Sands Capital’s Q2 2026 investor letter cites Seagate as a key beneficiary of rising storage prices amid AI infrastructure demand.
Seagate Technology Holdings (NASDAQ:STX) was highlighted by Sands Capital’s Technology Innovators Fund as a standout performer in Q2 2026, driven by increasing storage prices. The fund’s 26.9% net return for the quarter reflected broad gains in AI-related sectors, including memory and semiconductor hardware.
The MSCI ACWI posted its strongest quarterly gain since 2020, with information technology leading the rally. Semiconductor and hardware stocks accounted for much of the index’s rise, though the fund’s concentrated exposure to mega-cap chip designers limited relative outperformance.
Sands Capital emphasized its focus on AI bottlenecks, including memory and storage, while maintaining select holdings in businesses leveraging AI for competitive advantages.