Sandisk těží z AI poptávky po NAND flash a enterprise SSD, přičemž datacentrové tržby ve fiskálním třetím čtvrtletí vzrostly mezikvartálně o 233 %. Firma má navíc pět smluv s minimálními smluvními tržbami kolem 42 miliard USD.
Key Takeaways SNDK is leveraging BiCS8 technology to strengthen its position in enterprise SSDs for AI storage workloads.SNDK is expanding through nodal technology transitions instead of costly greenfield capacity investments.SNDK's new business model agreements cover more than one-third of its fiscal 2027 bit volume. Sandisk (SNDK - Free Report) currently trades at a forward 12-month price-to-earnings multiple of 8.3X, well below the Zacks Computer Storage Devices industry’s average of 10.67X and at a steep discount to the broader Computer and Technology sector’s average of 23.55X. This discounted valuation stands out, given SNDK's accelerating position in the NAND flash market, its expanding enterprise SSD franchise and a rapidly improving earnings trajectory supported by a richer mix across data center, edge and consumer end markets.
SNDK’s P/E Valuation
Image Source: Zacks Investment Research
SNDK shares have jumped 569.5% year to date, outperforming the Zacks subindustry's return of 204.7% and the broader sector's advance of 12.1%. Its peers, Micron Technology (MU - Free Report) , Seagate Technology (STX - Free Report) and Western Digital (WDC - Free Report) have gained 242.3%, 226.0% and 222.3%, respectively, over the same period, all trailing SNDK by a wide margin.
SNDK has been benefiting from surging AI-driven demand for NAND flash across data center inference architectures, backed by its BiCS8 technology leadership and an expanding enterprise SSD portfolio. Its multiyear supply partnerships and disciplined capacity expansion through nodal transitions rather than costly greenfield investment provide a competitive edge as demand for AI storage infrastructure accelerates.
SNDK’s YTD Performance
Image Source: Zacks Investment Research
AI-Driven Demand and Datacenter Opportunity Fuel SNDK's GrowthSNDK is benefiting from the structural shift toward AI computing, which requires substantially more NAND flash storage per deployment compared with traditional workloads. AI training models and inference applications are generating massive data volumes that demand high-performance enterprise SSDs, creating a favorable environment where SNDK is commanding premium pricing for its advanced technology products. These benefits materialized in the fiscal third quarter with datacenter revenue surging 233% sequentially as enterprise SSD qualifications broadened across hyperscale customers.
SNDK's leadership has consistently framed NAND as the most scalable semiconductor technology available for inference workloads, including KV cache and retrieval-augmented generation applications that require dense, low-latency flash storage well beyond what DRAM or high-bandwidth memory can economically deliver at global scale. 2026 datacenter bit growth expectations have moved sharply higher over the past several quarters, reflecting how rapidly hyperscale customers are redesigning inference architectures around NAND capacity. SNDK's TLC based enterprise SSD portfolio anchored by BiCS8 technology has driven the bulk of this datacenter strength while its QLC Stargate solution is set to begin shipping for revenues in the fiscal fourth quarter, adding a further layer of growth and positioning the company ahead of storage peers Micron Technology, Western Digital and Seagate Technology in the race to capture AI infrastructure demand.
New Business Models Add Structural Earnings VisibilitySNDK is reshaping its business through multi-year supply partnerships known as new business models designed to lock in committed customer demand alongside committed financials for the company. Five such agreements have been signed to date, carrying minimum contractual revenue of approximately $42 billion and financial guarantees exceeding $11 billion, backed by prepayments and third-party administered instruments. These agreements, which stretch as long as five years, now cover more than a third of SNDK's fiscal 2027 bit volume and blend fixed and variable pricing, giving SNDK upside participation while offering customers assured supply. This move away from the industry's historically volatile quarter-to-quarter pricing dynamic is expected to deliver more durable and predictable earnings, a structural shift that differentiates SNDK from storage peers, Micron Technology, Western Digital and Seagate Technology, which have disclosed comparatively less detail on long-term contracted volume.
The Zacks Consensus Estimate for SNDK's fiscal 2026 earnings per share is pegged at $66.11, up 0.65% over the past 30 days and indicating year-over-year growth of 2111.04%. This estimate reflects the scale of the earnings transformation underway at SNDK as new business model agreements and broadening AI infrastructure demand reshape the company's revenue and margin profile.
ConclusionSNDK's accelerating AI-driven datacenter demand and a maturing multiyear contract book present a compelling investment case. Its year-to-date outperformance against peers, Micron Technology, Western Digital and Seagate Technology reflects growing recognition of its strategic positioning within the AI storage buildout, while the pending QLC Stargate ramp and rising new business model coverage offer meaningful near-term catalysts. These structural tailwinds support a favorable entry point for investors seeking AI storage exposure.
Sandisk currently sports a Zacks Rank #1 (Strong Buy) and has a Growth Score of A, a favorable combination that offers a strong investment opportunity, per the Zacks Proprietary methodology. You can see the complete list of today's Zacks #1 Rank stocks here.
Sandisk v úterý vzrostl o více než 10 % poté, co Morgan Stanley uvedla, že ceny paměťových čipů mohou od 2. do 3. čtvrtletí 2026 stoupnout alespoň o 25 %.
Sandisk Corporation (NASDAQ:SNDK) stock climbed over 10% in Tuesday’s session as bullish analyst commentary and a broader rally in technology stocks fueled buying in the memory-chip maker.
Nasdaq futures rose 1.30%, while S&P 500 futures gained 0.39%, supporting risk appetite across the technology sector.
Morgan Stanley Sees Memory Cycle StrengtheningMorgan Stanley analyst Joseph Moore said the recent pullback in U.S. memory stocks presents an attractive buying opportunity. He cited persistent data center memory shortages and forecast memory prices will rise at least 25% from the second quarter to the third quarter of 2026.
Moore said the current memory cycle remains driven almost entirely by data center demand, while weaker consumer electronics, PC and smartphone markets have weighed on investor sentiment. However, the firm’s channel checks found no evidence that supply constraints in the data center market are easing.
The analyst also said memory shortages could become even more severe in 2027 and 2028, adding that Morgan Stanley is buying the sector on weakness.
The positive analyst commentary comes as investors remain optimistic about the next phase of the memory cycle. A stronger broader market is also boosting higher-beta technology stocks, helping SanDisk outperform the wider market before the opening bell.
AI Memory Pricing Drives Micron SentimentHis reasoning is simple—if AI-driven price increases begin to weigh on PC and smartphone makers, or encourage new competitors to enter the market, today’s supercycle could prove shorter than investors expect.
He flagged expectations for overall memory demand to rise more than 50% to 60% next year, while AI-specific demand could climb 60% to 100%.
Sandisk Earnings And Analyst OutlookSandisk is scheduled to report quarterly results on Aug. 5.
Wall Street expects earnings of $33.38 per share, compared with 29 cents per share a year earlier. Revenue is projected to reach $8.24 billion, up from $1.90 billion in the prior-year period.
The stock trades at about 47.5 times earnings, reflecting a premium valuation.
According to analyst consensus, Sandisk carries a Buy rating with an average price forecast of $1,842.80. Recent analyst actions include:
Bank of America Securities: Buy; raised price forecast to $2,500 on July 1. Bernstein: Outperform; raised price forecast to $3,000 on June 30. Citigroup: Buy; raised price forecast to $2,500 on June 25. ETFs With Significant Sandisk ExposureSandisk is a major holding in several exchange-traded funds, including:
Large inflows or outflows in these funds can result in additional buying or selling of Sandisk shares.
Price ActionSNDK Stock Price Activity: SanDisk shares were up 10.14% at $1,532.05 at the time of publication on Tuesday, according to Benzinga Pro data.
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Sandisk po výsledcích za 3. fiskální čtvrtletí vykázal, že tržby meziročně vzrostly o 251 % a provozní zisk vyskočil z 2 milionů USD na 4,2 miliardy USD. Palantir sice také rostl, ale akcie po výsledcích klesly kvůli vysokému ocenění.
Palantir Technologies (PLTR +2.06%) and Sandisk (SNDK +2.67%) are two incredibly popular artificial intelligence (AI) stocks. However, Wall Street is looking at them differently right now.
Palantir was a poster child stock for AI for years, and it gained 1,800% from 2019 through 2025. Sandisk wasn't publicly traded as a separate company during most of the AI era, until February 2025, when it was spun off from Western Digital. Since then, it has gained an astounding 3,800%.
Both of these companies are reporting incredible growth, but while Sandisk stock soared after its latest earnings report, Palantir stock dropped. Here's why.
Image source: Sandisk.
Why Palantir stock dropped Palantir has many qualities that have made it an outstanding company and a fantastic stock to own over the past few years. It has a proprietary AI platform that unifies information from disparate silos for government and commercial clients, providing data analysis and insights, and helping leaders make informed, data-driven decisions.
There are several ways Palantir goes beyond being another AI platform. It sends in trained specialists to work with clients, and helps them embed the platform throughout their organizations. Between its long-term contracts with clients and its success at deeply integrating itself within their operations, it has erected a high barrier to entry for potential rivals.
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It attracts new business all the time from clients eager to get the most out of their own data, and it continues to demonstrate robust growth. In the first quarter, Palantir's revenue increased 85% year over year, with a 104% increase in U.S. commercial businesses. Total contract value increased 61%, and adjusted operating margin was 60%.
However, Palantir has been one of the most visible victims of the market's revolt against software-as-a-service (SaaS) stocks.
The chief concern is that AI agents can be built to perform many of the tasks SaaS companies handle. This technology is poised to become widely used, and as a result, investors are worried that Palantir's moat isn't quite as durable as it once appeared.
Palantir is also priced for perfection, making a share price drop almost inevitable. Its P/E ratio topped 600 last year; it's nearly impossible for any stock to sustain that kind of valuation for an extended period of time.
Why Sandisk stock is flying Sandisk, on the other hand, operates in a different part of the AI space. It's one of the only companies that makes NAND flash memory, which is critical for data centers, and it has been able to raise the prices it charges because the entire memory market is in the midst of a period of high demand and short supply.
