Sands Capital Management, LLC - Select Growth on NVIDIA
Thesis
NVIDIA continues to show robust demand for accelerated computing, with first-quarter revenue up 85 percent and earnings per share up 131 percent. The opportunity is broadening beyond training toward inference, agentic workflows, and enterprise use cases. Management also highlighted meaningful standalone CPU revenue visibility, reinforcing a shift from GPU supplier toward systems-level AI infrastructure provider. Sands believes the scale of the AI capital-spending cycle remains underappreciated.
“We believe NVIDIA remains one of the clearest beneficiaries of a large and potentially underappreciated AI capital spending cycle.”