Sands Capital Management, LLC - Technology Innovators on TTM Technologies
Thesis
TTM Technologies was added as an enabling infrastructure business at the intersection of AI data centers and defense modernization. Sands sees increasingly complex printed circuit boards and subsystems as critical components for higher-performance computing. The company's position in U.S. aerospace and defense also benefits from limited domestic competition and sole-source relationships in many programs. Rising technical requirements and pricing power could improve the durability and quality of earnings.
“We believe TTM’s exposure to AI accelerator boards, networking, and defense demand can support durable earnings growth and improving quality of the business.”