According to CoinMeta, AMD (Nasdaq: AMD) benefited during the transition from training to inference in AI. According to the second-quarter 2026 investor letter released by Sands Capital, global stocks rebounded strongly that quarter, with the MSCI ACWI index posting its best quarterly gain since 2020, thanks to a strong overall market, alleviation of geopolitical tensions, and continued enthusiasm for AI infrastructure. The information technology sector led the gains, with semiconductor and hardware companies accounting for most of the index's increase. The fund's net return for the second quarter was 26.9%. The portfolio achieved strong returns in holdings related to memory, software infrastructure, cybersecurity, and other AI. AMD was included in the fund's portfolio, becoming a new addition.