"NAND flash is emerging as the only economically viable solution to deliver the capacity, performance, and efficiency required to keep models accessible for real-time inference at scale," said CEO David Goeckeler.
It also recently changed its business model, locking large clients into long-term contracts. That move will help add stability and steadiness to what has historically been a highly cyclical, boom-and-bust business.
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In Sandisk's fiscal 2026 third quarter (which ended April 3), revenue increased 251% year over year, and 97% sequentially. While the company is reporting growth in all of its segments, those fantastic results were driven primarily by the data center segment, where revenue increased 233% sequentially.
Sandisk is also highly profitable, and it has become more so as the memory shortage becomes more intense and its products grow more expensive. Operating income increased from just $2 million in the prior-year period to $4.2 billion in the fiscal third quarter.
Although Sandisk stock soared after its May 7 earnings report, it also started to drop in late June after it reached a lofty valuation of around 80 times earnings. It has since fallen back to a P/E ratio of about 47, and given back the lion's share of that post-earnings surge.
That means it's well-positioned to jump again if the company continues to report unceasing demand when it releases its fiscal fourth-quarter results on Aug. 5. By contrast, Palantir still has a lot to prove, trading at 149 times trailing-12-month earnings.
Sandisk za 12 měsíců vyskočil o více než 3 000 % na více než 1 400 USD díky prudkému růstu tržeb a marží v oblasti pamětí NAND flash. Firma navíc ve 4. fiskálním čtvrtletí očekává tržby 7,75 až 8,25 miliardy USD.
A year ago, shares of Sandisk (SNDK +3.81%) traded below $50. As of this writing, they sit above $1,400 -- a gain of more than 3,000% in 12 months, and one of the biggest runs anywhere in the market.
That figure actually understates how hot the stock has been. Shares hit a record high of $2,354.39 earlier this summer before pulling back sharply.
A move like that usually means a mania or an earnings explosion. For Sandisk, it has mostly been the second one. But this is still the memory business, and the stock's second year looks much harder to handicap than its first.
Image source: The Motley Fool.
The earnings behind the moonshot Sandisk makes NAND flash memory, the storage chips inside everything from phones to the solid-state drives that data centers run on. For years, that was a brutal boom-and-bust business. Then the artificial intelligence (AI) build-out collided with tight supply, and storage prices took off.
The company's results tell the story in three acts. In the fiscal third quarter of 2025, Sandisk generated $1.7 billion of revenue with a 22.5% gross margin. By the fiscal second quarter of 2026 (the period ended Jan. 2, 2026), revenue had grown to $3.0 billion and gross margin had climbed to 50.9%. Then, in the fiscal third quarter of 2026, revenue nearly doubled sequentially to $5.95 billion (up 251% year over year) while gross margin expanded to 78.4%.
The mix is shifting toward the best customers, too. Sandisk's data center revenue went from $197 million in the year-ago quarter to $1.5 billion in the fiscal third quarter, a more than sevenfold jump powered by demand for enterprise solid-state drives. Its bigger edge business, which supplies chips for devices like smartphones and PCs, nearly quadrupled year over year to $3.7 billion. Consumer revenue, the one soft spot, slipped 10% sequentially to $820 million.
Profits followed. The company posted fiscal third-quarter non-GAAP (adjusted) earnings per share of $23.41, compared to a small loss in the year-ago period. Through nine months of fiscal 2026, revenue has more than doubled year over year to $11.3 billion.
Even more, management guided for fiscal fourth-quarter revenue of $7.75 billion to $8.25 billion with adjusted earnings per share of $30 to $33 -- yet another step up, and a forecast the company's next report will put to the test within weeks.
"This quarter marks a fundamental inflection point for Sandisk," said CEO David Goeckeler in the company's fiscal third-quarter earnings release.
Key to that claim is what the company calls its new business model: multi-year customer agreements backed by firm financial commitments. Sandisk ended the fiscal third quarter with three such agreements signed and has added two more since.
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Priced as if the party ends After all that, the growth stock trades at only about 8 times consensus earnings-per-share estimates for the next 12 months.
A multiple that low, on growth that fast, is the market saying it doesn't believe the earnings will stick. After all, memory has always been cyclical. Prices that triple on scarcity can fall just as fast when new supply arrives or demand pauses. And the same operating leverage that turned Sandisk's margin explosion into $23 of quarterly earnings per share would work in reverse.
Investors have already had a preview. Shares are down about 40% from their record high, and memory stocks broadly sold off again last week as investors questioned how long the AI spending boom can run.
With that said, there are real differences between this cycle and past ones. Those multi-year purchase commitments are designed to smooth the boom-and-bust pattern. The company also carries essentially no debt and ended the fiscal third quarter with $3.7 billion in cash.
If the new contracts hold pricing anywhere near current levels through 2027, today's valuation would prove far too low.
So, can the run continue? Not the way it happened. The 3,000% phase came from a once-in-a-cycle collision of scarce supply and desperate demand, and the stock's 40% pullback suggests the market knows it. From here, this is a bet on whether NAND pricing and those new commitments hold up. For investors convinced they will, a small position sized for serious volatility could make sense. Personally, I'd want to see the new business model prove itself (and the market demand hold up) for another quarter or two first -- even if that means paying a higher price later for more certainty.
Sandisk do konce června 2026 vzrostl o 857,8 % díky silné poptávce po paměťových čipech pro AI datová centra. Tržby ve 3. čtvrtletí vyskočily o 251 % na 5,9 miliardy USD a zisk na akcii se obrátil ze ztráty na 23,41 USD.
Sandisk (SNDK 10.79%) stock has accelerated in 2026 as the company taps into the surging demand for memory processors. Sandisk is a leader in NAND Flash memory, which is used for everything from smartphones to artificial intelligence data centers.
And it's that second category that's helped push Sandisk stock so high.
Its share price is up an astonishing 857.8% through the end of June, according to data from S&P Global Market Intelligence, as tech companies gobble up all available memory chips for AI data centers.
Here's why Sandisk stock has been a breakout success so far this year, and why it'll likely continue to benefit from the growing memory market.
Image source: The Motley Fool.
Investors are riding a massive memory wave with Sandisk The first impressive share price gains from Sandisk came back in January, when the memory stock surged 143%. Investors were starting to catch on to the fact that as more tech companies invest in AI infrastructure, they'll need far more memory chips.
Some of the biggest technology companies will spend up to $800 billion on capital expenditures (capex) this year, mostly on AI, and part of that spending will trickle down to buying more memory processors.
Rising demand is causing a shortage in memory chip supply, leading to Sandisk and other memory companies, including Micron Technology, to raise their prices. The result of this has caused the gross profit margins for Sandisk to soar to 78% in Q3 2026, compared to just 51% in the year-ago quarter.
Investors were excited to see such high margins, and they appreciated that revenue rose 251% to $5.9 billion and that earnings swung dramatically from a loss of $0.30 per share in the year-ago quarter to earnings of $23.41 per share.
Adding to the optimism for Sandisk's stock this year is the fact that the company signed five multi-year supply agreements with major tech companies, and received $11 billion in guarantees from the deals.
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What to expect for the rest of 2026 The big picture here for Sandisk and its shareholders is that demand for memory processors is still very high and will likely help Sandisk continue to generate strong sales and earnings growth, especially through this year and likely longer.
Investors will get more insights when the company reports its fourth-quarter results on Aug. 5. Analysts' consensus estimates are for sales of $8.4 billion and earnings of $34.12 per share.
AI infrastructure spending is still well underway and could potentially reach as high as $1 trillion next year . There doesn't appear to be a a slowdown in memory demands among tech companies, which means Sandisk shareholders could have more good times ahead.
Wedbush výrazně zvýšil cílovou cenu pro Sandisk a čeká výnosy téměř 9 miliard USD a zisk na akcii nad 37,50 USD ve fiskálním 4. čtvrtletí. Firma tvrdí, že i to může podceňovat sílu byznysu.
Wedbush is making a bold call on memory chip maker Sandisk NASDAQ: SNDK. The firm aggressively raised its targets for revenue, earnings, and stock price, citing pricing trends and a high likelihood that management had underestimated the strength.
Sandisk Today
$1,736.40 +62.43 (+3.73%)
As of 10:11 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$40.10▼
$2,354.39P/E Ratio60.33
Price Target$1,765.19
Wedbush hiked its revenue and earnings targets by quadruple-digit basis points, pushed both above consensus, and warned that even these aggressive moves may understate the company's strength.
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As it stands, Wedbush sees revenue approaching $9 billion for the fiscal 4th quarter, earnings per share exceeding $37.50, and the strengths persisting into subsequent years.
The long-term forecast echoes one issued by SK hynix's NASDAQ: SKHY CEO, suggesting that memory chip market constraints will persist at least until 2028, as capacity ramps take time and demand is just that high.
As it stands, consensus forecasts suggest revenue of $8.33 billion and adjusted earnings per share of $34, representing more than 11,000% growth over the prior year.
Sandisk Stock Can Double in Price From HereSandisk Stock Forecast Today12-Month Stock Price Forecast:
$1,765.19
5.45% Upside
Moderate Buy
Based on 25 Analyst Ratings
Current Price$1,673.97High Forecast$3,250.00Average Forecast$1,765.19Low Forecast$235.00Sandisk Stock Forecast Details
Wedbush isn’t the only analyst doubling down on their Sandisk targets in early Q3. Analyst trends include increasing coverage, firming sentiment, a Moderate Buy consensus rating, an 84% Buy-side bias among 25 analysts tracked, and an uptrend in the consensus price target.
As aggressive as Wedbush’s 62% price target increase, its $2,000 forecast falls far short of the high-end range. Revisions in early July put this market in the $3,000 to $3,200 range, sufficient for nearly 100% upside from mid-July support targets. The likely outcome is that Sandisk’s upcoming earnings report will trigger another wave of upgrades and revisions, keeping the uptrend intact.
