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Frank Sands' Sands Capital ran a compute-stack rotation in Q2 2026 ($26.9B, 71 names, top holding NVIDIA at 10.4%, TSM 7%, GOOGL 6.5%). New positions include Micron ($608M — immediately a top-10 name), AMD ($391M), SpaceX (SPCX via SPV, $389M), SanDisk ($348M), Sphere Entertainment ($235M), Arm ($228M), Woodward, CrowdStrike, Intel and TTM Technologies. Existing positions built up: Bloom Energy +64.5%, Seagate +35.5%, Carvana +299.7%, Lam Research +50.1%, Grab +79.6%, Eli Lilly +37.8%. Trims: NVDA -22.3%, TSM -33%, Alphabet A -4.5%, Amazon -27.7%, ASML -16.6%, Axon -5.3%, Shopify -19%, Visa -14.2%. Exits: Flutter ($203M), Tetra Tech ($201M), Roblox ($154M).
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| MU | Micron | $608.1M | 526.8K shares | 2.3% | |
| AMD | Advanced Micro Devices | $390.7M | 672.6K shares | 1.5% | |
| SPCX | SpaceX (private, via SPV) | $389M | 2.3M shares | 1.4% | |
| SNDK | SanDisk | $348.1M | 153.1K shares | 1.3% | |
| SPHR | Sphere Entertainment | $235M | 1.4M shares | 0.9% | |
| ARM |
| Arm Holdings |
| $227.9M |
| 642.8K shares |
| 0.8% |
| WWD | Woodward | $65.4M | 153.7K shares | 0.2% |
| CRWD | CrowdStrike | $7.6M | 10K shares | 0.0% |
| INTC | Intel | $5.5M | 39.1K shares | 0.0% |
| TTMI | TTM Technologies | $4.4M | 23.6K shares | 0.0% |
| IWF | ISHARES RUSSELL 1000 GROWTH | $2.8M | 22.2K shares | 0.0% |
| CBRS | Cerebras Systems Inc | $2.5M | 11.4K shares | 0.0% |
| TBBB | BBB FOODS INC-CLASS A | $262K | 6.3K shares | 0.0% |
| Ticker | Name | Note |
|---|---|---|
| FLUT | Flutter Entertainment | exited Flutter Entertainment ($203M) |
| TTEK | Tetra Tech | exited Tetra Tech ($201M) |
| RBLX | Roblox | exited Roblox ($154M) |
| BSX | Boston Scientific | |
| FIG | Figma | |
| NOW | ServiceNow | |
| TEAM | Atlassian | |
| SNOW | Snowflake | |
| ANET | Arista Networks |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| NVDA | $2.8B | -22.3% | TRIM |
| TSM | $1.9B | -33% | TRIM |
| GOOGL | $1.7B | -4.5% | TRIM |
| AMZN | $1.2B | -27.7% | TRIM |
| ASML | $1.1B | -16.6% | TRIM |
| BE | $885.9M | +64.5% | ADD |
| AXON | $830.2M | -5.3% | TRIM |
| SHOP | $826.9M | -19% | TRIM |
| V | $815.6M | -14.2% | TRIM |
| SPOT | $808.6M | -1.8% | TRIM |
| NET | $794.6M | -11.5% | TRIM |
| STX | $695.5M | +35.5% | ADD |
| MELI | $642M | -20.5% | TRIM |
| CVNA | $557M | +299.7% | ADD |
| META | $546.3M | -24.2% | TRIM |
| PWR | $540.4M | +19.8% | ADD |
| ICE | $499.3M | -7.5% | TRIM |
| ISRG | $498.1M | -5.2% | TRIM |
| LRCX | $491.4M | +50.1% | ADD |
| MSFT | $488.4M | -14.4% | TRIM |
Q2 marks Sands' first meaningful NVDA trim (-22%, still #1) and TSM cut (-33%), redeployed into a rebuilt compute stack — Micron and SanDisk (memory), AMD and Arm (CPU/GPU), SpaceX (private compute), Bloom (power) and Sphere/Carvana as the retail bets. The AI thesis is intact but expressed through more of the stack, not concentrated in NVDA/TSM/ASML.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.