NEW YORK, July 28, 2026, 05:01 EDT — U.S. cash markets remained shut, but premarket activity continued.
- Sandisk ended Monday’s session at $1,278.23, sliding 11.0%. Pre-market quotes on Tuesday pointed to a further fall of about 5%.
- Initial calculations show that the two-day decline wiped out approximately $49.2 billion in market capitalization.
- Sandisk is scheduled to release its fiscal fourth-quarter results on August 5. The company’s midpoint forecast indicates $8 billion in revenue and adjusted earnings per share of $31.50.
Sandisk Corporation NASDAQ:SNDK ended Monday’s session at $1,278.23, falling 11.0%. The company was among the top decliners in a broader chip downturn linked to China’s growth in the memory industry.
Quotes early Tuesday suggested a further drop of about 5%. U.S. regular trading was yet to begin.
The decline over two sessions totaled 20.6% from Thursday’s closing price. Initial calculation: this wiped out roughly $49.2 billion, based on 148.09 million shares outstanding. The amount is more than eightfold Sandisk’s $6 billion share repurchase authorization.
The trigger was not direct. CXMT Corp SHA:688825 of China produces DRAM, whereas Sandisk specializes in NAND flash. Investors seem to be anticipating broader financing support for China’s semiconductor sector, which may also benefit unlisted NAND competitor YMTC.
| Monday market signal | Move |
|---|---|
| Sandisk Corporation NASDAQ:SNDK | -11.0% |
| Micron Technology NASDAQ:MU | -2.2% |
| Philadelphia Semiconductor Index | -2.2% |
| CXMT Corp SHA:688825, starts trading in Shanghai | +466% |
Monday’s debut and closing numbers.
Sandisk dropped roughly five times more than both Micron and the chip index, highlighting heightened sensitivity regarding NAND supply and valuation.
That concern is significant given Sandisk’s revenue composition. Datacenter revenue reached $1.47 billion last quarter, accounting for 24.7% of the overall total. Edge products brought in $3.66 billion, representing 61.6% of total revenue.
AI-driven demand is genuine. However, the majority of present revenue—about three-quarters—still comes from outside the datacenter segment.
YMTC accounted for 11.8% of the worldwide NAND market last year, Reuters reported. This figure was on par with Sandisk’s share. Projections indicated YMTC would surpass 14% by early 2027, and its planned new facilities could boost capacity by over twofold.
Sandisk maintains robust near-term operating guidance, forecasting fourth-quarter revenue in the range of $7.75 billion to $8.25 billion. The midpoint reflects sequential growth of 34%.
The company projects adjusted earnings per share in the range of $30 to $33. Adjusted gross margin is forecast at 79% to 81%.
Initial illustrative calculation: The closing price on Monday represents 10.1 times projected annual earnings at the midpoint of the guidance. This is not a prediction. Memory sector earnings can swiftly change if supply aligns with demand.
Chief Executive David Goeckeler has sought to lessen that cyclical volatility. Sandisk secured five extended customer deals, with three involving minimum commitments of $42 billion each. “We want consistent, predictable economics,” Goeckeler told Reuters in May. Reuters
Asian markets reflected ongoing investor skepticism in early trade. Shares of Kioxia Holdings TYO:285A, which collaborates with Sandisk on NAND technology, dropped 18.3% on Tuesday.
“Investor focus is not so much on CXMT’s present profits but on its ability to ramp up capacity more quickly,” analyst Kim Seok-hwan said. Information about the performance of Chinese equipment and schedule for production is still scarce. Reuters
Sandisk rose nearly 6% over the last week, but a 10.8% drop on Friday wiped out a large portion of its midweek rebound. The decline continued into Monday.
The company’s next test is set for August 5, with Investor Day scheduled for August 13. Investors seek more specific data on fiscal 2027 NAND pricing, contracted sales, and the datacenter share.
Risks: Increased production at YMTC or declining NAND pricing may put pressure on Sandisk’s elevated margins. Conversely, constrained supply, effective price minimums, or additional datacenter contracts could imply the share decline has been overdone.
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