Sands Capital Management, LLC - Select Growth on SanDisk
Thesis
SanDisk was added as another way to participate in the memory and storage bottleneck created by AI. Agentic systems require larger amounts of context, faster retrieval, and persistent storage, which should increase demand for NAND and high-capacity storage. Sands notes that advanced memory is capital intensive, difficult, and time consuming to manufacture, while industry consolidation should limit rapid supply response. The resulting supply-demand tension is expected to support better pricing and earnings durability.
“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.”