central processing unit designs and related technologies for semiconductor companies and original equipment manufacturers. On August 7, 2026, Arm Holdings plc (NASDAQ:ARM) closed at $282.57 per share. The one-month return of Arm Holdings plc (NASDAQ:ARM) was -10.03%, and its shares gained 90.72% over the past 52 weeks. Arm Holdings plc (NASDAQ:ARM) has a market capitalization of $301.78 billion.
Sands Capital Technology Innovators Fund stated the following regarding Arm Holdings plc (NASDAQ:ARM) in its Q2 2026 investor letter:
"Advanced Micro Devices, Arm Holdings plc (NASDAQ:ARM), and Intel increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. AMD and Arm provide exposure to supplier diversity, open standards, and more efficient compute architectures, while Intel adds exposure to server CPUs and potential foundry optionality as customers seek additional sources of advanced manufacturing supply. While execution risk remains meaningful, particularly for Intel, we b
In its Q2 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Arm Holdings plc (NASDAQ:ARM) as a new holding. Arm Holdings plc (NASDAQ:ARM) is a UK-based technology company that develops and licenses central processing unit designs and related technologies for semiconductor companies and original equipment manufacturers. On August 7, 2026, Arm Holdings plc (NASDAQ:ARM) closed at $282.57 per share. The one-month return of Arm Holdings plc (NASDAQ:ARM) was -10.03%, and its shares gained 90.72% over the past 52 weeks. Arm Holdings plc (NASDAQ:ARM) has a market capitalization of $301.78 billion.
Sands Capital Technology Innovators Fund stated the following regarding Arm Holdings plc (NASDAQ:ARM) in its Q2 2026 investor letter:
"Advanced Micro Devices, Arm Holdings plc (NASDAQ:ARM), and Intel increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. AMD and Arm provide exposure to supplier diversity, open standards, and more efficient compute architectures, while Intel adds exposure to server CPUs and potential foundry optionality as customers seek additional sources of advanced manufacturing supply. While execution risk remains meaningful, particularly for Intel, we b
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its Q2 2026 investor letter, Sands Capital Technology Innovators Fund highlighted **** e Exploration Technologies Corp. (NASDAQ:SPCX). **** e Exploration Technologies Corp. (NASDAQ:SPCX) is a US-based aerospace company specializing in advanced rockets and **** ecraft. The one-month return of **** e Exploration Technologies Corp. (NASDAQ:SPCX) was -2.40%. On August 7, 2026, **** e Exploration Technologies Corp. (NASDAQ:SPCX) closed at $133.11 per share, reflecting a market capitalization of $1.77 trillion.
Sands Capital Technology Innovators Fund stated the following regarding **** e Exploration Technologies Corp. (NASDAQ:SPCX) in its Q2 2026 investor letter:
"Exploration Technologies Corp. (NASDAQ:SPCX) (SpaceX) was added as a more idiosyncratic growth opportunity. The company provides foundational infrastructure for the emerging **** e economy through its reusable launch technology and Starlink broadband network. Reusability has lowered launch costs, increased launch frequency, and strengthened **** eX's leadership in global mass to-orbit. We believe this position could widen further as Starship scales, while Starlink expands the opportunity into enterprise connectivity, government communications, and direct-to-device services. We initiated the position at a modest weight, recognizing the potential volatility **** ociated with limited float, retail activity, and technical buying pressure."
#technologies #NASDAQ #technology
In its Q2 2026 investor letter, Sands Capital Technology Innovators Fund highlighted **** e Exploration Technologies Corp. (NASDAQ:SPCX). **** e Exploration Technologies Corp. (NASDAQ:SPCX) is a US-based aerospace company specializing in advanced rockets and **** ecraft. The one-month return of **** e Exploration Technologies Corp. (NASDAQ:SPCX) was -2.40%. On August 7, 2026, **** e Exploration Technologies Corp. (NASDAQ:SPCX) closed at $133.11 per share, reflecting a market capitalization of $1.77 trillion.
Sands Capital Technology Innovators Fund stated the following regarding **** e Exploration Technologies Corp. (NASDAQ:SPCX) in its Q2 2026 investor letter:
"Exploration Technologies Corp. (NASDAQ:SPCX) (SpaceX) was added as a more idiosyncratic growth opportunity. The company provides foundational infrastructure for the emerging **** e economy through its reusable launch technology and Starlink broadband network. Reusability has lowered launch costs, increased launch frequency, and strengthened **** eX's leadership in global mass to-orbit. We believe this position could widen further as Starship scales, while Starlink expands the opportunity into enterprise connectivity, government communications, and direct-to-device services. We initiated the position at a modest weight, recognizing the potential volatility **** ociated with limited float, retail activity, and technical buying pressure."
#technologies #NASDAQ #technology
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Intel Corporation (NASDAQ:INTC) as anew holding. Intel Corporation (NASDAQ:INTC) designs, develops, manufactures, markets, sells, and services computing and related end products and services. On August 7, 2026, Intel Corporation (NASDAQ:INTC) closed at $101.65 per share. One-month return of Intel Corporation (NASDAQ:INTC) was -1.43% and its shares gained 392.25% over the past 52 weeks. Intel Corporation (NASDAQ:INTC) has a market capitalization of $512.72 billion.
Sands Capital Technology Innovators Fund stated the following regarding Intel Corporation (NASDAQ:INTC) in its Q2 2026 investor letter:
"Advanced Micro Devices, Arm Holdings, and Intel Corporation (NASDAQ:INTC) increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. AMD and Arm provide exposure to supplier diversity, open standards, and more efficient compute architectures, while Intel adds exposure to server CPUs and potential foundry optionality as customers seek additional sources of advanced manufacturing supply. While execution risk remains meaningful, particularly for Intel, we believe these businesses provide differentiate
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Intel Corporation (NASDAQ:INTC) as anew holding. Intel Corporation (NASDAQ:INTC) designs, develops, manufactures, markets, sells, and services computing and related end products and services. On August 7, 2026, Intel Corporation (NASDAQ:INTC) closed at $101.65 per share. One-month return of Intel Corporation (NASDAQ:INTC) was -1.43% and its shares gained 392.25% over the past 52 weeks. Intel Corporation (NASDAQ:INTC) has a market capitalization of $512.72 billion.
Sands Capital Technology Innovators Fund stated the following regarding Intel Corporation (NASDAQ:INTC) in its Q2 2026 investor letter:
"Advanced Micro Devices, Arm Holdings, and Intel Corporation (NASDAQ:INTC) increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. AMD and Arm provide exposure to supplier diversity, open standards, and more efficient compute architectures, while Intel adds exposure to server CPUs and potential foundry optionality as customers seek additional sources of advanced manufacturing supply. While execution risk remains meaningful, particularly for Intel, we believe these businesses provide differentiate
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Datadog, Inc. (NASDAQ:DDOG). Datadog, Inc. (NASDAQ:DDOG) operates an observability and security platform for cloud applications in the United States and internationally. On August 7, 2026, Datadog, Inc. (NASDAQ:DDOG) closed at $233.93 per share. One-month return of Datadog, Inc. (NASDAQ:DDOG) was -4.29% and its shares gained 93.33% over the past 52 weeks. Datadog, Inc. (NASDAQ:DDOG) has a market capitalization of $89.44 billion.
