Sands Capital Select Growth Fund noted in its Q2 2026 investor letter that despite investor concerns about AI disrupting ICE's mortgage business and competition from perpetual futures contracts leading to a decline in ICE's stock price, the fund believes this is more a case of valuation compression rather than fundamental deterioration. The fund believes the market has overestimated the risk of AI to ICE's mortgage business and exaggerated the impact of perpetual futures competition. As of September 1, ICE's stock closed at $159.60, up 4.85% over the past month and down 10.30% over the past 52 weeks.