Institutional activity aligns with bullish analyst activity and the stock's price upswing. The group owns nearly 80% of the shares and has been buying at a rate of more than $2 per $1 over the trailing 12 months. While profit-taking was the highlight in Q2 2026, the group resumed accumulation in early Q3, underpinning market support in the $1,650 to $1,750 range. With this in play, investors can assume downside risk is limited ahead of the release. The risk is that the upcoming release will fall short of loftiest expectations, setting the stage for continued market consolidation.
The technical outlook is bullish. The SNDK market has been strengthening since the IPO, gained traction in late 2025, and has been in rally mode since. The story as of mid-July is that a near-term peak was reached and price correction ensued, setting up the pre-earnings opportunity. Signals, including MACD convergence, suggest the recent high will be at least retested and that higher highs are likely.
Why Is Sandisk Important to AI? Non-Volatile Memory StorageSandisk is important to AI because of memory. Its NAND Flash and solid-state drives provide permanent, non-volatile (not requiring power to retain data) memory storage critical to AI applications. While DRAM provides ultra-fast workspace directly connected to the processor, Sandisk products serve as the reservoir from which DRAM pulls the information it needs. Without it, there is no way to store the massive amounts of data being created, much less use it effectively. The takeaway is that Sandisk has transitioned from a legacy consumer brand that made flash drives to an AI-critical infrastructure provider with a custom suite of AI-enabling products.
Sandisk has three major catalysts this year that will mark milestones in its transition to AI infrastructure pure-play status. The first is the launch of high-bandwidth flash memory, intended to alleviate bottlenecks in data transfer within the data center. The first engineering samples are expected to ship later this year and are viewed as a validation achievement.
The second catalyst is locking in long-term contracts. Until now, memory was sold largely on a spot basis, but Sandisk is following industry suit, shifting to a more visible contract model—each design win equates to margin lock-in and reduced cyclicality, improving visibility for investors. The final catalyst is the upcoming release and guidance, expected to build on strengths revealed in the record-setting Q3 release.
Sandisk’s biggest risk is competition. The flash and NAND memory markets are highly competitive, with players like Samsung Electronics OTCMKTS: SSNLF commanding market share. The risk is that one of its competitors emerges with better technology, usurping the existing opportunity. The caveat is that demand dynamics suggest ample room for numerous players. Valuation is also a risk, with the stock trading at approximately 25x this year's earnings forecast, which reflects robust growth. Forecasts suggest the valuation falls as low as 8x as soon as next year.
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SanDisk dál prudce klesá, ale analytici zvyšují cílové ceny; Evercore ISI je zvedla na 3 100 USD z 1 400 USD. Podle nich trh podceňuje odolnost zisku, volného cash flow a cenové síly.
SanDisk stock NASDAQ:SNDK suffered another bruising session on Monday, dropping 12.6% to $1,673.97 as investors rushed out of memory and semiconductor stocks.
The decline continued after the close, with the stock slipping a further 2.4% by late trading.
The contrast is striking as SanDisk has fallen almost 29% from its late-June record and endured some of the market’s sharpest daily swings this month.
Yet Wall Street analysts have responded by lifting price targets rather than abandoning the stock.
Monday’s decline followed a volatile start to July.
SanDisk lost 29% during the month’s first four trading sessions, then recovered 18% over the following three days before selling off again.
Even after the latest pullback, the shares remain more than 600% higher in 2026.
The immediate pressure was not limited to SanDisk. The Philadelphia Semiconductor Index dropped 4.8% on Monday, while Marvell, Intel and other chip stocks also fell sharply.
SanDisk was the weakest member of that group.
Memory stocks were already under pressure in Seoul after SK Hynix suffered its biggest one-day decline in nearly two decades.
The South Korean chipmaker fell more than 15% as investors unwound gains following its record Nasdaq debut. Its US-listed shares then dropped 9.3%.
Escalating US-Iran tensions added to the risk-off mood.
Oil prices surged after renewed fighting near the Strait of Hormuz, raising fresh inflation concerns and pushing investors away from highly valued technology shares.
Analysts believe the sell-off reflects short-term positioning rather than a sudden deterioration in SanDisk’s business.
Evercore ISI analyst Amit Daryanani raised his price target to $3,100 from $1,400 while maintaining an Outperform rating.
Daryanani said investors were “underappreciating the durability” of SanDisk’s earnings, free cash flow and pricing power as the NAND supply-demand imbalance persists through 2027.
Citigroup has maintained a $2,500 target, arguing that strong demand from AI data centres should continue supporting suppliers of NAND flash and hard-disk storage.
Bernstein analyst Mark Newman recently lifted his target to $3,000 from $1,700.
His bullish view rests partly on SanDisk’s new supply-contract model, which uses multiyear commitments and financial guarantees to give the company greater visibility over future sales and cash flow.
Goldman Sachs analyst James Schneider has also raised his target to $2,200 from $1,200 while retaining a Buy rating.
Schneider expects a “very strong” fiscal fourth quarter and has placed his 2026 adjusted earnings estimate roughly 30% above Wall Street’s consensus, according to Investing.com.
The common thread is supply, as building additional NAND capacity requires years of investment, while demand for enterprise solid-state drives is rising as hyperscalers construct more AI data centres.
Investors will get their next major evidence on August 5, when SanDisk reports fiscal fourth-quarter and full-year 2026 results.
The company will then hold an investor day on August 13, when management is expected to provide more details about its long-term contracts, capacity plans and earnings outlook.
SanDisk už spustil výrobu BiCS10 s o 59 % vyšší bitovou hustotou, což snižuje riziko před komercializací. Tržby datových center vzrostly mezikvartálně o více než 230 % díky AI inferenci, KV cache a poptávce po enterprise SSD.
SummarySanDisk's BiCS10 delivers 59% higher bit density while production has already begun, reducing execution risk well ahead of commercialization. Data center revenue surged more than 230% sequentially as AI inference, KV cache and enterprise SSD demand become the primary growth drivers. Five multi-year agreements secure approximately $42 billion of minimum revenue with over $11 billion of financial guarantees, fundamentally improving earnings visibility. Although SanDisk trades at roughly 29x forward earnings versus Micron's 13x, the premium reflects expectations of a structurally less cyclical business model. denisik11/iStock via Getty Images
The recent sharp fall in SanDisk (SNDK) over the last two weeks was seen as proof that the rally was just getting ahead of itself. I believe this overlooks the fundamental changes occurring inside the
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of SNDK, MU either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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Israel Englander v 1. čtvrtletí prodal 1,1 milionu akcií Sandisk a koupil 343 000 akcií Everpure. Sandisk zároveň ve 3. čtvrtletí fiskálního roku 2026 zvýšil tržby o 251 % na 5,9 miliardy USD.
Billionaire Israel Englander is the founder and CEO of Millennium Management, the fourth most successful hedge fund in history as measured by net gains since inception. In the first quarter, Englander made the following trades:
He sold 1.1 million shares of memory-chip maker Sandisk (SNDK +7.59%), cutting his position by 24%. He bought 343,000 shares of lesser-known data storage company Everpure (P +4.14%), increasing his position by 60%. At first glance, those trades are somewhat surprising because Sandisk shares have advanced 3,600% in the past year, while Everpure shares have added 36%. Here's what investors should know.
Image source: Getty Images.
Sandisk: The stock Israel Englander sold in the first quarter Sandisk designs storage devices based on NAND flash memory. The company has traditionally focused on consumer products like SD cards, USB flash drives, and portable solid-state drives (SSDs). But it recently shifted focus to enterprise SSDs to capitalize on growing demand for artificial intelligence infrastructure.
While Sandisk is smaller than competitors Samsung and SK Hynix, it realizes cost efficiencies through a joint venture with Japanese manufacturer Kioxia. The companies share expenses related to research and development (R&D) and semiconductor fabrication equipment, which lets them control the supply chain and obtain memory wafers at below-market prices.
"NAND flash is emerging as the only economically viable solution to deliver the capacity, performance, and efficiency required to keep models accessible for real-time inference at scale," said CEO David Goeckeler. "This shift in understanding the critical nature of our technology comes at a time when our product differentiation is strongest."
Sandisk delivered jaw-dropping financial results in the third quarter of fiscal 2026 (ended in March). Revenue increased 251% to $5.9 billion, driven by particularly strong demand for enterprise SSDs, and non-GAAP net income rose to $23.41 per diluted share, up from a loss of $0.30 per diluted share last year.
In the past, the memory chip industry has been highly cyclical; upswings defined by strong demand and price increases have preceded downturns defined by supply gluts and price cuts. We are currently in an upswing. NAND prices tripled in the past year amid intense demand for AI infrastructure, but history says the next downturn is inevitable.
Many Wall Street analysts expect memory chip sales to drop in 2028 as supply catches up with demand. In turn, the consensus estimate says Sandisk's adjusted earnings will grow at 25% annually through the fiscal 2029 (ends in June). That makes the current valuation of 56 times earnings look expensive. That may explain why Israel Englander sold shares in the first quarter.
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Everpure: The stock Israel Englander bought in the first quarter Everpure builds all-flash storage systems and adjacent software that help enterprises manage data. Its products address block, file, and object storage, and they are built on DirectFlash technology, which eliminates bottlenecks and redundancies associated with traditional SSDs by letting software manage raw flash memory directly, rather than indirectly through dedicated firmware.
Consultancy Gartner recently recognized Everpure as a leader in enterprise storage platforms, citing excellent customer support and unified data management as key strengths. Everpure "unifies all data (block, file, and object) into a virtualized pool of storage, which eliminates legacy silos, simplifies data access across hybrid environments, and enables consistent data management."
Everpure reported encouraging financial results in the first quarter of fiscal 2027 (ended in May). Revenue rose 35% to $1.1 billion, operating margin increased five percentage points despite soaring memory prices, and non-GAAP net income increased 62% to $0.47 per diluted share. Everpure is well positioned to maintain its momentum as the AI boom unfolds.
"We are now beginning to displace AI storage products in the enterprise and neo-cloud markets as customers transition to our FlashBlade family for its unmatched performance," CEO Charlie Giancarlo told analysts on the quarterly earnings call. "We are seeing strong engagement and active discussions with dozens of prospective customers across the AI ecosystem."