Sands Capital Technology Innovators Fund stated the following regarding Datadog, Inc. (NASDAQ:DDOG) in its Q2 2026 investor letter:
"Datadog, Inc. (NASDAQ:DDOG) is a cloud-native observability and security software company that helps organizations monitor infrastructure, applications, logs, and cybersecurity across increasingly complex technology environments. Our latest engagement with the company focused on its proposal to reincorporate from Delaware to Nevada and the potential implications for shareholder rights, board oversight, and long-term governance. Reincorporation proposals can have meaningful implications for the legal framework governing a company's directors, officers, and shareholders. Because corporate law varies by state, a change in domicile may affect litigation standards, fiduciary duties, shareholder rights, and the balance between management protections and investor oversight. We expect more companies to submit proposals to reincorporate. As long-term shareholders, we generally engage with companies considering these proposals to better understand their rationale, evaluate whether shareho
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Datadog, Inc. (NASDAQ:DDOG). Datadog, Inc. (NASDAQ:DDOG) operates an observability and security platform for cloud applications in the United States and internationally. On August 7, 2026, Datadog, Inc. (NASDAQ:DDOG) closed at $233.93 per share. One-month return of Datadog, Inc. (NASDAQ:DDOG) was -4.29% and its shares gained 93.33% over the past 52 weeks. Datadog, Inc. (NASDAQ:DDOG) has a market capitalization of $89.44 billion.
Sands Capital Technology Innovators Fund stated the following regarding Datadog, Inc. (NASDAQ:DDOG) in its Q2 2026 investor letter:
"Datadog, Inc. (NASDAQ:DDOG) is a cloud-native observability and security software company that helps organizations monitor infrastructure, applications, logs, and cybersecurity across increasingly complex technology environments. Our latest engagement with the company focused on its proposal to reincorporate from Delaware to Nevada and the potential implications for shareholder rights, board oversight, and long-term governance. Reincorporation proposals can have meaningful implications for the legal framework governing a company's directors, officers, and shareholders. Because corporate law varies by state, a change in domicile may affect litigation standards, fiduciary duties, shareholder rights, and the balance between management protections and investor oversight. We expect more companies to submit proposals to reincorporate. As long-term shareholders, we generally engage with companies considering these proposals to better understand their rationale, evaluate whether shareho
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Roblox Corporation (NYSE:RBLX). Roblox Corporation (NYSE:RBLX), an online gaming and virtual experience platform, supported by AI-driven innovation and infrastructure advantages, detracted from the performance this quarter. On August 7, 2026, Roblox Corporation (NYSE:RBLX) closed at $37.79 per share. The one-month return of Roblox Corporation (NYSE:RBLX) was -32.87% and its shares lost 72.42% over the past 52 weeks. Roblox Corporation (NYSE:RBLX) has a market capitalization of $27 billion.
Sands Capital Technology Innovators Fund stated the following regarding Roblox Corporation (NYSE:RBLX) in its Q2 2026 investor letter:
"Roblox Corporation (NYSE:RBLX) shares declined, reflecting more difficult user engagement comparisons and increased investment in safety features that pressured margins. We sold the business during the quarter. Roblox has strengthened its position as a platform since our initial investment, with engagement and monetization broadening beyond a small number of viral hit games. That progress drove a meaningful improvement in revenue growth and profitability. However, the stock has become more vulnerable to difficult comparisons following a surge in engagement, while incremental safety investments may weigh on near-term usage and monetization. Although we continue to see long-term potential in the business, we exited the position because the near-term setup had become less attractive relative to other opportunities."
#sands
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Roblox Corporation (NYSE:RBLX). Roblox Corporation (NYSE:RBLX), an online gaming and virtual experience platform, supported by AI-driven innovation and infrastructure advantages, detracted from the performance this quarter. On August 7, 2026, Roblox Corporation (NYSE:RBLX) closed at $37.79 per share. The one-month return of Roblox Corporation (NYSE:RBLX) was -32.87% and its shares lost 72.42% over the past 52 weeks. Roblox Corporation (NYSE:RBLX) has a market capitalization of $27 billion.
Sands Capital Technology Innovators Fund stated the following regarding Roblox Corporation (NYSE:RBLX) in its Q2 2026 investor letter:
"Roblox Corporation (NYSE:RBLX) shares declined, reflecting more difficult user engagement comparisons and increased investment in safety features that pressured margins. We sold the business during the quarter. Roblox has strengthened its position as a platform since our initial investment, with engagement and monetization broadening beyond a small number of viral hit games. That progress drove a meaningful improvement in revenue growth and profitability. However, the stock has become more vulnerable to difficult comparisons following a surge in engagement, while incremental safety investments may weigh on near-term usage and monetization. Although we continue to see long-term potential in the business, we exited the position because the near-term setup had become less attractive relative to other opportunities."
#sands
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted TTM Technologies, Inc. (NASDAQ:TTMI) as a new addition. TTM Technologies, Inc. (NASDAQ:TTMI) manufactures and sells mission systems, radio frequency (RF) components, RF microwave/microelectronic ******* emblies, and printed circuit boards (PCBs) and substrates in the United States and internationally. On August 7, 2026, TTM Technologies, Inc. (NASDAQ:TTMI) closed at $137.21 per share. One-month return of TTM Technologies, Inc. (NASDAQ:TTMI) was -0.64% and its shares gained 207.58% over the past 52 weeks. TTM Technologies, Inc. (NASDAQ:TTMI) has a market capitalization of $14.45 billion.
Sands Capital Technology Innovators Fund stated the following regarding TTM Technologies, Inc. (NASDAQ:TTMI) in its Q2 2026 investor letter:
"TTM Technologies, Inc. (NASDAQ:TTMI) is a leading Western manufacturer of highly complex printed circuit boards (PCBs) and integrated electronic subsystems. We believe the company is positioned at the intersection of AI data center growth and defense modernization. TTM is 75 percent sole sourced in U.S. aerospace and defense projects due to lack of domestic competitors and is already booking revenue from Golden Dome. As AI infrastructure evolves to support advanced accelerators, networking equipment, and custom compute architectures, boards require more layers, higher performance, and greater manufacturing precision, creating meaningful pricing uplift versus commoditized PCBs. We believe TTM's exposure to AI accelerator boards, networking, and defense demand can support durable earnings growth and improving qual
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted TTM Technologies, Inc. (NASDAQ:TTMI) as a new addition. TTM Technologies, Inc. (NASDAQ:TTMI) manufactures and sells mission systems, radio frequency (RF) components, RF microwave/microelectronic ******* emblies, and printed circuit boards (PCBs) and substrates in the United States and internationally. On August 7, 2026, TTM Technologies, Inc. (NASDAQ:TTMI) closed at $137.21 per share. One-month return of TTM Technologies, Inc. (NASDAQ:TTMI) was -0.64% and its shares gained 207.58% over the past 52 weeks. TTM Technologies, Inc. (NASDAQ:TTMI) has a market capitalization of $14.45 billion.
