Sands Capital Management, LLC - Global Growth on NVIDIA
Thesis
NVIDIA's first-quarter revenue grew 85 percent and earnings per share grew 131 percent, reinforcing the durability of AI infrastructure spending. Sands expects demand to broaden from training into inference, agentic workflows, and enterprise applications that require increasing compute. Standalone CPU revenue visibility also supports NVIDIA's evolution into a systems-level provider. The fund believes the scale and duration of future AI capital spending remain underappreciated.
“We maintain conviction that the scale and duration of future AI capital spending remain underappreciated.”