Sands Capital Letters & Research Archive

Sands Capital is a staff-owned growth manager founded in 1992 by Frank Sands Sr. in Arlington, Virginia, running high-conviction concentrated portfolios of innovation-led growth businesses with about $46bn in client assets. Its "What We Think" column publishes deep research on technology, healthcare and emerging supply chains.

6 pieces · 2026–2026 · updated every Monday

2026

07-10Remembering Ian RatcliffeThis is a tribute to Ian Ratcliffe, who built Sands Capital's life sciences investing unit. The core message: investing in people is more important than models or short-term numbers. For everyday inve…→06-30Delta Rewires Electricity for SustainabilityThis article explains how Delta Electronics makes money by helping others save electricity—think cooling for AI data centers or energy storage for subways. Customers buy Delta’s products to cut costs…→06-26The Stack That China BuiltThis report explains how US export restrictions have forced China to build its own AI infrastructure, benefiting companies from chip equipment to cloud computing. For ordinary investors, the key is to…→06-23The New Power EconomyThis report says AI, electric cars, and factories are driving a lasting surge in US electricity demand after 15 years of flat growth. But the grid is bottlenecked—transformers take 80-210 weeks to del…→06-11The AI Supply ShockThis article explains that AI demand is spreading like a virus, but corporate adoption is still below 2%. Key supplies—like advanced chips, memory, networking, and power—are tight and hard to scale. T…→05-28Korea in DemandKorea is no longer just a market for a few big exporters like Samsung. Global demand for AI chips, power equipment, shipbuilding, and nuclear energy has grown, and Korea has rare industrial capabiliti…→