Wall Street estimates Pure Storage's adjusted earnings will grow at 21% annually through fiscal 2028 (ends in January). That makes the current valuation of 36 times earnings look reasonable. Patient investors should consider buying a small position in Everpure stock today.
Wedbush zvýšila cílovou cenu SanDisk na 2 000 USD z 1 200 USD a čeká silnější hospodářské výsledky díky vyšším cenám NAND. Akcie byly ve čtvrtek odpoledne nahoře o 12 %.
SanDisk (NASDAQ:SNDK) could see upside in its upcoming fiscal fourth-quarter 2026 report, according to Wedbush Securities, which raised its price target on the stock to $2,000 from $1,200.
The semiconductor firm's management had guided fiscal fourth-quarter sales to a range of $7.75 billion to $8.25 billion, with non-GAAP earnings per share of $30 to $33.
Wedbush said that outlook implied only mid to high teens growth in average selling prices under its prior model, but conversations with industry contacts suggested pricing gains in the high double digits, leading the firm to conclude SanDisk's initial guidance underestimated the scale of pricing gains.
Wedbush's updated estimates now assume blended bit ASPs rise roughly 30% quarter over quarter, a figure the firm still characterizes as conservative given industry trends and SanDisk's pricing strategy, even after the company posted triple-digit sequential ASP growth in its fiscal third quarter.
Looking further out, Wedbush raised its fiscal 2027 estimates, citing a higher revised fiscal 2026 base along with pricing data for the current September quarter that came in above its prior projections. The firm believes that quarter will likely see gains of more than 20%, with raw NAND prices climbing above $0.30 per gigabyte and finished goods, particularly enterprise SSDs, commanding a further premium. Wedbush's own model assumes double-digit gains, below the 20% threshold, reflecting its expectation that a larger share of SanDisk's NAND output will move under long-term supply and capacity agreements, referred to as SCAs, consistent with recent management commentary.
Those revisions push Wedbush's fiscal 2027 EPS estimate to $225.99 from $194.93, on projected revenue of $55.83 billion and gross margin of 84.7%.
The firm expects earnings strength to continue through fiscal 2027 and 2028, pointing to limited new fab capacity coming online before late 2027 or 2028 and the stabilizing effect of long-term supply agreements on pricing. Wedbush's model has earnings peaking in fiscal 2028 at approximately $264 per share.
Wedbush said it does not have a firm view on when NAND supply will normalize, citing its belief that supply currently runs well below true demand, that demand will keep accelerating through the end of the decade, and that uncertainty remains around the pace of future supply additions. Still, the firm argued that long-term supply agreements should allow for a more gradual decline in margins and pricing once existing contracts expire, offering greater visibility into earnings and cash flow than memory vendors have historically provided.
Shares of SanDisk were up 12% on Thursday afternoon.
SanDisk těží z prudké poptávky po pamětech pro AI datová centra, ale trh už podle článku může do ceny akcie započítávat i téměř 100% růst cen pamětí ve fiskálním roce 2027.
Sandisk (SNDK +6.77%) has been, by far, the best-performing stock in the S&P 500 this year. The flash memory maker has benefited from the ever-growing demand for memory and storage from AI data centers. The deep imbalance between supply and demand has allowed the company to boost its prices to a remarkable degree, and buyers keep snapping up its products.
And memory prices could surge even higher: Morningstar analyst William Kerwin expects to see that they rose by more than 100% overall in Sandisk's just-ended fiscal 2026, and predicts a nearly 100% rise from there in its fiscal 2027.
There's no doubt that's incredibly good for Sandisk's business. But the stock market is always forward-looking. Investors need to ask whether that predicted growth is already priced into the stock and whether the company can exceed expectations.
Image source: Getty Images.
Is Sandisk stock a buy right now? The memory market has a history of being extremely cyclical. When memory is in short supply, prices soar, and producers commit to building new fabrication facilities to meet demand. But as those fabs come online, the market tends to get hit with a glut of supply, and memory prices plunge. In just a few years, companies can go from extremely profitable, like Sandisk is today, to making pennies per share or even losing money.
Sandisk hasn't been trading as a stand-alone company for long -- it was spun off from Western Digital in February 2025 -- so there's not a lot of history to go on. But after that spinoff, Sandisk released some data that gave investors a good look at what a down cycle can look like for the company. It went from a $1 billion net profit in fiscal 2022 to a $2 billion net loss in fiscal 2023. It was still a loss-making operation in fiscal 2024 and fiscal 2025. It wasn't until the current fiscal year that Sandisk began to see demand spike and prices shoot higher, resulting in a strong gross margin and total profits.
When the current cycle collapses, Sandisk could sink back toward unprofitable territory. The company is investing significant amounts in its own operations and its joint venture with Kioxia. It also spends a steady amount -- over $1 billion per year -- on research and development. Those costs are unlikely to change even when revenue starts declining. They didn't in 2023 or 2024.
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Despite management's efforts to mitigate downside risk by signing long-term contracts with large buyers of its memory products, it could face significant pressure on profits as the supply-and-demand imbalance evens out. The long-term trend is for Sandisk to charge less per terabyte of memory over time. So, demand for storage will have to significantly outpace price declines over time, given the company's additional overhead and production costs.
Sandisk stock has sold off by more than 25% from its peak amid a broader semiconductor stock decline. Despite the lower price per share, it still looks fairly expensive for a cyclical stock near the peak of its earnings cycle. Despite the potential for memory prices to double again in the coming year, investors need to consider what comes when the supply-and-demand equilibrium swings back in the other direction. Indeed, Wall Street's estimates for Micron's fiscal 2028 earnings are currently below those for fiscal 2027. And 2029 could see a huge revenue collapse. At the current price, the stock looks far too expensive to take that long-term risk.
SanDisk oznámil za 3. čtvrtletí fiskálního roku 2026 tržby 5,95 miliardy USD, což je meziročně o 251,03 % více, a tržby z datových center vyskočily o 645 %. CEO to označil za zásadní zlom.
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SanDisk (NASDAQ:SNDK | SNDK Price Prediction | SNDK Price Prediction) has become the strangest stock in the S&P 500. Shares are up 634.87% year to date, dwarfing the 67.8% gain on the VanEck Semiconductor ETF. Behind the move is a genuine business transformation.
Q3 FY26 revenue hit $5.95 billion, up 251.03% year over year, with datacenter revenue exploding 645%. CEO David Goeckeler called it “a fundamental inflection point for Sandisk”. Can SanDisk shares reach $2,500 by 2027? There is a real path, but it is not a straight line.
Why SanDisk Shares Have Stalled This Summer The stock is down 14.92% over the past week despite being up 11.87% over one month.
Two factors are at play. First, a broader semiconductor sell-off tied to South Korean semiconductor weakness jolted the group in late June. Second, investors are booking profits after one of the sharpest rallies in memory-chip history.
Alpha Vantage flagged “SanDisk Slides as Chip Sell-Off Jolts Investors” and questioned whether the name is overbought at a trailing P/E of 60. Beta sits at 1, but realized volatility is much higher given the 52-week range from $40.10 to $2,354.39. That disconnect is keeping shares stuck.
Wall Street Sees Upside. Our Model Wants Proof The Street is decisively bullish. The consensus 12-month target is $1,930.50, with 3 Strong Buys, 15 Buys, 3 Holds, and 1 Sell. Bulls have gone further: Bernstein moved to $3,000 and China Renaissance reached $3,169. Our model is more cautious.
The one-year base case sits at $1,642.21, a total return of -5.86% with 90% confidence, driven by a mega-cap dampening factor. The bull case reaches $2,417.53. Earnings growth is contributing positively to the 247Factor, and 82% of analysts are bullish. That is a meaningful signal.
The Path to $2,500 Per Share Reaching $2,500 from today’s price of $1,744.43 would require a 43.3% gain. With forward EPS of $32.68, a price of $2,500 implies a forward P/E of 77x. Our base case of $1,642.21 already implies 56x, meaning the bold target requires roughly 20x of additional multiple expansion.
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That is steep. But three things could get it done. Q4 FY26 guidance calls for revenue of $7.75B to $8.25B and non-GAAP EPS of $30 to $33. If those numbers hit, forward EPS will re-rate sharply higher and the implied multiple compresses.
Second, the New Business Model is real. Goeckeler said multi-year customer commitments are “driving structurally higher and more durable earnings power”.
Third, on July 3, 2026, SanDisk began sampling BiCS10 1Tb TLC 3D NAND with a 59% improvement in bit density, positioning the company inside the AI memory buildout. A resurgence of the sector sell-off is the primary risk.
Where SanDisk Trades Today Versus Its Earnings Power At $1,744.43, shares trade at a forward P/E of roughly 53x on $32.68 forward EPS. That is not cheap, but not absurd for a company printing 78.4% gross margins with a zero-debt balance sheet and $2.99 billion in quarterly free cash flow.
Shares sit 18% below the 52-week high, well within reach on any renewed NAND cycle. Since separating from Western Digital, SNDK has rallied over 3,489%. That history sets a wide range of possible outcomes.
Is $2,500 Realistic? Here’s My Take Getting SanDisk to $2,500 by 2027 requires a 43.3% gain from here. I think that is a stretch, but not a long shot.
Three things need to go right: Q4 EPS lands at the high end of guidance near $33, the New Business Model contracts continue accumulating, and the structural memory undersupply extends through 2027 as Bank of America expects. A pricing crack in NAND would derail it fast. We’ve outlined the blueprint for how SanDisk could reach $2,500 in 2027.
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Akcie SanDisk v úterý spadly o 8 % kvůli výprodeji v sektoru paměťových čipů, který se rozšířil z Koreje na americké trhy. Za poslední tři obchodní dny už odepsaly více než 23 %.
Shares of SanDisk Inc. SNDK fell sharply in trading on Tuesday as a broad selloff in memory-chip stocks spread from South Korea to US markets despite strong preliminary earnings from Samsung Electronics.
SanDisk shares declined 8% after falling 23% over the previous three trading sessions.
