Sands Capital Adds AMD and Intel to AI Portfolio

Sands Capital added Advanced Micro Devices, Inc., Intel Corporation, and Arm Holdings to its Technology Innovators Fund during the second quarter of 2026. According to its Q2 investor letter, the investment management company increased these positions to capitalize on rising CPU demand driven by agentic AI.

While GPUs remain central to AI training, the firm believes CPUs are becoming vital for memory management, scheduling, and the orchestration of agentic workflows as workloads shift toward inference. The firm specifically cited Intel's server CPUs and foundry optionality as key drivers, although it acknowledged that Intel faces meaningful execution risk.

The Technology Innovators Fund reported a net return of 26.9% for the second quarter. This growth was supported by broad strength across semiconductor and hardware companies as the fund sought to diversify supplier exposure and address emerging bottlenecks in the AI infrastructure stack.