Sands Capital Management, LLC - Technology Innovators on SanDisk
Thesis
SanDisk was initiated to benefit from rising memory and storage requirements created by agentic AI. More capable systems need to access, process, and retain larger amounts of context, increasing demand for high-capacity storage. Supply remains difficult and capital intensive to expand, potentially creating favorable industry economics if demand outpaces capacity. Sands therefore sees SanDisk as an exposure to a constrained part of the AI infrastructure stack.
“As agentic AI systems handle more complex tasks with less human direction, they need to access, process, and retain larger amounts of context”
Key risks
- AI storage demand may not continue to outpace supply