The stock has been one of the strongest performers in the US technology sector this year, gaining about 635% year to date and more than 3,750% over the past 12 months.
The decline came as investors took profits across the memory-chip sector following steep gains in semiconductor stocks driven by artificial intelligence demand.
The selling pressure followed Samsung Electronics' preliminary second-quarter earnings announcement.
The South Korean technology company projected operating profit of 89.4 trillion won ($58.44 billion), representing a 19-fold increase from the same period a year earlier. Samsung also forecast revenue of 171 trillion won, up 129% year over year.
Despite the stronger-than-expected results, Samsung shares fell 6.9% in South Korean trading as investors appeared to lock in gains after a prolonged rally. The stock has risen about 380% over the past year.
SK Hynix also declined 6.1%, with the two companies together accounting for more than half of the Kospi index's market capitalization.
The broader South Korean market came under pressure as heavy selling in chipmakers pushed the Kospi down as much as 8.2% during the session, briefly placing the index in bear market territory before trimming some losses.
The weakness in South Korea quickly spread to US semiconductor stocks.
Micron Technology and Western Digital fell 7.3% and 8.14% respectively in trading.
The Roundhill Memory ETF (DRAM), whose largest holdings include Samsung, SK Hynix and Micron, dropped 6.2%.
The selloff extended beyond memory-chip companies. Intel and Advanced Micro Devices each declined more than 6%, while Nvidia slipped 1.5%.
Investors appeared to be taking profits after a prolonged rally in semiconductor shares, particularly in companies benefiting from growing demand for AI-related memory and storage products.
SanDisk's recent decline comes after an extended period of exceptional gains.
Although the stock has fallen more than 20% over the past three trading sessions, it remains one of the best-performing US technology stocks over the past year.
The company has previously experienced similar pullbacks, including a four-day losing streak in May and a five-day decline in March before resuming its broader upward trend.
Profit-taking was also evident across the memory sector.
Micron and SanDisk are now trading well below the highs they reached last month, while the Roundhill Memory ETF has declined 19% from its June 22 peak.
Investors are also preparing for another potential catalyst later this week, with South Korean memory-chip maker SK Hynix scheduled to begin trading on the Nasdaq on Friday.
The upcoming listing could keep attention focused on the memory-chip sector as investors continue to assess whether recent declines represent a pause in the AI-driven rally or the beginning of a broader correction following months of outsized gains.
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A stock that traded at $45 a year ago now changes hands near $1,729. That is a 3,718% gain in twelve months for SanDisk (NASDAQ:SNDK | SNDK Price Prediction), and Axios rounded the headline to roughly 3,700%. Then in the last five sessions before July 2, the stock gave back 17%. Long-term holders have to decide whether that is a breather or the first tell of a cycle top.
The number behind the mania The SanDisk chart rewires how you think about a boring category. NAND flash was a commodity business the market wanted nothing to do with a year ago.
Now the company carries a market cap of about $256 billion, up from a share price of $41.55 at its Q4 FY25 filing in August. Between then and the Q3 FY26 filing on April 30, 2026, the price ran to $1,095. It kept going after that, printing a 52-week high of $2,354.39 before the recent slide.
The fundamentals came, and then some Give the bulls their due. Q3 FY26 delivered revenue of $5.95 billion, up 251% year over year, beating consensus by 25.68%. Non-GAAP EPS came in at $23.41 against a $14.66 estimate. Gross margin swung from 22.5% a year earlier to 78.4%. The datacenter segment alone posted $1.47 billion in revenue, up 645% year over year, as AI hyperscalers bid up NAND supply.
Management retired $650 million in debt and now runs a zero long-term-debt balance sheet. Free cash flow hit $2.99 billion in the quarter. CEO David Goeckeler called it “a fundamental inflection point for Sandisk where our technology leadership is enabling a deliberate shift in our mix toward the highest-value end markets, led by Datacenter.” Forward guidance for Q4 FY26 calls for revenue of $7.75 billion to $8.25 billion and non-GAAP EPS of $30.00 to $33.00, plus five signed New Business Model agreements anchoring the datacenter mix.
Why the cycle looks late Still, memory is memory. When gross margin runs from the low twenties to the high seventies in twelve months, you are late in a boom. The stock proves it. One-year return of ~3,700%, year-to-date 529%, and then a –17% week ending July 2 as buyers ran out.
In late June, r/wallstreetbets threads titled “$SNDK puts for tomorrow” gained traction while another user posted realized gains on 0DTE $2,175 puts. Meanwhile the top r/stocks post going into July asked “Bought SanDisk (SNDK) at $2,330. Did I mess up buying the top or is this just a healthy pullback?” That divergence, professional hedgers reaching for downside protection while retail chases, is the classic late-cycle setup.
Valuation adds weight to the bear case. Trailing P/E sits at 60x, forward P/E at 27x, price-to-sales at 20x, and price-to-book at 19x on a company whose consumer segment already declined 10% sequentially in Q3. Reliance on the Kioxia joint venture, tariff exposure, and NAND pricing volatility are all disclosed risks. Prediction-market fundamentals peg fair value at $1,604.57, implying -11.34% downside, even as sell-side consensus reaches for $1,930.50.
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Market reaction Shares closed at $1,745 on July 2 and traded at $1,807.05 intraday on July 6, 2026, a 3.56% bounce off the recent low.
Over the past month the stock is up just 5%, a stall after months of vertical gains. The 50-day moving average of $1,610.45 now sits well above the 200-day at $703.36, a spread that historically compresses either through time or through price coming down.
Bear case A one-year run that explosive in a cyclical commodity business demands a reckoning at some point. Memory boom-and-bust is a decades-old rhythm, and the same operating leverage that pushed gross margin to 78.4% works in reverse when NAND prices soften.
Consumer already turned sequentially. Insider transaction data is empty in the reporting window, so the exit signal shows up in options flow and price action rather than filings. A 17% five-day drawdown off a market cap of roughly $156 billion is a warning that the marginal buyer may have left the room.
Bottom line The next test arrives with Q4 FY26 results, where management guided to revenue of $7.75 billion to $8.25 billion and EPS of $30.00 to $33.00. Anything short of a clean beat, and the multiple has nowhere to hide.
For retirement-focused holders who watched SanDisk turn a flash-memory business into a $268.02 billion AI proxy, the case for trimming into strength is stronger than the case for adding at 60x earnings after a 37-bagger. Cycles end. This one looks tired.
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Sandisk začal s Kioxia vyrábět 10. generaci 3D flash pamětí BiCS10 s 332 vrstvami. Oproti BiCS8 nabízí až o 59 % vyšší hustotu bitů a rychlost rozhraní až 4,8 Gb/s.
Key Takeaways Sandisk began producing 332-layer BiCS10 3D flash with Kioxia using CBA technology.SNDK says BiCS10 offers up to 59% higher bit density and interface speeds up to 4.8 Gb/s.Sandisk expects BiCS10 to improve storage density, manufacturing efficiency and NAND competitiveness. Sandisk Corporation (SNDK - Free Report) has taken another step in advancing its NAND flash technology roadmap by commencing production of its 10th-generation 3D flash memory with joint venture partner Kioxia. The new generation, known as BiCS10, is based on a 332-layer architecture and incorporates Complementary Metal Oxide Semiconductor directly Bonded to Array (CBA) technology. This is expected to improve bit density, interface speed and power efficiency compared with the prior BiCS8 generation. The development strengthens Sandisk's technology portfolio at a time when AI-driven storage requirements continue to increase across cloud and enterprise infrastructure.
The transition to BiCS10 is expected to support higher storage densities while lowering cost per bit over time. The new generation delivers up to 59% higher bit density than BiCS8 and interface speeds of up to 4.8 Gb/s. These improvements should help Sandisk address growing customer demand for higher capacity and more power-efficient NAND solutions while improving manufacturing economics as production scales. The technology is also expected to provide flexibility across SSD and embedded storage applications.
The commencement of BiCS10 production represents another step in Sandisk's long-term technology roadmap. As SNDK advances through successive NAND generations, higher layer counts and architectural improvements are expected to enhance storage density, manufacturing efficiency and cost competitiveness. These transitions are likely to play an important role in supporting future bit growth and strengthening Sandisk's position in the evolving NAND market.
While commercial shipments and customer adoption will determine the pace of financial benefits, the successful production launch reduces execution risk around Sandisk's next technology cycle. Continued progress in ramping BiCS10 into volume production and converting its performance advantages into customer wins could strengthen Sandisk's position in the increasingly competitive NAND flash market.
Sandisk Faces Intense NAND CompetitionSandisk competes with Micron Technology (MU - Free Report) and Western Digital (WDC - Free Report) in the NAND flash and storage market. Micron Technology continues to expand its own high-layer-count 3D NAND offerings targeting enterprise SSD applications, while Western Digital maintains a broader storage footprint. Both Micron Technology and Western Digital are investing in next-generation storage technologies to capture share in AI-driven infrastructure spending. The pace at which Sandisk converts BiCS10 samples into qualified designs will influence how it defends its position relative to Micron Technology and Western Digital.
SNDK’s Share Price Performance, Valuation & EstimatesSandisk shares have skyrocketed 635.1% in the year-to-date period, outperforming the broader Zacks Computer and Technology sector’s return of 14.6%.
SNDK Stock Outperforms Sector
Image Source: Zacks Investment Research
SNDK stock is trading at a forward 12-month price/sales of 5.66X compared with the Zacks Computer-Storage Devices’ 4.08X. Sandisk has a Value Score of D.
SNDK’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for fiscal 2026 earnings is pegged at $65.73 per share, up by 1.4% over the past 30 days. Sandisk reported earnings of $2.99 per share in fiscal 2025.
Sandisk currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
SNDK v pátek spadl o 14 % na nejnižší úroveň od 11. června a letos už odepsal 25 %. Z technického hlediska podle článku vstoupil do rizikové distribuční fáze Wyckoffovy teorie.
Sandisk stock price has suffered a harsh reversal recently as the recent bull run hits a wall. SNDK dropped by 14% on Friday, reaching its lowest level since June 11. It has now slumped by 25% this year, even as top Wall Street analysts have maintained their bullish outlook.