Sands Capital Technology Innovators Fund stated the following regarding TTM Technologies, Inc. (NASDAQ:TTMI) in its Q2 2026 investor letter:
"TTM Technologies, Inc. (NASDAQ:TTMI) is a leading Western manufacturer of highly complex printed circuit boards (PCBs) and integrated electronic subsystems. We believe the company is positioned at the intersection of AI data center growth and defense modernization. TTM is 75 percent sole sourced in U.S. aerospace and defense projects due to lack of domestic competitors and is already booking revenue from Golden Dome. As AI infrastructure evolves to support advanced accelerators, networking equipment, and custom compute architectures, boards require more layers, higher performance, and greater manufacturing precision, creating meaningful pricing uplift versus commoditized PCBs. We believe TTM's exposure to AI accelerator boards, networking, and defense demand can support durable earnings growth and improving qual
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Advanced Micro Devices, Inc. (NASDAQ:AMD) as a newly added position. Advanced Micro Devices, Inc. (NASDAQ:AMD) is a leading semiconductor company that designs and manufactures AI accelerators, microprocessors, and graphics processing units, which contributed to the fund's performance in the quarter. On August 7, 2026, Advanced Micro Devices, Inc. (NASDAQ:AMD) closed at $483.36 per share. One-month return of Advanced Micro Devices, Inc. (NASDAQ:AMD) was -14.80% and its shares gained 178.94% over the past 52 weeks. Advanced Micro Devices, Inc. (NASDAQ:AMD) has a market capitalization of about $789.07 billion.
Sands Capital Technology Innovators Fund stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q2 2026 investor letter:
"Advanced Micro Devices, Inc. (NASDAQ:AMD), Arm Holdings, and Intel increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. AMD and Arm provide exposure to supplier diversity, open standards, and more efficient compute architectures, while Intel adds exposure to server CPUs and potential foundry optionality as customers seek additional sources
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Advanced Micro Devices, Inc. (NASDAQ:AMD) as a newly added position. Advanced Micro Devices, Inc. (NASDAQ:AMD) is a leading semiconductor company that designs and manufactures AI accelerators, microprocessors, and graphics processing units, which contributed to the fund's performance in the quarter. On August 7, 2026, Advanced Micro Devices, Inc. (NASDAQ:AMD) closed at $483.36 per share. One-month return of Advanced Micro Devices, Inc. (NASDAQ:AMD) was -14.80% and its shares gained 178.94% over the past 52 weeks. Advanced Micro Devices, Inc. (NASDAQ:AMD) has a market capitalization of about $789.07 billion.
Sands Capital Technology Innovators Fund stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q2 2026 investor letter:
"Advanced Micro Devices, Inc. (NASDAQ:AMD), Arm Holdings, and Intel increased the portfolio's exposure to rising CPU demand driven by agentic AI. While GPUs remain central to training and token generation, CPUs are increasingly important for scheduling, memory management, tool execution, and the orchestration of agentic workflows. As AI workloads evolve toward inference, agentic workflows, and more complex data center architectures, we believe the need to coordinate, feed, and manage accelerated compute could drive stronger CPU demand than investors previously expected. AMD and Arm provide exposure to supplier diversity, open standards, and more efficient compute architectures, while Intel adds exposure to server CPUs and potential foundry optionality as customers seek additional sources
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Samsara Inc. (NYSE:IOT). Samsara Inc. (NYSE:IOT), which provides solutions to connect physical operations data to its connected operations platform, detracted from the fund's performance during the quarter. On August 7, 2026, Samsara Inc. (NYSE:IOT) closed at $40.88 per share. One-month return of Samsara Inc. (NYSE:IOT) was 11.00% and its shares gained 25.78% over the past 52 weeks. Samsara Inc. (NYSE:IOT) has a market capitalization of $23.89 billion.
Sands Capital Technology Innovators Fund stated the following regarding Samsara Inc. (NYSE:IOT) in its Q2 2026 investor letter:
"Samsara Inc. (NYSE:IOT) is a leading developer of connected hardware and software for industrial operations. Shares declined despite strong first-quarter results, as broader multiple compression across select vertical software peers outweighed continued evidence of strong execution. Revenue growth remained steady at approximately 30 percent, while the company delivered roughly 500 basis points of margin leverage, reflecting improving scale and operating discipline. Samsara continues to benefit from a powerful data network effect: as more customers and connected ***** ets join the platform, Samsara captures more proprietary operational data, which improves its products, strengthens customer outcomes, and creates new monetization opportunities. This flywheel is supporting success across an expanding product portfolio and should be reinforced by upcoming product announcements and disclosures. With the stock trading near multiyear lows on forward revenue despite
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Samsara Inc. (NYSE:IOT). Samsara Inc. (NYSE:IOT), which provides solutions to connect physical operations data to its connected operations platform, detracted from the fund's performance during the quarter. On August 7, 2026, Samsara Inc. (NYSE:IOT) closed at $40.88 per share. One-month return of Samsara Inc. (NYSE:IOT) was 11.00% and its shares gained 25.78% over the past 52 weeks. Samsara Inc. (NYSE:IOT) has a market capitalization of $23.89 billion.
Sands Capital Technology Innovators Fund stated the following regarding Samsara Inc. (NYSE:IOT) in its Q2 2026 investor letter:
"Samsara Inc. (NYSE:IOT) is a leading developer of connected hardware and software for industrial operations. Shares declined despite strong first-quarter results, as broader multiple compression across select vertical software peers outweighed continued evidence of strong execution. Revenue growth remained steady at approximately 30 percent, while the company delivered roughly 500 basis points of margin leverage, reflecting improving scale and operating discipline. Samsara continues to benefit from a powerful data network effect: as more customers and connected ***** ets join the platform, Samsara captures more proprietary operational data, which improves its products, strengthens customer outcomes, and creates new monetization opportunities. This flywheel is supporting success across an expanding product portfolio and should be reinforced by upcoming product announcements and disclosures. With the stock trading near multiyear lows on forward revenue despite
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Klaviyo, Inc. (NYSE:KVYO). Klaviyo, Inc. (NYSE:KVYO), a cloud-based software-as-a-service marketing platform, detracted from the Fund's performance during the quarter. On August 7, 2026, Klaviyo, Inc. (NYSE:KVYO) closed at $16.62 per share. The one-month return of Klaviyo, Inc. (NYSE:KVYO) was -4.81%, and its shares lost 44.73% over the past 52 weeks. Klaviyo, Inc. (NYSE:KVYO) has a market capitalization of $4.73 billion.
Sands Capital Technology Innovators Fund stated the following regarding Klaviyo, Inc. (NYSE:KVYO) in its Q2 2026 investor letter:
"Klaviyo, Inc. (NYSE:KVYO) is an innovative provider of business-to-consumer (B2C) marketing technology. While the company delivered a headline beat and raise, expectations had moved higher into the print after a sharp rebound from April lows, and investors focused on a smaller revenue beat and a slightly lower second-quarter margin guide. The reaction also reflected broader pressure on software stocks, where investor sentiment remains fragile and near-term execution concerns have weighed on valuation multiples. In our view, the selloff was disproportionate to the underlying business performance. Klaviyo continues to deliver strong revenue growth, has limited exposure to seat-based revenue disruption, and should continue to expand margins over time. We maintain conviction, supported by Klaviyo's opportunity to extend share gains, expand internationally and outside of ecommerce, and cross-sell its text-messaging and customer service platforms."
#klaviyo #quarter #innovators #investor
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Klaviyo, Inc. (NYSE:KVYO). Klaviyo, Inc. (NYSE:KVYO), a cloud-based software-as-a-service marketing platform, detracted from the Fund's performance during the quarter. On August 7, 2026, Klaviyo, Inc. (NYSE:KVYO) closed at $16.62 per share. The one-month return of Klaviyo, Inc. (NYSE:KVYO) was -4.81%, and its shares lost 44.73% over the past 52 weeks. Klaviyo, Inc. (NYSE:KVYO) has a market capitalization of $4.73 billion.
