NEW YORK, July 30, 2026, 05:11 EDT — Sandisk (SNDK) has lost 55% of its value in July, erasing close to $200 billion in market capitalisation as the company faces mounting pressure to surpass earnings estimates.
- Sandisk NASDAQ:SNDK ended the session at $1,015.89, falling 7.3%, and edged down a further 0.4% in premarket activity.
- An initial estimate indicates that almost $198 billion has been wiped from its peak valuation in June.
- Consensus for fourth-quarter EPS is 5.1% higher than the top end of management’s guidance.
Sandisk’s equity value has fallen by a preliminary $198 billion since its high point in June. The figure is based on its most recent share count and closing price on Wednesday. U.S. cash markets remained closed while premarket trading continued.
The share price reached a high of $2,354.39 on June 22, indicating a market capitalization close to $349 billion. By Wednesday’s closing bell, the firm’s valuation had dropped to approximately $150 billion.
An earnings downgrade is not the primary concern for investors. Over the past three months, consensus for fourth-quarter EPS has climbed by 48%, now reaching $34.67. This figure exceeds Sandisk’s guidance range of $30 to $33.
This turns the August 5 report into a test of expectations. The figures indicate investors are looking for another significant outperformance, rather than just robust growth.
Selling intensified over four sessions, driving the shares down by 36.9%. The streak featured three straight declines each in the double digits.
| Session | Closing price | Daily move |
|---|---|---|
| July 24 | $1,436.56 | -10.8% |
| July 27 | $1,278.23 | -11.0% |
| July 28 | $1,096.10 | -14.2% |
| July 29 | $1,015.89 | -7.3% |
Trading volume on Wednesday hit 24.5 million shares, around 79% higher than the 65-day average. The elevated activity indicated that selling pressure was widespread.
Sandisk’s performance in July trailed that of key U.S. storage competitors. Shares of Micron Technology NASDAQ:MU declined by 36.0% in the month, while Western Digital NASDAQ:WDC dropped 27.7%.
| Company | June 30 close | July 29 close | July move |
|---|---|---|---|
| Sandisk | $2,273.73 | $1,015.89 | -55.3% |
| Micron Technology | $1,154.29 | $739.00 | -36.0% |
| Western Digital | $638.72 | $462.04 | -27.7% |
Sandisk continues to stand out for its momentum. The company’s decline in July surpassed Micron’s by 19 percentage points. However, the stock advanced 2,267% over the past 12 months and is up 328% since the start of the year.
Consensus analyst earnings projections have shifted upward. Short-term estimates from analysts have climbed by about 50% since April.
| Earnings benchmark | Earlier figure | Current bar | Change |
|---|---|---|---|
| Fiscal Q4 EPS consensus | $23.38 as of three months prior | $34.67 | +48.3% |
| Fiscal Q1 2027 EPS consensus | $28.81 as of three months prior | $43.94 | +52.5% |
| Fiscal Q4 company guidance | $30-$33 | $34.67 consensus | 5.1% surpassing upper range |
Sandisk’s most recent figures reinforce optimistic projections. The company posted revenue of $5.95 billion and reported adjusted EPS at $23.41. Executives later forecast fourth-quarter revenue will be in the range of $7.75 billion to $8.25 billion.
The guidance suggests sequential EPS growth of around 35% at the midpoint. Consensus estimates indicate about 48%. This 13-point difference allows minimal margin for execution errors.
Recent industry data stays robust. Samsung Electronics KRX:005930 stated that memory chip shortages may persist until 2028. “Almost all customers are requesting multi-year supply contracts,” said executive Jaejune Kim. Reuters
However, Samsung slipped 0.7% after an early rise of 8.4%. SK Hynix KRX:000660 declined 5.6% even though it reported strong earnings. “The chip narrative has weakened,” said Mirae Asset analyst Kim Seok-hwan. Reuters
China introduced a new source of pressure. Market participants responded to a significant Chinese memory IPO as well as progress in local chip-tool technology. These moves stoked concerns over potential supply increases and diminished pricing leverage.
Risks: A sustained increase in NAND flash prices or another stronger-than-expected earnings report could trigger a significant rebound. Lower margins, reduced guidance, or faster capacity expansion by Chinese companies could prolong the adjustment.
Sandisk is scheduled to announce its fiscal fourth-quarter results on August 5 at 4:30 p.m. EDT. The company’s investor day is set for August 13. The outcome of these events is expected to indicate if estimates align with guidance or if the share price moves back toward consensus.
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