Sandisk stock has done well in the past 18 months, making it the best gainer in the S&P 500 Index. It jumped by 4,000% in the last 12 months, with its market capitalization crossing the $300 billion mark.
Despite these gains, analysts are highly bullish on the stock, with most of them hiking their forecasts. In a recent note, Bernstein hiked its target from $2,100 to $2,500, citing the strong demand for memory products after the robust Micron earnings.
Bank of America hiked its target from $1,700 to $3,400, noting that its multi-year contracts were helping it avoid the cyclical issues that have affected the industry in the past. With SNDK trading at $1,745, a surge to $3,000 implies a 71% jump.
Citigroup has also hiked the target price from $2,025 to $2,500, while Cantor Fitzgerald boosted from $1,800 to $2,900. Other companies that have hiked their targets are Mizuho and Morgan Stanley.
Sandisk’s growth to continue but risks remainThere is a possibility that Sandisk’s revenue growth will accelerate in the coming months as memory prices rise. A recent report showed that DRAM and NAND contract prices rose by 18% and 15% in the second quarter, respectively. While this was a strong growth, it was lower than the 60% experienced in Q1.
Sandisk primarily sells memory equipment like SSDs, memory cards, and USB flash drives. Yet, the cooling DRAM and NAND prices mean that its business too may be affected.
Data shows that analysts are predicting that its revenue jumped by 335% in the last quarter to $8.29 billion. For the year, the revenue is expected to grow by 168% to $19 billion, followed by 141% to $47 billion. These are strong numbers for a company that was spun out by Western Digital last year.
READ MORE: Sandisk stock is firing on all cylinders: is a day of reckoning coming?
The risk, however, is that the soaring memory prices may lead to overproduction, which will affect the global supply. Historically, the memory industry has experienced such periods of strong growth followed by slumps.
On the positive side for Sandisk, its stock is not highly overvalued. Ideally, you would expect a high-margin company growing by triple digits to have high price-to-earnings multiples. In its case, it trades at a forward PE ratio of 26, slightly higher than S&P 500 Index’s 22.
The challenge for Sandisk is that any sign that memory prices are cooling will have a negative impact on its stock.
SNDK stock chart | Source: TradingView
The other risk facing SNDK stock is that its technicals have worsened recently, a sign that it has moved to the distribution phase of the Wyckoff Theory. This phase is then followed by the markdown stage.
The stock’s Relative Strength Index (RSI) has formed a bearish divergence pattern, moving from a high of 81 to 46 today. It also remains much higher than the 100-day moving average, which is at $1,285.
The bearish divergence and a potential mean reversion may push it lower in the near term. On the other hand, a move above the key resistance at $2,360 will invalidate the bearish outlook.
Kioxia a Sandisk zahájily výrobu 10. generace 3D flash paměti v závodě Fab2 (K2) v areálu Kitakami v prefektuře Iwate v Japonsku. Firmy tím rozšiřují kapacity kvůli silné poptávce po NAND flash.
Companies Showcase Ongoing Buildout of Manufacturing Infrastructure at K2 to Address Growing Demand for NAND Flash
TOKYO & MILPITAS, Calif.--(BUSINESS WIRE)--Kioxia Corporation, a subsidiary of Kioxia Holdings Corporation (TOKYO: 285A) and Sandisk Corporation (Nasdaq: SNDK) today announced the start of production for their 10th-generation 3D Flash memory technology at Fab2 (K2) at the Kitakami Plant in Iwate Prefecture in Japan. The milestone comes as the companies continue to drive meaningful, multi-year bit growth to address the strong demand for their innovative flash memory technology.
In conjunction with the start of production, the companies held an unveiling ceremony for the K2 facility. Opening in September 2025, the facility has produced the companies’ 8th-generation 3D flash memory products and will begin to scale production with the introduction of their 10th-generation products. Both generations of 3D flash memory adopt innovative CBA (CMOS directly Bonded to Array) technology and offer high performance, high capacity, and low power consumption.
The Fab2 facility has an earthquake-absorbing architectural structure and a design that utilizes state-of-the-art energy saving manufacturing equipment. The facility uses artificial intelligence for enhanced production efficiencies and employs a space-efficient facility design that enlarges the space available for manufacturing equipment in its clean rooms.
Kioxia and Sandisk recently announced the extension of their joint venture framework through December 2034. The Sandisk-Kioxia partnership has driven decades of NAND flash memory innovation. Continued investments in the K2 fab will fuel the joint venture’s long-term success and ability to deliver leading-edge flash memory innovations at scale and with stability, in line with each company’s previously stated target bit growth.
Koichiro Shibayama, President and CEO of Kioxia Iwate Corporation, which operates the Kitakami Plant, said, “We are pleased to begin production of our advanced 10th-generation flash memory here in Kitakami. The eighth and further generation flash memory products produced at the Fab2 will deliver new value to the rapidly growing AI market. Leveraging the partnership and scale advantages, Kioxia will continue to manufacture leading-edge flash memory products and achieve sustainable corporate growth. Kioxia will continue to contribute to the advancement of the semiconductor industry and the development of local and domestic economies.”
“For decades Sandisk and Kioxia have driven innovation in NAND flash memory,” said Alper Ilkbahar, Chief Technology Officer of Sandisk Corporation. “Beginning production of our 10th-generation 3D flash memory at our Kitakami facility marks an important milestone for the two companies as demand for high-performance flash technologies continues to increase. Through our K2 facility we will continue to support our customers with the world’s leading NAND technology, while providing new economic opportunities for the communities we operate in and serving as an example of strong U.S.-Japan economic relations.”
Kioxia and Sandisk have shared a successful joint venture partnership for over 25 years and will continue to strengthen synergies and competitiveness through joint development of 3D flash memory and capital investments.
About Sandisk
Sandisk (Nasdaq: SNDK) delivers innovative Flash solutions and advanced memory technologies that meet people and businesses at the intersection of their aspirations and the moment, enabling them to keep moving and pushing possibility forward. Follow Sandisk on Instagram, Facebook, X, LinkedIn, YouTube. Join TeamSandisk on Instagram.
Kioxia is a world leader in memory solutions, dedicated to the development, production and sale of flash memory and solid-state drives (SSDs). In April 2017, its predecessor Toshiba Memory was spun off from Toshiba Corporation, the company that invented NAND flash memory in 1987. Kioxia is committed to uplifting the world with “memory” by offering products, services and systems that create choice for customers and memory-based value for society. Kioxia's innovative 3D flash memory technology, BiCS FLASH™, is shaping the future of storage in high-density applications, including advanced smartphones, PCs, automotive systems, data centers and generative AI systems.
Forward-Looking Statements
Sandisk
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements regarding expectations for: Sandisk Corporation’s and Kioxia Holdings Corporation’s product roadmap, production scaling plans, and continued ability to drive multi-year bit growth; demand for high-performance flash technologies; the performance, capacity and capabilities of the companies’ 3D flash memory technology; the capabilities and efficiencies of the Fab2 facility; Sandisk’s continued investment strategy in its long-standing joint venture with Kioxia; and the joint venture's long-term success, operational synergies, capital efficiency, competitiveness, and ability to deliver leading-edge 3D flash memory innovations at scale. These forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: adverse changes in global or regional economic conditions, including the impact of evolving trade policies, tariff regimes and trade wars; volatility in demand for Sandisk’s products; pricing trends and fluctuations in average selling prices; exposure to execution, financial and market risks due to long-term agreements; inflation; changes in interest rates and a potential economic recession; the impact of business and market conditions; the impact of competitive products and pricing; the development and introduction of products based on new technologies and management of technology transitions; risks associated with strategic initiatives, including restructurings, acquisitions, divestitures, cost saving measures and joint ventures; risks related to product defects; difficulties or delays in manufacturing or other supply chain disruptions; reliance on strategic relationships with key partners, including Kioxia Corporation; the attraction, retention and development of skilled management and technical talent; risks associated with the use of artificial intelligence in business operations; changes to relationships with key customers or consolidation among the customer base; compromise, damage or interruption from cybersecurity incidents or other data system security risks; reliance on intellectual property; fluctuations in currency exchange rates; actions by competitors; risks associated with compliance with changing legal and regulatory requirements; and other risks and uncertainties listed in Sandisk’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K filed with the SEC on August 21, 2025 and Quarterly Report on Form 10-Q filed with the SEC on May 1, 2026, to which your attention is directed. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Sandisk undertakes no obligation to update or revise these forward-looking statements to reflect new information or events, except as required by law.
BiCS10 TLC delivers up to 4.8Gb/s** NAND interface speed, 59 percent bit density improvement compared to BiCS8 and enhanced power efficiency
MILPITAS, Calif.--(BUSINESS WIRE)--Sandisk Corporation (Nasdaq: SNDK) today announced it is sampling its BiCS10 1Tb TLC, its 10th-generation 3D NAND flash memory technology. BiCS10 applies advanced lateral scaling techniques to achieve industry-leading 1Tb TLC memory density greater than 29Gb/mm2, improving bit density by 59 percent while delivering up to 4.8Gb/s** interface speed, a 33 percent improvement compared with 8th generation 3D flash memory currently in mass production.
Built on Sandisk’s proven Bit-Cost Scalable (BiCS) 3D NAND architecture and CMOS directly Bonded to Array (CBA) technology, BiCS10 TLC also enhances data input/output power efficiency, reducing power consumption by 10 percent for input and 34 percent for output compared to the previous BiCS8 generation.
“As the world becomes more connected, data-intensive and intelligent, NAND plays an increasingly mission-critical role in delivering the performance, efficiency and scale modern computing requires,” said Alper Ilkbahar, CTO at Sandisk. “BiCS8 set a new benchmark for 3D NAND by combining our wafer bonding capabilities with meaningful gains in density, performance, and efficiency. With BiCS10 TLC, we build upon that proven foundation to deliver faster interface speeds, higher bit density and improved power efficiency for our customers.”