Sands Capital Technology Innovators Fund stated the following regarding Klaviyo, Inc. (NYSE:KVYO) in its Q2 2026 investor letter:
"Klaviyo, Inc. (NYSE:KVYO) is an innovative provider of business-to-consumer (B2C) marketing technology. While the company delivered a headline beat and raise, expectations had moved higher into the print after a sharp rebound from April lows, and investors focused on a smaller revenue beat and a slightly lower second-quarter margin guide. The reaction also reflected broader pressure on software stocks, where investor sentiment remains fragile and near-term execution concerns have weighed on valuation multiples. In our view, the selloff was disproportionate to the underlying business performance. Klaviyo continues to deliver strong revenue growth, has limited exposure to seat-based revenue disruption, and should continue to expand margins over time. We maintain conviction, supported by Klaviyo's opportunity to extend share gains, expand internationally and outside of ecommerce, and cross-sell its text-messaging and customer service platforms."
#klaviyo #quarter #innovators #investor
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Palo Alto Networks, Inc. (NASDAQ:PANW) as a leading individual contributor. Palo Alto Networks, Inc. (NASDAQ:PANW) provides cybersecurity solutions in the Americas and internationally. On August 7, 2026, Palo Alto Networks, Inc. (NASDAQ:PANW) closed at $363.86 per share. The one-month return of Palo Alto Networks, Inc. (NASDAQ:PANW) was 10.16% and its shares gained 116.36% over the past 52 weeks. Palo Alto Networks, Inc. (NASDAQ:PANW) has a market capitalization of $296.55 billion.
Sands Capital Technology Innovators Fund stated the following regarding Palo Alto Networks, Inc. (NASDAQ:PANW) in its Q2 2026 investor letter:
"Palo Alto Networks, Inc. (NASDAQ:PANW) was a contributor during the quarter, supported by strong results and continued investor confidence in cybersecurity demand. Fiscal third-quarter results showed demand remains robust, as rapid AI adoption expands enterprise attack surfaces and increases the need for scaled cybersecurity platforms that can provide visibility, control, and protection against more sophisticated threats. Management also noted an improving demand pipeline following Palo Alto Networks' inclusion as a launch partner in Project Glasswing, Anthropic's initiative to use the Claude Mythos model to help defenders secure critical software for the AI era. In our view, these developments reinforce Palo Alto Networks' position as a critical enabling platform for secure AI adoption. The company is well positioned to benefit from this demand environment through its broad product portfolio, scaled customer base,
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Palo Alto Networks, Inc. (NASDAQ:PANW) as a leading individual contributor. Palo Alto Networks, Inc. (NASDAQ:PANW) provides cybersecurity solutions in the Americas and internationally. On August 7, 2026, Palo Alto Networks, Inc. (NASDAQ:PANW) closed at $363.86 per share. The one-month return of Palo Alto Networks, Inc. (NASDAQ:PANW) was 10.16% and its shares gained 116.36% over the past 52 weeks. Palo Alto Networks, Inc. (NASDAQ:PANW) has a market capitalization of $296.55 billion.
Sands Capital Technology Innovators Fund stated the following regarding Palo Alto Networks, Inc. (NASDAQ:PANW) in its Q2 2026 investor letter:
"Palo Alto Networks, Inc. (NASDAQ:PANW) was a contributor during the quarter, supported by strong results and continued investor confidence in cybersecurity demand. Fiscal third-quarter results showed demand remains robust, as rapid AI adoption expands enterprise attack surfaces and increases the need for scaled cybersecurity platforms that can provide visibility, control, and protection against more sophisticated threats. Management also noted an improving demand pipeline following Palo Alto Networks' inclusion as a launch partner in Project Glasswing, Anthropic's initiative to use the Claude Mythos model to help defenders secure critical software for the AI era. In our view, these developments reinforce Palo Alto Networks' position as a critical enabling platform for secure AI adoption. The company is well positioned to benefit from this demand environment through its broad product portfolio, scaled customer base,
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Seagate Technology Holdings plc (NASDAQ:STX) as a notable performance contributor. Seagate Technology Holdings plc (NASDAQ:STX) engages in the provision of data storage technology and infrastructure solutions in Singapore and internationally. On August 7, 2026, Seagate Technology Holdings plc (NASDAQ:STX) closed at $812.76 per share. One-month return of Seagate Technology Holdings plc (NASDAQ:STX) was -5.57% and its shares gained 435.80% over the past 52 weeks. Seagate Technology Holdings plc (NASDAQ:STX) has a market capitalization of $184.21 billion with a 52-week trading range between $144.75 and $1,145.00.
Sands Capital Technology Innovators Fund stated the following regarding Seagate Technology Holdings plc (NASDAQ:STX) in its Q2 2026 investor letter:
"Seagate Technology Holdings plc (NASDAQ:STX) is a global leader in mass-capacity data storage. Shares advanced as improving supply demand conditions continued to support stronger pricing expectations for hard disk drives. The company reported strong first-quarter results, with revenue rising 44 percent year over year and non-GAAP gross margin reaching a record 47 percent. Demand for storage capacity is improving as AI-related workloads require greater data retention and retrieval, while industry supply remains constrained. Management now expects pricing to grow at a multiyear mid-teens rate, following 12 percent yearover-year pricing growth in the quarter. We believe this combination of rising demand, limited supply response, and improving pricing discipline will support durable e
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Seagate Technology Holdings plc (NASDAQ:STX) as a notable performance contributor. Seagate Technology Holdings plc (NASDAQ:STX) engages in the provision of data storage technology and infrastructure solutions in Singapore and internationally. On August 7, 2026, Seagate Technology Holdings plc (NASDAQ:STX) closed at $812.76 per share. One-month return of Seagate Technology Holdings plc (NASDAQ:STX) was -5.57% and its shares gained 435.80% over the past 52 weeks. Seagate Technology Holdings plc (NASDAQ:STX) has a market capitalization of $184.21 billion with a 52-week trading range between $144.75 and $1,145.00.
Sands Capital Technology Innovators Fund stated the following regarding Seagate Technology Holdings plc (NASDAQ:STX) in its Q2 2026 investor letter:
"Seagate Technology Holdings plc (NASDAQ:STX) is a global leader in mass-capacity data storage. Shares advanced as improving supply demand conditions continued to support stronger pricing expectations for hard disk drives. The company reported strong first-quarter results, with revenue rising 44 percent year over year and non-GAAP gross margin reaching a record 47 percent. Demand for storage capacity is improving as AI-related workloads require greater data retention and retrieval, while industry supply remains constrained. Management now expects pricing to grow at a multiyear mid-teens rate, following 12 percent yearover-year pricing growth in the quarter. We believe this combination of rising demand, limited supply response, and improving pricing discipline will support durable e
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Nu Holdings Ltd. (NYSE:NU). Nu Holdings Ltd. (NYSE:NU) is a leading digital banking platform, which detracted from the fund's performance this quarter. On August 7, 2026, Nu Holdings Ltd. (NYSE:NU) closed at $13.84 per share, reflecting a market capitalization of $66.85 billion. Nu Holdings Ltd. (NYSE:NU) posted a one-month return of 1.24%, while its shares gained 16.11% over the past 52 weeks.
