According to CoinMeta, in its second-quarter 2026 investor letter, Sands Capital noted that Netflix (Nasdaq: NFLX), as a leading subscription streaming platform, possesses significant advertising potential and pricing power. However, with the rise of short-video content driven by AI, it may face increasingly fierce competition, which increases the uncertainty of its terminal value. The stock price of Netflix has fallen by 39.15% over the past 52 weeks, with a closing price of $74.14 as of August 7, 2026, and a market value of $30.871 billion. The fund emphasized in the letter that although it is optimistic about the investment potential of Netflix, it believes that certain AI stocks offer greater upside potential and lower downside risks.