NAND flash memory is one of the most scalable semiconductor technologies today, and the foundation of what Sandisk builds. BiCS10 advances Sandisk’s long-term roadmap for scaling NAND through continued innovation in density, power efficiency, and architecture. It builds upon Sandisk’s CBA technology, which fabricates CMOS logic and the memory array on separate wafers before bonding them together with high-precision wafer-to-wafer alignment. BiCS10 TLC increases the number of memory layers to 332 and incorporates Toggle DDR6.0, SCA protocol and PI-LTT technology to support high-speed, low-power operation.
The sampling milestone extends Sandisk’s BiCS roadmap with advancements that push density, power efficiency, and endurance in ways designed to support the next generation of data-intensive and AI-driven workloads. Key BiCS10 TLC technology highlights include:
Up to 4.8Gb/s** NAND interface speed, a 33 percent improvement.* 332 memory layers with optimized floor plan efficiency, improving bit density by 59 percent.* Enhanced data input/output power efficiency, reducing power consumption by 10 percent for input and 34 percent for output.* Support for Toggle DDR6.0, SCA protocol1 and PI-LTT technology2 to enable high-speed, low-power operation. Sandisk leads the way in flash innovation, from increasing bits per cell over time to advancing technologies in controller architecture, firmware, packaging, and system flash that improve the performance, efficiency, and utility of flash at scale. With a unique portfolio of leading IP and global manufacturing footprint, Sandisk controls its entire production lifecycle from design to manufacturing to final assembly with global operations, resulting in exceptional quality control, cost efficiency, faster time to market, and strong supply chain resilience.
About Sandisk
Sandisk (Nasdaq: SNDK) delivers innovative Flash solutions and advanced memory technologies that meet people and businesses at the intersection of their aspirations and the moment, enabling them to keep moving and pushing possibility forward. Follow Sandisk on Instagram, Facebook, X, LinkedIn, YouTube. Join TeamSandisk on Instagram.
*Compared with 8th-generation 3D flash memory currently in mass production (BiCS8).
** 1Gb/s is calculated as 1,000,000,000 bits/second. This value is obtained under specific our test environment and may vary depending on use conditions.
1 Technology wherein the bus for Command/Address input and the bus for data transfer are completely separated into different buses and are used in parallel. This reduces data input/output time.
2 Technology wherein power sources for existing 1.2V and additional lower voltage are utilized for the NAND interface power source. This reduces power consumption during data input/output.
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including, without limitation, statements regarding the expected performance, enhanced capabilities, and industry-leading positioning of Sandisk’s BiCS10 TLC technology; the role of NAND flash memory as a highly scalable, mission‑critical technology for modern computing; Sandisk’s continued advancement of its long-term roadmap; and the impact, advancements and efficiency of Sandisk’s flash solutions in supporting next-generation data-intensive and AI-driven workloads. These forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.
Key risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: adverse changes in global or regional economic conditions, including the impact of evolving trade policies, tariff regimes and trade wars; volatility in demand for Sandisk’s products; pricing trends and fluctuations in average selling prices; exposure to execution, financial and market risks due to long-term agreements; inflation; changes in interest rates and a potential economic recession; the impact of business and market conditions; the impact of competitive products and pricing; the development and introduction of products based on new technologies and management of technology transitions; risks associated with strategic initiatives, including restructurings, acquisitions, divestitures, cost saving measures and joint ventures; risks related to product defects; difficulties or delays in manufacturing or other supply chain disruptions; reliance on strategic relationships with key partners, including Kioxia Corporation; the attraction, retention and development of skilled management and technical talent; risks associated with the use of artificial intelligence in business operations; changes to relationships with key customers or consolidation among the customer base; compromise, damage or interruption from cybersecurity incidents or other data system security risks; reliance on intellectual property; fluctuations in currency exchange rates; actions by competitors; risks associated with compliance with changing legal and regulatory requirements; and other risks and uncertainties listed in Sandisk’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K filed with the SEC on August 21, 2025 and Quarterly Report on Form 10-Q filed with the SEC on May 1, 2026, to which your attention is directed. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Sandisk undertakes no obligation to update or revise these forward-looking statements to reflect new information or events, except as required by law.
SanDisk klesl o 14 %, protože investoři prodávají AI čipy a paměťový hardware a přesouvají peníze do AI softwaru. Pokles přišel i přes pozitivní doporučení analytiků.
SanDisk Corporation SNDK shares plunged 14% in afternoon trading on Thursday, hitting a session low of $1707.58 as investors rotated out of artificial intelligence chip and memory hardware stocks and shifted capital into AI software companies.
The decline followed an extraordinary first half of 2026, during which SanDisk shares surged roughly 858%, leaving the stock vulnerable to profit-taking as market sentiment shifted.
The selloff came despite recent analyst upgrades that pointed to improving fundamentals.
SanDisk had gained nearly 5% on Tuesday after Bernstein raised its price target on the stock, but the broader weakness across semiconductor and memory names outweighed the positive outlook.
SanDisk was not alone in Thursday's decline. Memory storage companies including Micron Technology and Western Digital also posted sharp losses as the sector entered what market participants described as a technical correction.
The combination of profit-taking following SanDisk's substantial rally from its 52-week low of $40.10, weakness across the semiconductor sector, and pressure on technology shares contributed to the stock's outsized decline.
Despite the pullback, SanDisk continues to trade well above its 52-week low, while analysts maintain price targets significantly above current trading levels.
Analysts remain positive on long-term outlookWall Street analysts continued to express confidence in SanDisk's longer-term prospects despite the sharp decline.
On June 30, Bernstein analyst Mark Newman raised his price target to $3,000 from $1,700 while maintaining an Outperform rating.
The firm cited new long-term supply agreements featuring fixed or range-bound pricing and upfront financial commitments, which it believes reduce earnings volatility.
Separately, Bank of America analyst Wamsi Mohan reiterated a Buy rating on Wednesday and increased his price target to $2,500 from $2,100.
"We expect supply/demand imbalance in the NAND market to remain through 2027," Mohan wrote in a client note, adding that pricing should hold up through mid-2027.
Mohan projected June-quarter revenue of $9.1 billion and earnings per share of $37.01, exceeding both consensus estimates and the company's guidance range of $7.75 billion to $8.25 billion in revenue.
China supply risks and technical picture remain in focusEven with the constructive outlook, analysts continue to monitor supply risks from China.
Mohan identified Yangtze Memory Technologies Co. (YMTC) as a key long-term risk, noting that additional supply could pressure NAND pricing sooner than expected.
His base-case outlook assumes the company will primarily serve domestic Chinese customers.
Industry analyst Ming-Chi Kuo also commented on the memory market over the weekend, stating that the "memory supply-demand gap will keep widening through 2027." Kuo also said Apple Inc. is lobbying the US administration regarding ChangXin Memory Technologies (CXMT) to secure additional DRAM supply sources.
From a technical perspective, SanDisk continues to trade above its 20-day, 50-day and 200-day simple moving averages, while the moving-average structure remains in a bullish alignment.
SNDK Technicals The stock's relative strength index stood at 46.62, indicating more balanced momentum following the recent pullback.
The latest decline reflects broad-based profit-taking in AI hardware stocks rather than company-specific developments, as investors rotated into AI software names despite continued bullish forecasts from Wall Street analysts.
Sandisk rozšiřuje portfolio QLC SSD pro AI úložiště a enterprise workloady, čímž doplňuje stávající nabídku TLC. Firma zároveň uzavřela pět víceletých dodavatelských smluv na více než třetinu očekávaných dodávek ve fiskálním roce 2027.
Key Takeaways Sandisk's QLC SSD expansion strengthens its AI storage portfolio alongside existing TLC offerings.SNDK aims to address both performance-focused and capacity-focused AI workloads with complementary SSDs.Sandisk's multiyear supply agreements provide stronger visibility into future enterprise storage demand. Sandisk Corporation (SNDK - Free Report) is expanding its Quad Level Cell (QLC) Solid State Drive (SSD) portfolio, which is expected to strengthen its position in the fast-growing AI storage market and support long-term growth. The upcoming Stargate QLC enterprise SSDs will add to the company's data center storage lineup, complementing its existing TLC based enterprise SSDs. By offering high-capacity and cost-efficient storage for AI inference and enterprise workloads, the QLC portfolio should help Sandisk expand its opportunity in hyperscale data centers.
The company continues to build on its BiCS8 NAND platform, which supports both TLC and QLC SSDs. Growing AI inference and enterprise workloads are increasing demand for higher-density flash storage solutions that balance performance with cost efficiency. This shift favors wider QLC adoption, and Sandisk's growing list of enterprise SSD qualifications across cloud customers positions SNDK to capitalize on this trend. Having both TLC and QLC products also allows the company to serve performance-heavy and capacity-heavy AI workloads at the same time.
Financial performance already reflects this momentum. Data center revenues rose 233% sequentially in the fiscal third quarter to $1.47 billion, helping drive total revenue growth of 97% sequentially to $5.95 billion. Sandisk has also signed five multiyear supply agreements covering more than one-third of its expected fiscal 2027 bit shipments, giving it stronger visibility into future demand. The expanding QLC SSD portfolio, supported by long-term customer commitments and increasing AI storage demand, is expected to remain an important driver of Sandisk's growth over the next few years.
How SNDK's Rivals Stack UpSandisk competes with Micron Technology (MU - Free Report) and Seagate Technology (STX - Free Report) in the enterprise SSD market, where demand for high-capacity flash storage continues to rise. Micron is expanding its enterprise SSD portfolio with advanced NAND technology, while Seagate continues to enhance its NVMe SSD offerings for enterprise and cloud customers.
However, Sandisk's expanding QLC SSD portfolio, supported by its BiCS8 NAND platform, provides a differentiated offering. As Micron and Seagate continue investing in enterprise SSD solutions, Sandisk's complementary TLC and QLC SSD lineup positions it well to address evolving storage needs. Growing adoption of QLC SSDs will remain a key area of competition among Micron, Seagate and Sandisk.
SNDK’s Share Price Performance, Valuation & EstimatesSandisk shares have skyrocketed 857.8% in the year-to-date period, outperforming the broader Zacks Computer and Technology sector’s return of 15.7%.
