Investment management firm Sands Capital disclosed in its Q2 2026 investor letter that it has added Advanced Micro Devices, Inc. (AMD) as a new holding. The firm believes that as AI workloads evolve towards inference, agent workflows, and more complex data center architectures, GPUs will remain central to training, but CPUs will become increasingly important for scheduling, memory management, tool execution, and agent workflow orchestration. This could drive CPU demand beyond market expectations. Sands Capital noted that AMD offers exposure to vendor diversity, open standards, and more efficient computing architectures. As of August 7, 2026, AMD closed at $483.36, up 178.94% over the past 52 weeks.