New York, July 6, 2026, 05:01 (EDT)
- Sandisk finished July 2 at $1,745.00, off 14.13%. Premarket, it was up 5.33% at $1,838.00.
- Shares lost about $42.5 billion in market value on July 2, with the premarket bounce bringing back roughly $13.8 billion.
- The stock is caught between new Kioxia production coming online and a Wall Street note warning NAND supply could stay tight through 2027.
- Sandisk is still a big momentum play. The stock is in both the Nasdaq 100 and S&P 500. Finviz had it up 635% year to date, even with last week’s drop.
Sandisk Corporation NASDAQ:SNDK ticked higher in premarket trading Monday, but shares still sat well below last week’s levels. The stock finished at $1,745.00 on July 2, a drop of 14.13%. In premarket, Google Finance was showing it at $1,838.00, up 5.33%. U.S. equity markets had not started the regular session yet. NYSE core hours are 9:30 a.m. to 4:00 p.m. ET, and July 3 was closed for Independence Day.
What matters more for investors isn’t the rebound, but the hole it left. With 148.09 million shares out, the stock’s drop from $2,032.22 to $1,745.00 destroyed around $42.5 billion in equity value in a day. The $93 move higher before the bell puts back about $13.8 billion, but that still leaves around $28.8 billion unaccounted for.
| Sandisk price marker | Price | Implied equity value |
|---|---|---|
| Last regular close | $2,032.22 | $301.0 bln |
| Finished July 2 | $1,745.00 | $258.4 bln |
| Premarket on Monday | $1,838.00 | $272.2 bln |
| Rebound from last close in premarket | $194.22/share | $28.8 bln |
Based on 148.09 million shares outstanding. Share count, market cap, July 2 close, and premarket price from Google Finance; prior close and July 2 move from Finviz.
That’s notable as Sandisk is moving away from typical hardware stock trading and showing more “scarce-memory” option traits. Sandisk and Kioxia Holdings Corporation TYO:285A said they kicked off output of their 10th-gen 3D flash memory at Fab2 at the Kitakami Plant in Japan. Both companies pointed to NAND flash demand and said multi-year bit growth is needed. Business Wire
Sandisk CTO Alper Ilkbahar said in a release that Sandisk and Kioxia have pushed NAND flash memory innovation for decades. Ilkbahar called the Kitakami start “an important milestone” as high-performance flash demand keeps rising. Kioxia Iwate’s President and CEO Koichiro Shibayama said Fab2’s products will “deliver new value to the rapidly growing AI market.” Business Wire
The stock’s issue is clear. Starting production boosts the growth pitch, but it also resets investor expectations for supply. Bank of America’s Wamsi Mohan said on July 1 that the NAND supply-demand gap should stick around until 2027 and raised his Sandisk target price to $2,500, per Benzinga. Mohan called the customer contracts a “win-win” setup, saying buyers get locked-in supply while Sandisk benefits from steadier revenue. Benzinga
Analyst targets for the stock are all over the place, pointing to more volatility ahead. Of 16 analysts tracked by Google Finance, 14 rate it buy, two are at hold, none say sell. The average target price is $1,979.38, a 13.43% premium to where shares closed on July 2. Price targets range from $1,000 up to $3,250.
| Analyst | Firm | Rating action/date | Target | Implied move from $1,745 close |
|---|---|---|---|---|
| Wamsi Mohan | Bank of America Securities | Buy kept, July 1 | $2,500 | +43.3% |
| Mark Newman | Bernstein | Buy kept, June 30 | $3,000 | +71.9% |
| Asiya Merchant | Citi | Buy kept, June 25 | $2,500 | +43.3% |
| Joseph Moore | Morgan Stanley | Buy kept, June 22 | $1,750 | +0.3% |
| Srini Pajjuri | RBC Capital | Hold kept, May 1 | $1,000 | -42.7% |
Sandisk’s April quarter landed numbers the bulls wanted. Revenue hit $5.95 billion, up 97% from last quarter and topping guidance. GAAP net income was $3.62 billion. For the fourth quarter, the company is calling for revenue between $7.75 billion and $8.25 billion, with non-GAAP diluted EPS expected at $30 to $33.
The revenue breakdown shows the AI trade’s messiness. Datacenter pulled in $1.47 billion for the April quarter, a jump from $197 million last year, but Edge stayed on top as the biggest market at $3.66 billion. Asia accounted for $4.27 billion, or roughly 72% of the quarter’s sales. The top 10 customers drove 46%.
| April-quarter data | Amount | Share of Q3 revenue |
|---|---|---|
| Datacenter sales | $1.47 bln | 24.7% |
| Edge sales | $3.66 bln | 61.6% |
| Consumer sales | $820 mln | 13.8% |
| Asia sales | $4.27 bln | 71.8% |
| Americas sales | $1.21 bln | 20.3% |
| EMEA sales | $469 mln | 7.9% |
Sandisk CEO David Goeckeler said in the April earnings statement the company is shifting to “multi-year customer engagements backed by firm financial commitments” and keeps a “zero-debt balance sheet.” Sandisk later announced it has a $6 billion share buyback plan, but said the size and pace of repurchases would depend on the market. Sandisk also said it might pause or end the program at any time. Sandisk
Sandisk still screens as overextended by most metrics. Finviz has it listed on both the Nasdaq 100 and S&P 500. The shares lost 25.27% for the week but are up an eye-popping 635.11% since January. As of the July 2 close, the stock sits 25.88% under its 52-week high and 4,251.62% above its 52-week low.
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