SNDK Stock Outperforms Sector
Image Source: Zacks Investment Research
SNDK stock is trading at a forward 12-month price/sales of 17.28X compared with the Zacks Computer-Storage Devices’ 6.56X. Sandisk has a Value Score of F.
SNDK’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for fiscal 2026 earnings is pegged at $64.01 per share, up by a penny over the past 30 days. Sandisk reported earnings of $1.78 per share in fiscal 2025.
Sandisk currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bernstein zvýšil cílovou cenu SanDisk na $3,000 z $1,700 a ponechal overweight. Akcie reagovaly růstem o 4,9 % díky optimistickému výhledu na supercyklus v oblasti pamětí.
SanDisk shares SNDK rose 4.9% in early trading on Tuesday after Bernstein raised its price target on the stock, citing durability in its future business model.
The move comes as investors continue to assess the strength of the ongoing memory supercycle, driven by surging demand for components used in artificial intelligence data centers.
SanDisk and Micron have emerged as key beneficiaries of this trend, with memory demand accelerating across AI, cloud, hyperscale, and enterprise data center markets.
SanDisk has also been the best-performing stock in the S&P 500 in 2026, with shares surging 767% year to date.
Bernstein raised its price target on SNDK to $3,000 from $1,700, while maintaining an overweight rating.
The new target sits well above the analyst consensus of $1,845.64 and implies approximately 46% upside from Monday’s closing price.
In its note, Bernstein emphasized structural changes in memory contracting practices, particularly the evolution of long-term agreements (LTAs).
Bernstein said new memory long-term agreements, or LTAs, are different from older ones: they have fixed or range-bound prices, longer terms, and include upfront financial commitments to lock in customers and protect downside.
The firm highlighted that SanDisk’s pricing structure reflects this shift.
Based on data provided by companies, Bernstein estimated that SanDisk’s floor price in recently signed long-term agreements is around $0.29 per gigabyte.
The firm said this level is meaningfully higher than the effective floor prices it attributes to competitors, including Micron Technology, which it estimates are below the company’s second-quarter realized pricing.
The newer long-term agreements represent a structural shift in memory contracting practices, reshaping the economics of the NAND flash market.
These agreements help reduce exposure to traditional cyclical downturns in the industry.
Long-term agreements were also highlighted in Micron’s fiscal third-quarter results, which exceeded expectations.
The company announced 16 strategic customer agreements (SCAs), described as non-cancellable contracts typically running for five years, which analysts say provide strong revenue visibility across the semiconductor industry.
SanDisk’s rally has also been supported by its positioning in AI-related storage demand.
Since separating from Western Digital in February 2025, the company has focused on becoming a pure-play flash memory provider, with exposure to enterprise and AI-driven storage markets alongside its consumer business.
The company supplies enterprise solid-state drives (SSDs), high-capacity Non-Volatile Memory Express (NVMe) drives, and storage platforms used in artificial intelligence, cloud, hyperscale, and enterprise data centers.
However, it remains smaller in market presence compared with peers such as Samsung, Micron, Kioxia, and Solidigm.
Bernstein said SanDisk has additional room to benefit from newer long-term agreements that improve revenue stability and reduce downside risk in the memory cycle.
“While these LTA’s do not completely remove risk of future downcycles, they do significantly alleviate downside risk,” analyst Mark Newman said Tuesday in a note to clients.
Bernstein also projected long-term earnings potential tied to these agreements, estimating SanDisk could reach earnings of $214 per share by fiscal year 2030. That compares with a potential $81 per share scenario without LTAs, according to the firm.
The analyst call aligns broadly with Wall Street sentiment. Of the 24 analysts covering SanDisk, 21 currently rate the stock as a buy or strong buy, according to LSEG data.
Sandisk od oddělení od Western Digital vyskočil o více než 5 200 % a letos už o více než 720 %. Růst táhne boom kolem AI a nedostatek NAND čipů, které zvedly tržby i marže.
Sandisk (SNDK 2.68%), one of the world's largest flash memory chipmakers, was once considered a cyclical stock in a commoditized market. But since its spin-off from Western Digital (WDC 5.18%) last February, its stock has surged more than 5,200%.
In 2026 alone, Sandisk's stock has rallied more than 720%. Should investors chase that rally, or should they wait for its stock to cool off? Let's review its growth rates and valuations to decide.
Image source: Getty Images.
Why did Sandisk's stock soar? When Western Digital spun off Sandisk, it was still a slow-growth maker of NAND flash memory chips, which are used in solid-state drives (SSDs), USB drives, and SD cards. However, the artificial intelligence (AI) market's explosive growth forced data centers to upgrade their servers with faster SSDs.
That buying frenzy triggered a global NAND memory chip shortage and drove up Sandisk's chip prices, boosting its revenue and margins. Sandisk further capitalized on the AI boom by launching the world's first 256TB enterprise SSD for AI data lakes. Those ultra-dense drives enabled hyperscalers to consolidate dozens of hardware server racks into a single unit.
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Without Western Digital, which was struggling to sell its older platter-based hard-disk drives (HDDs), Sandisk became a "pure play" on the NAND market. In fiscal 2025 (which ended last July), Sandisk's revenue grew 10%, its adjusted gross margin expanded from 14.8% to 30.3%, and it returned to profitability on a non-GAAP (generally accepted accounting principles) basis.
But in fiscal 2026, analysts expect Sandisk's revenue and non-GAAP EPS to surge 167% and 2,089%, respectively, as those AI tailwinds accelerate. In fiscal 2027, they expect the company's revenue and non-GAAP EPS to rise 122% and 180%, respectively.
That growth should be driven by its increased sales of 256TB SSDs to hyperscalers, the development of even denser chips, and multi-year cloud contracts that will generate predictable recurring revenues and insulate it from future memory market crashes.
But should you buy Sandisk's stock today? At $1,920 per share, Sandisk trades at just 10 times and 11 times next year's non-GAAP and GAAP EPS estimates, respectively. So even though Sandisk's stock has skyrocketed since its spin-off from Western Digital, it's still being valued as a slow-growth maker of legacy memory chips rather than a high-growth AI chipmaker. If that rerating occurs, Sandisk's stock could easily double or triple from its current levels -- so it still looks like a worthwhile investment.
Sandisk těží z AI boomu a nových víceletých smluv; letos uzavřel pět dohod, z nichž tři mají minimální hodnotu 42 miliard USD. Analytici čekají EPS kolem 65 USD ve fiskálním roce 2026 a 183 USD v následujícím fiskálním roce.
The memory and storage segment of the semiconductor sector is in the midst of a powerful boom, fueled by the artificial intelligence (AI) infrastructure build-out. With hyperscalers and others pouring hundreds of billions of dollars into new data centers, demand for high-capacity solid-state drives (SSDs) is far outpacing the world's capacity to manufacture them. As a leading producer of NAND flash storage and enterprise SSDs, Sandisk (SNDK 0.11%) has been one of the clearest beneficiaries of this movement.
So far this year, Sandisk stock has surged 873% -- making it the top-performer in the Nasdaq-100 by a wide margin. While such gains might suggest to some that Sandisk's rally has become overdone, a close look at the company's operational trends and valuation points to the potential for further upside.
Let's dig into what the next year could look like for Sandisk investors. Spoiler alert: The stock could still be a multibagger from here.
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Breaking down the memory up cycle's tailwinds The primary driver behind Sandisk's rise is big tech's insatiable demand for memory and storage solutions. AI training clusters require vast quantities of high-performance storage alongside accelerated compute systems, and data center operators are deploying those systems at a prodigious pace.
Also, large enterprises and cloud infrastructure providers are refreshing their aging servers by adding denser, faster SSDs; meanwhile, consumer demand for premium AI-enabled devices supports baseline volumes. The imbalance between supply and demand has allowed all of the memory makers to boost their average selling prices significantly. That has translated into noticeable profit margin expansion and top-line momentum for Sandisk.
SNDK Revenue (TTM) data by YCharts.
New contract structures give Sandisk strong earnings visibility One of the bearish talking points surrounding an investment in Sandisk is the cyclical nature of the memory and storage chip market. While this argument has some validity, Sandisk has made an interesting move that suggests that the memory and storage solutions markets are becoming more secular in the context of the broader AI infrastructure narrative.
Sandisk's management recently highlighted its new business model, which features multiyear supply agreements that provide the company with exceptional visibility into its future sales and profits -- something it historically lacked. During Sandisk's fiscal third-quarter earnings call, management shared that the company has signed five multiyear supply agreements this year -- and just the three it inked in its most recent fiscal quarter carry a minimum total value of $42 billion.
The resulting backlog and contracted performance obligations extend Sandisk's runway well into 2028 and beyond -- materially reducing its cyclical risk. For this reason, the analysts' consensus points to earnings per share (EPS) of approximately $65 in fiscal 2026, followed by a step-up to roughly $183 next year as its volumes scale further and its margins continue to widen.
Image source: Getty Images.
Where will Sandisk stock be in one year? Sandisk's forward price-to-earnings (P/E) multiple has expanded significantly throughout 2026. While rapid multiple expansion can sometimes signal froth, I think Sandisk's current valuation profile remains compelling given the duration and magnitude of the demand outlook.
Should Sandisk continue to meet or exceed its revenue and profitability targets, further upside could be in store even without further multiple expansion. For example, if Sandisk hits analysts' 2027 EPS target of $183 and maintains a forward earnings ratio of around 33, the stock would rocket to about $6,000. That would be 160% above current levels.
Taking this one step further, Sandisk stock could easily continue rising even if its multiples contract or normalize a bit. For instance, if the company generates earnings results consistent with Wall Street's outlook but its forward P/E dips to a level more in line with the average S&P 500 figure of 22, Sandisk stock would still surge to roughly $4,000 per share by the end of next year.
All told, the combination of strong secular tailwinds supported by contracted revenue visibility and compounding earnings creates a compelling setup for share price appreciation. If this memory up cycle persists and the company delivers on its expectations, the stock has a credible path to at least double -- if not gain even more -- by year-end 2027.