Sands Capital Technology Innovators Fund stated the following regarding Nu Holdings Ltd. (NYSE:NU) in its Q2 2026 investor letter:
"Nu Holdings Ltd. (NYSE:NU) operates Nubank, a digital financial services platform serving more than 100 million customers in Latin America. First-quarter 2026 revenue growth was in line with expectations, but higher-than-expected provisions weighed on gross profit and raised investor concerns about household debt and credit quality. We are less concerned, as Brazil's low unemployment and real wage growth are more relevant, in our view, to future credit losses than household debt service ratios. We also believe Brazilian Central Bank data may overstate loan delinquencies because of an accounting change that affects how long banks can keep nonperforming loans on their books before recognizing a write-off. Importantly, after a detailed inspection of the bank's balance sheet and interaction with the management, we feel comfortable about Nu's prospects of generating healthy risk-adjusted net interest income in the coming quarters. ****** et quality concerns may take time to resolve, but Nu continues to execute against
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Nu Holdings Ltd. (NYSE:NU). Nu Holdings Ltd. (NYSE:NU) is a leading digital banking platform, which detracted from the fund's performance this quarter. On August 7, 2026, Nu Holdings Ltd. (NYSE:NU) closed at $13.84 per share, reflecting a market capitalization of $66.85 billion. Nu Holdings Ltd. (NYSE:NU) posted a one-month return of 1.24%, while its shares gained 16.11% over the past 52 weeks.
Sands Capital Technology Innovators Fund stated the following regarding Nu Holdings Ltd. (NYSE:NU) in its Q2 2026 investor letter:
"Nu Holdings Ltd. (NYSE:NU) operates Nubank, a digital financial services platform serving more than 100 million customers in Latin America. First-quarter 2026 revenue growth was in line with expectations, but higher-than-expected provisions weighed on gross profit and raised investor concerns about household debt and credit quality. We are less concerned, as Brazil's low unemployment and real wage growth are more relevant, in our view, to future credit losses than household debt service ratios. We also believe Brazilian Central Bank data may overstate loan delinquencies because of an accounting change that affects how long banks can keep nonperforming loans on their books before recognizing a write-off. Importantly, after a detailed inspection of the bank's balance sheet and interaction with the management, we feel comfortable about Nu's prospects of generating healthy risk-adjusted net interest income in the coming quarters. ****** et quality concerns may take time to resolve, but Nu continues to execute against
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Sandisk Corporation (NASDAQ:SNDK) as a newly added position. Sandisk Corporation (NASDAQ:SNDK) develops, manufactures, and sells data storage devices and solutions using NAND flash technology in the United States and internationally. On August 7, 2026, Sandisk Corporation (NASDAQ:SNDK) closed at $1,212.21 per share. The one-month return of Sandisk Corporation (NASDAQ:SNDK) was -27.58%, and its shares gained 2,695.04% over the past 52 weeks. Sandisk Corporation (NASDAQ:SNDK) has a market capitalization of $176.98 billion.
Sands Capital Technology Innovators Fund stated the following regarding Sandisk Corporation (NASDAQ:SNDK) in its Q2 2026 investor letter:
"Sandisk Corporation (NASDAQ:SNDK) is a U.S.-based provider of flash memory and storage technologies. As agentic AI systems handle more complex tasks with less human direction, they need to access, process, and retain larger amounts of context, subscription pricing power. However, we believe AIenabled short-form video could become an increasingly strong competitor for consumer engagement over time, creating greater uncertainty around Netflix's terminal value."
#NASDAQ #fund #sands
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Sandisk Corporation (NASDAQ:SNDK) as a newly added position. Sandisk Corporation (NASDAQ:SNDK) develops, manufactures, and sells data storage devices and solutions using NAND flash technology in the United States and internationally. On August 7, 2026, Sandisk Corporation (NASDAQ:SNDK) closed at $1,212.21 per share. The one-month return of Sandisk Corporation (NASDAQ:SNDK) was -27.58%, and its shares gained 2,695.04% over the past 52 weeks. Sandisk Corporation (NASDAQ:SNDK) has a market capitalization of $176.98 billion.
Sands Capital Technology Innovators Fund stated the following regarding Sandisk Corporation (NASDAQ:SNDK) in its Q2 2026 investor letter:
"Sandisk Corporation (NASDAQ:SNDK) is a U.S.-based provider of flash memory and storage technologies. As agentic AI systems handle more complex tasks with less human direction, they need to access, process, and retain larger amounts of context, subscription pricing power. However, we believe AIenabled short-form video could become an increasingly strong competitor for consumer engagement over time, creating greater uncertainty around Netflix's terminal value."
#NASDAQ #fund #sands
8 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Palantir Technologies Inc. (NASDAQ:PLTR). Palantir Technologies Inc. (NASDAQ:PLTR), which builds and deploys software platforms for the intelligence community to ***** ist in counterterrorism investigations and operations, detracted from the performance this quarter. On August 7, 2026, Palantir Technologies Inc. (NASDAQ:PLTR) closed at $172.01 per share. One-month return of Palantir Technologies Inc. (NASDAQ:PLTR) was 32.27% and its shares lost 5.84% over the past 52 weeks. Palantir Technologies Inc. (NASDAQ:PLTR) has a market capitalization of $413.36 billion.
Sands Capital Technology Innovators Fund stated the following regarding Palantir Technologies Inc. (NASDAQ:PLTR) in its Q2 2026 investor letter:
"Palantir Technologies Inc. (NASDAQ:PLTR) is a data intelligence and operational AI platform that helps governments and enterprises solve complex challenges by integrating and ***** yzing data across functions. Our holding was a detractor during the quarter, as shares declined despite reporting very strong first-quarter results. Revenue growth accelerated meaningfully, the company delivered a record guidance raise, and profitability continued to improve, with strong incremental margins and continued GAAP earnings growth. In our view, the stock reaction reflected elevated expectations and ongoing investor debate around valuation and competition from AI labs, rather than deterioration in the underlying business. We believe Palantir is increasingly proving itself as a clear winner in artificial intelligence, with its platform tied to dur
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Palantir Technologies Inc. (NASDAQ:PLTR). Palantir Technologies Inc. (NASDAQ:PLTR), which builds and deploys software platforms for the intelligence community to ***** ist in counterterrorism investigations and operations, detracted from the performance this quarter. On August 7, 2026, Palantir Technologies Inc. (NASDAQ:PLTR) closed at $172.01 per share. One-month return of Palantir Technologies Inc. (NASDAQ:PLTR) was 32.27% and its shares lost 5.84% over the past 52 weeks. Palantir Technologies Inc. (NASDAQ:PLTR) has a market capitalization of $413.36 billion.
