Sands Capital Management, LLC - Emerging Markets Growth Composite on Chroma ATE Inc.

Chroma ATE is a newly purchased electronic test and measurement leader serving semiconductor and AI-infrastructure markets. Its test systems can benefit from the shift to 800-volt HVDC in data centers, rising AI-accelerator volumes, advanced packaging such as CoWoS and the emergence of co-packaged optics. Sands identifies co-packaged optics as central to the investment case because it can reduce power consumption and latency while increasing bandwidth. The manager expects meaningful CPO penetration in AI data centers by 2030 from a very low base today. Chroma's position as a key CPO testing partner for NVIDIA gives it direct exposure to that adoption curve.