Sands Capital Management, LLC - Select Growth on Micron Technology
Thesis
Micron was added to increase exposure to memory, which Sands views as a critical bottleneck in AI infrastructure. Agentic AI requires greater context, faster retrieval, and more persistent memory, supporting demand for DRAM, high-bandwidth memory, and NAND. Advanced memory is capital intensive and slow to manufacture while the industry has become more consolidated and disciplined. Sands believes this mix of accelerating demand and constrained supply can support stronger pricing, margins, and a more durable earnings cycle.
“We believe this combination of accelerating demand and constrained supply can support stronger pricing, better margins, and a more durable earnings cycle for leading memory providers.”