Sands Capital Technology Innovators Fund stated the following regarding Palantir Technologies Inc. (NASDAQ:PLTR) in its Q2 2026 investor letter:
"Palantir Technologies Inc. (NASDAQ:PLTR) is a data intelligence and operational AI platform that helps governments and enterprises solve complex challenges by integrating and ***** yzing data across functions. Our holding was a detractor during the quarter, as shares declined despite reporting very strong first-quarter results. Revenue growth accelerated meaningfully, the company delivered a record guidance raise, and profitability continued to improve, with strong incremental margins and continued GAAP earnings growth. In our view, the stock reaction reflected elevated expectations and ongoing investor debate around valuation and competition from AI labs, rather than deterioration in the underlying business. We believe Palantir is increasingly proving itself as a clear winner in artificial intelligence, with its platform tied to dur
9 days ago
Brown Advisory, an investment management company, released its "Brown Advisory Global Leaders Strategy" for the second quarter of 2026 investor letter. A copy of the letter can be downloaded here. Brown Advisory's Global Leaders Strategy delivered a net return of 4.6% in the second quarter of 2026, underperforming its benchmark, the MSCI ACWI Net Index, which returned 14.9%. The relative weakness was driven mainly by underexposure to semiconductors and technology hardware, while software, cloud services, and financial holdings also weighed on performance. The strategy benefited from holdings in areas tied to AI infrastructure, with semiconductor exposure and AI-related investments gaining from strong demand. Looking ahead, Brown Advisory sees an attractive environment for active stock-picking, with its ready-to-buy list at its highest level since the COVID-19 period and an estimated 12%-13% average five-year base-case IRR, while maintaining a focus on quality, valuation discipline, and long-term cash-flow generation. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Brown Advisory Global Leaders Strategy Fund highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) is a semiconductor company that develops GPUs and computing platforms powering artificial intelligence, data centers, and high-performance computing. The one-month return of NVIDIA Corporation (NASDAQ:NVDA) was 10.04% while its shares traded between $164.07 and $236.54 over the last 52 weeks. On August 7, 2026, NVIDIA Corporation (NASDAQ:NVDA) stock closed at approximately $218.99 per share, with a market capitalization of about $5.42 trillion.
Brown Advisory Global Leaders Strategy Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2026 investor letter:
We initiated a position in Nvidia (NASDAQ:NVDA) in June. Over the last four years, Nvidia has positioned itself as the leader across all parts of the technical component layer within the AI technology stack, including AI silicon, networking, cooling and total rack systems. Meanwhile, it has invested heavily in seeding an AI ecosystem based on Nvidia technology within the application, model and cloud compute layers, helping to drive usage of its infrastructure products. Nvidia has reshaped its business from consumer and professional GPU cyclicality toward data-centre infrastructure platform economics. This has resulted in market expansion far beyond our original base case estimates. As part of our ongoing ***** ysis of semiconductor end market demand across the entire value chain, we observed that every part of the technical infrastructure around Nvidia including optical networking demand, lasers, CPUs, TSMC's capex plans, wafer fab equipment demand, and the contract manufacturers ***** embling Nvidia's racks all implied that demand for Nvidia equipment remains very robust and likely underesti
In its second-quarter 2026 investor letter, Brown Advisory Global Leaders Strategy Fund highlighted stocks like NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) is a semiconductor company that develops GPUs and computing platforms powering artificial intelligence, data centers, and high-performance computing. The one-month return of NVIDIA Corporation (NASDAQ:NVDA) was 10.04% while its shares traded between $164.07 and $236.54 over the last 52 weeks. On August 7, 2026, NVIDIA Corporation (NASDAQ:NVDA) stock closed at approximately $218.99 per share, with a market capitalization of about $5.42 trillion.
Brown Advisory Global Leaders Strategy Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2026 investor letter:
We initiated a position in Nvidia (NASDAQ:NVDA) in June. Over the last four years, Nvidia has positioned itself as the leader across all parts of the technical component layer within the AI technology stack, including AI silicon, networking, cooling and total rack systems. Meanwhile, it has invested heavily in seeding an AI ecosystem based on Nvidia technology within the application, model and cloud compute layers, helping to drive usage of its infrastructure products. Nvidia has reshaped its business from consumer and professional GPU cyclicality toward data-centre infrastructure platform economics. This has resulted in market expansion far beyond our original base case estimates. As part of our ongoing ***** ysis of semiconductor end market demand across the entire value chain, we observed that every part of the technical infrastructure around Nvidia including optical networking demand, lasers, CPUs, TSMC's capex plans, wafer fab equipment demand, and the contract manufacturers ***** embling Nvidia's racks all implied that demand for Nvidia equipment remains very robust and likely underesti
9 days ago
Brown Advisory, an investment management company, released its "Brown Advisory Global Leaders Strategy" for the second quarter of 2026 investor letter. A copy of the letter can be downloaded here. Brown Advisory's Global Leaders Strategy delivered a net return of 4.6% in the second quarter of 2026, underperforming its benchmark, the MSCI ACWI Net Index, which returned 14.9%. The relative weakness was driven mainly by underexposure to semiconductors and technology hardware, while software, cloud services, and financial holdings also weighed on performance. The strategy benefited from holdings in areas tied to AI infrastructure, with semiconductor exposure and AI-related investments gaining from strong demand. Looking ahead, Brown Advisory sees an attractive environment for active stock-picking, with its ready-to-buy list at its highest level since the COVID-19 period and an estimated 12%-13% average five-year base-case IRR, while maintaining a focus on quality, valuation discipline, and long-term cash-flow generation. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Brown Advisory Global Leaders Strategy Fund highlighted stocks like ASML Holding N.V. (NASDAQ:ASML). ASML Holding N.V. (NASDAQ:ASML) develops and manufactures advanced lithography systems used by semiconductor manufacturers to produce cutting-edge chips. The one-month return of ASML Holding N.V. (NASDAQ:ASML) was 0.87% while its shares traded between $716.20 and $1999.96 over the last 52 weeks. On August 7, 2026, ASML Holding N.V. (NASDAQ:ASML) stock closed at approximately $1704.37 per share, with a market capitalization of about $668.71 billion.
Brown Advisory Global Leaders Strategy Fund stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q2 2026 investor letter:
ASML Holding N.V. (NASDAQ:ASML) continues to benefit from the build-out of AI infrastructure and remains a critical enabler of leading-edge semiconductor manufacturing. ASML's dominant position in Extreme Ultraviolet (EUV) lithography, where it holds a monopoly in the equipment required for leading-edge semiconductor manufacturing, positions it well to benefit from continued AI-driven capacity expansion and meaningful long-term revenue growth.
For illustration purposes only. Photo from Pixabay/Pexels
#NASDAQ #advisory #strategy #letter
In its second-quarter 2026 investor letter, Brown Advisory Global Leaders Strategy Fund highlighted stocks like ASML Holding N.V. (NASDAQ:ASML). ASML Holding N.V. (NASDAQ:ASML) develops and manufactures advanced lithography systems used by semiconductor manufacturers to produce cutting-edge chips. The one-month return of ASML Holding N.V. (NASDAQ:ASML) was 0.87% while its shares traded between $716.20 and $1999.96 over the last 52 weeks. On August 7, 2026, ASML Holding N.V. (NASDAQ:ASML) stock closed at approximately $1704.37 per share, with a market capitalization of about $668.71 billion.
Brown Advisory Global Leaders Strategy Fund stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q2 2026 investor letter:
ASML Holding N.V. (NASDAQ:ASML) continues to benefit from the build-out of AI infrastructure and remains a critical enabler of leading-edge semiconductor manufacturing. ASML's dominant position in Extreme Ultraviolet (EUV) lithography, where it holds a monopoly in the equipment required for leading-edge semiconductor manufacturing, positions it well to benefit from continued AI-driven capacity expansion and meaningful long-term revenue growth.
For illustration purposes only. Photo from Pixabay/Pexels
#NASDAQ #advisory #strategy #letter
10 days ago
Sands Capital, an investment management company, released its "Sands Capital Technology Innovators Fund" Q2 2026 investor letter. A copy of the letter can be downloaded here. In the quarter, global equities rebounded sharply, with the MSCI ACWI posting its strongest quarterly gain since 2020, supported by broad market strength, easing geopolitical tensions, and continued enthusiasm for AI infrastructure. Information technology led the advance, with semiconductor and hardware companies accounting for most of the index's rise. The fund returned 26.9% (net) in the second quarter of 2026. The portfolio benefited from strong gains across memory, software infrastructure, cybersecurity, and other AI-related holdings, although its concentrated exposure to mega-cap chip designers and manufacturers weighed on relative performance as leadership broadened into CPUs, networking, and memory. Vertical software, internet, and financial holdings were modest detractors amid macro concerns and uncertainty over AI disruption. The fund remains focused on critical AI bottlenecks, including compute, memory, manufacturing, networking, and power, while retaining selected businesses that may use AI to strengthen their competitive positions. You can check the fund's top five holdings to learn more about its leading investment ideas for the year.
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Netflix, Inc. (NASDAQ:NFLX). Netflix, Inc. (NASDAQ:NFLX) is a leading subscription-based streaming entertainment platform. On August 7, 2026, Netflix, Inc. (NASDAQ:NFLX) closed at $74.14 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 0.42% and its shares lost 39.15% over the past 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $308.71 billion.
Sands Capital Technology Innovators Fund stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its Q2 2026 investor letter:
"Netflix, Inc. (NASDAQ:NFLX) remains a uniquely scaled premium video platform, with meaningful advertising potential and subscription pricing power. However, we believe AI enabled short-form video could become an increasingly strong competitor for consumer engagement over time, creating greater uncertainty around Netflix's terminal value."
Netflix, Inc. (NASDAQ:NFLX) ranks 13 on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 144 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the first quarter, compared to 146 in the previous quarter. While we acknowledge the potential of Netflix, Inc. (NASDAQ:NFLX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#netflix #nflx #sands #innovators
In its second-quarter 2026 investor letter, Sands Capital Technology Innovators Fund highlighted Netflix, Inc. (NASDAQ:NFLX). Netflix, Inc. (NASDAQ:NFLX) is a leading subscription-based streaming entertainment platform. On August 7, 2026, Netflix, Inc. (NASDAQ:NFLX) closed at $74.14 per share. One-month return of Netflix, Inc. (NASDAQ:NFLX) was 0.42% and its shares lost 39.15% over the past 52 weeks. Netflix, Inc. (NASDAQ:NFLX) has a market capitalization of $308.71 billion.
Sands Capital Technology Innovators Fund stated the following regarding Netflix, Inc. (NASDAQ:NFLX) in its Q2 2026 investor letter:
"Netflix, Inc. (NASDAQ:NFLX) remains a uniquely scaled premium video platform, with meaningful advertising potential and subscription pricing power. However, we believe AI enabled short-form video could become an increasingly strong competitor for consumer engagement over time, creating greater uncertainty around Netflix's terminal value."
Netflix, Inc. (NASDAQ:NFLX) ranks 13 on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 144 hedge fund portfolios held Netflix, Inc. (NASDAQ:NFLX) at the end of the first quarter, compared to 146 in the previous quarter. While we acknowledge the potential of Netflix, Inc. (NASDAQ:NFLX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#netflix #nflx #sands #innovators
10 days ago
Throughout 2026, tariffs, inflation, and shifting geopolitical dynamics have added additional pressure to medtech supply chains, with the diabetes technology supply chain being no exception.
For diabetes technology, these factors are reshaping where devices are made, how they're priced, and ultimately, which products reach patients. On 18 August, GlobalData Healthcare ***** ysts Dr Andrew Thompson, director of therapy research and ***** ysis, medical devices, and Charlie Whelan, senior director of consulting, medical devices, will host a webinar ***** sing the impact these challenges.
During the "Lifting the Lid on the Diabetes Tech Supply Chain" webinar, Thompson and Whelan will draw on revenue and volume data across the diabetes device market to show how macroeconomic forces translate into real commercial and patient-level outcomes.
Topics under ***** sment will include how globalised manufacturing across the diabetes device market creates exposure to tariff and inflation risk, where revenue and volume flows sit today, and the relationship between gate pricing and macroeconomics, with Thompson and Whelan ***** sing what these factors mean for manufacturers, payers, and patients as geopolitical uncertainty continues.
Keen to learn more about how market challenges are impacting pricing and production dynamics in the diabetes technology supply chain?
#diabetes #supply #technology
For diabetes technology, these factors are reshaping where devices are made, how they're priced, and ultimately, which products reach patients. On 18 August, GlobalData Healthcare ***** ysts Dr Andrew Thompson, director of therapy research and ***** ysis, medical devices, and Charlie Whelan, senior director of consulting, medical devices, will host a webinar ***** sing the impact these challenges.
During the "Lifting the Lid on the Diabetes Tech Supply Chain" webinar, Thompson and Whelan will draw on revenue and volume data across the diabetes device market to show how macroeconomic forces translate into real commercial and patient-level outcomes.
Topics under ***** sment will include how globalised manufacturing across the diabetes device market creates exposure to tariff and inflation risk, where revenue and volume flows sit today, and the relationship between gate pricing and macroeconomics, with Thompson and Whelan ***** sing what these factors mean for manufacturers, payers, and patients as geopolitical uncertainty continues.
Keen to learn more about how market challenges are impacting pricing and production dynamics in the diabetes technology supply chain?
#diabetes #supply #technology
10 days ago
The move, outlined in a meeting held last week between Hirdaramani Group director Sid Hirdaramani and General Authority for Investment and Free Zones (GAFI) CEO Dr. Mohamed Awad, is part of Egypt's continued push to attract foreign direct investment, particularly in export-oriented manufacturing.
According to GAFI, Hirdaramani Group intends to establish Egypt as a regional centre for manufacturing and exports to global markets, leveraging what the company described as Egypt's "competitive advantages".
The group, which operates more than 30 factories across several countries and employs over 55,000 staff, reported annual revenues of approximately $1.2bn with monthly garment production ranging from 12 million to 18.4 million units exported internationally.
During the meeting, Dr. Awad reiterated GAFI's support for facilitating Hirdaramani's expansion, highlighting the importance of attracting international manufacturers as part of Egypt's strategy to grow its export base and deepen local industrial capabilities.
He stated that such investments help integrate Egypt further into global supply chains and support the development of local supplier industries capable of meeting high international standards.
#part
According to GAFI, Hirdaramani Group intends to establish Egypt as a regional centre for manufacturing and exports to global markets, leveraging what the company described as Egypt's "competitive advantages".
The group, which operates more than 30 factories across several countries and employs over 55,000 staff, reported annual revenues of approximately $1.2bn with monthly garment production ranging from 12 million to 18.4 million units exported internationally.
During the meeting, Dr. Awad reiterated GAFI's support for facilitating Hirdaramani's expansion, highlighting the importance of attracting international manufacturers as part of Egypt's strategy to grow its export base and deepen local industrial capabilities.
He stated that such investments help integrate Egypt further into global supply chains and support the development of local supplier industries capable of meeting high international standards.
#part
10 days ago
World Bank Group member IFC has extended a loan of up to $20m to Novatex, a plastic resin manufacturer in Pakistan.
The loan will fund imports of key raw materials and machinery for packaging.
According to IFC, the financing is aimed at helping local manufacturing while supporting employment, export income and the stability of domestic supply chains.
The move is expected to limit dependence on imported packaging supplies and reduce the risk of disruption for manufacturers that rely on them.
The transaction is also tied to IFC's environmental priorities.
#novatex #member
The loan will fund imports of key raw materials and machinery for packaging.
According to IFC, the financing is aimed at helping local manufacturing while supporting employment, export income and the stability of domestic supply chains.
The move is expected to limit dependence on imported packaging supplies and reduce the risk of disruption for manufacturers that rely on them.
The transaction is also tied to IFC's environmental priorities.
#novatex #member
11 days ago
The artificial intelligence (AI) memory supercycle has transformed semiconductor investing, fueled by explosive demand for high-bandwidth memory (HBM) and advanced DRAM to power hyperscalers' training clusters, inference deployments, and data center expansion.
Surging demand for graphics processing units (GPUs) and expanding agentic AI workloads are tightening memory chip supply -- driving higher average selling prices and record profits for manufacturers.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Micron Technology (NASDAQ: MU) and Sandisk (NASDAQ: SNDK) have emerged as two popular plays in the AI memory boom. As of Aug. 6, Micron stock has gained roughly 715% over the past year and about 212% year-to-date. Sandisk has posted even more dramatic gains, nearing 3,000% returns over the last 12 months and roughly 439% so far in 2026.
With that said, I think a stronger opportunity may be hiding in plain sight with South Korean rival SK Hynix (NASDAQ: SKHY). Let's dig into why.
#signal
Surging demand for graphics processing units (GPUs) and expanding agentic AI workloads are tightening memory chip supply -- driving higher average selling prices and record profits for manufacturers.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Micron Technology (NASDAQ: MU) and Sandisk (NASDAQ: SNDK) have emerged as two popular plays in the AI memory boom. As of Aug. 6, Micron stock has gained roughly 715% over the past year and about 212% year-to-date. Sandisk has posted even more dramatic gains, nearing 3,000% returns over the last 12 months and roughly 439% so far in 2026.
With that said, I think a stronger opportunity may be hiding in plain sight with South Korean rival SK Hynix (NASDAQ: SKHY). Let's dig into why.
#signal
11 days ago
Regional banks are getting a boost as the AI gold rush spills out beyond Wall Street.
Activity among manufacturers, equipment suppliers, and other large and midsize firms that borrow from regional banks is heating up. That's adding to investor hopes that regional lenders with sizable commercial banking arms have another growth stream, even if they are largely sitting out of the data center financing boom.
The State Street SPDR S&P Regional Banking ETF (KRE) traded near a record high earlier this week. Since the start of the year, it has climbed 17%, outperforming major stock indexes.
Demand for commercial and industrial loans strengthened in the second quarter. A net 16.1% of banks reported higher demand from large and midsize companies, up from 4.8% in the previous quarter, according to the Federal Reserve's senior loan officer survey.
Bank loan officers said increased investment in plants and equipment and greater financing needs for inventories were among the reasons companies were borrowing more.
#regional #banking #midsize #financing
Activity among manufacturers, equipment suppliers, and other large and midsize firms that borrow from regional banks is heating up. That's adding to investor hopes that regional lenders with sizable commercial banking arms have another growth stream, even if they are largely sitting out of the data center financing boom.
The State Street SPDR S&P Regional Banking ETF (KRE) traded near a record high earlier this week. Since the start of the year, it has climbed 17%, outperforming major stock indexes.
Demand for commercial and industrial loans strengthened in the second quarter. A net 16.1% of banks reported higher demand from large and midsize companies, up from 4.8% in the previous quarter, according to the Federal Reserve's senior loan officer survey.
Bank loan officers said increased investment in plants and equipment and greater financing needs for inventories were among the reasons companies were borrowing more.
#regional #banking #midsize #financing
11 days ago
On July 30, Apple Inc. (NASDAQ:AAPL) released its fiscal third-quarter 2026 report, and the company's shares dropped as much as 10% in the sell-off. This was a striking reaction to a quarter that produced record earnings per share and beat Wall Street's revenue estimates. The drop says less about what Apple just did and more about what investors think comes next: a memory chip shortage squeezing costs, and guidance that fell short of what ******* ysts wanted to see.
Start with the iPhone, still Apple's biggest business by far. Global smartphone shipments fell 6.7% year over year, per IDC data, and Apple was one of only two major manufacturers to grow instead of shrink. Its iPhone shipments climbed 15.3% year over year, outpacing Samsung's 8.1% increase and marking the second straight quarter Apple posted the industry's fastest unit growth. iPhone revenue reached $54.25 billion, up nearly 22% and above the $53.86 billion Wall Street expected. Because revenue grew faster than estimated unit shipments, average selling prices trended higher for the period.
The iPhone 17, released late last year, drove what CEO Tim Cook called an "incredible blowout" quarter, and customers continue to upgrade ahead of Apple's traditional autumn product cycle and expected software enhancements.
Apple is dealing with a DRAM and NAND shortage pushing supply costs higher industrywide, and management expects to pay even more for memory this quarter than it just did. Apple guided fiscal fourth-quarter gross margin to 47% to 48%, down from the 50.1% it just posted, a sign memory costs keep climbing. Apple can either absorb that hit to margins or pass the cost to consumers who are already watching their spending.
That's part of why the outlook disappointed. ******* ysts had modeled 12% revenue growth for the fourth quarter, but Apple guided to just 9% to 11%, with supply constraints expected to weigh on iPhone, iPad and Mac sales. Services revenue also missed, coming in at $30.7 billion for growth of about 12%, the slowest of Apple's three largest categories even as it extended a streak of 12 straight quarters of double-digit growth. That matters because Apple's premium valuation leans heavily on services staying the high-margin engine that keeps expanding.
#Apple #quarter #billion
Start with the iPhone, still Apple's biggest business by far. Global smartphone shipments fell 6.7% year over year, per IDC data, and Apple was one of only two major manufacturers to grow instead of shrink. Its iPhone shipments climbed 15.3% year over year, outpacing Samsung's 8.1% increase and marking the second straight quarter Apple posted the industry's fastest unit growth. iPhone revenue reached $54.25 billion, up nearly 22% and above the $53.86 billion Wall Street expected. Because revenue grew faster than estimated unit shipments, average selling prices trended higher for the period.
The iPhone 17, released late last year, drove what CEO Tim Cook called an "incredible blowout" quarter, and customers continue to upgrade ahead of Apple's traditional autumn product cycle and expected software enhancements.
Apple is dealing with a DRAM and NAND shortage pushing supply costs higher industrywide, and management expects to pay even more for memory this quarter than it just did. Apple guided fiscal fourth-quarter gross margin to 47% to 48%, down from the 50.1% it just posted, a sign memory costs keep climbing. Apple can either absorb that hit to margins or pass the cost to consumers who are already watching their spending.
That's part of why the outlook disappointed. ******* ysts had modeled 12% revenue growth for the fourth quarter, but Apple guided to just 9% to 11%, with supply constraints expected to weigh on iPhone, iPad and Mac sales. Services revenue also missed, coming in at $30.7 billion for growth of about 12%, the slowest of Apple's three largest categories even as it extended a streak of 12 straight quarters of double-digit growth. That matters because Apple's premium valuation leans heavily on services staying the high-margin engine that keeps expanding.
#Apple #quarter #billion
