New York, July 9, 2026, 15:04 (EDT)
Sandisk Corporation NASDAQ:SNDK jumped 12.4% in Thursday’s regular U.S. session, gaining about $33.5 billion in market cap. The flash-storage maker led memory names higher, with traders now looking toward two August events that may show if actual contract earnings can support the rally or if it’s just AI momentum. Shares traded at $1,940.86 around 14:49 EDT.
Why it matters now: Two sessions ago, Reuters said Sandisk dropped 7.3% after AI concerns rattled chip stocks and dragged down the PHLX chip index. Thursday’s rebound shifts attention to NAND flash memory — the storage chips in solid-state drives that keep data even when the power goes out — and questions if Sandisk can turn tight supply into profits that stay when pricing cools.
Sandisk was trading ahead of other storage and memory stocks around 14:49 EDT, topping both chip peers and the main index trackers.
| Company/security | Google Finance ticker | Last | Intraday move |
|---|---|---|---|
| Sandisk Corporation | NASDAQ:SNDK | $1,940.86 | up 12.4% |
| Micron Technology Inc. | NASDAQ:MU | $1,015.96 | rose 7.1% |
| Western Digital Corp. | NASDAQ:WDC | $587.32 | gained 6.7% |
| Seagate Technology Holdings | NASDAQ:STX | $908.68 | added 5.7% |
| iShares Semiconductor ETF | NASDAQ:SOXX | $587.74 | climbed 4.6% |
| Invesco QQQ Trust | NASDAQ:QQQ | $723.43 | up 1.7% |
| SPDR S&P 500 ETF Trust | NYSEARCA:SPY | $751.24 | inched up 0.8% |
The main story here is the gap with peers. Micron, Western Digital, and Seagate all joined the storage rally, but Sandisk jumped more than double the semiconductor ETF. The company has become the clear pick for investors looking for direct NAND exposure and a pipeline of long-term supply deals.
Wedbush Securities analyst Matt Bryson kept his “outperform” rating on Sandisk, saying “strong end-market dynamics” and firm pricing for chips and SSDs are helping. Bernstein’s Mark Newman also stuck with an “outperform” and a $3,000 target, calling out supply deals linked to AI data center demand for both Sandisk and Micron, according to Investor’s Business Daily. Investor’s Business Daily
Sandisk set its near-term calendar. The company said Thursday it plans to report fiscal Q4 and full-year 2026 results on Aug. 5, with the call at 1:30 p.m. Pacific. An Investor Day follows on Aug. 13 at 9 a.m. Eastern, featuring CEO David Goeckeler, CFO Luis Visoso and other execs to discuss the business and outlook.
Investors are eyeing some tough numbers tied to that August outlook. Sandisk’s April quarter leaned heavily into data-center sales and what management now brands as New Business Model agreements, or NBMs. These are just multi-year supply contracts with customers aimed at smoothing out price swings and earnings.
| Sandisk metric | Latest company figure | Investor read |
|---|---|---|
| Fiscal Q3 revenue | $5.95 billion, up 97% from Q2 | Bar set high for Aug. 5 |
| Data-center revenue | $1.47 billion, up 233% sequentially | AI storage moved out of niche |
| NBM agreements | 3 deals closed in Q3, 2 more projected for Q4 | Still arguing contract reliability |
| Fiscal Q4 revenue outlook | $7.75 billion to $8.25 billion | Guides to another significant gain |
| Fiscal Q4 non-GAAP EPS outlook | $30-$33 | Core to valuation argument |
Valuing Sandisk isn’t clean cut. The stock goes for 67.4 times trailing earnings on a P/E basis. That compares share price and per-share profit. But if you use the midpoint of Sandisk’s fiscal Q4 non-GAAP EPS target and turn it into a yearly number—by multiplying by four—the multiple drops to 15.4. On annualized Q4 revenue guidance, Sandisk trades at 9.5 times. So August becomes less about whether earnings are strong, and more about whether Q4 is the top or just the floor.
Tech demand is part of the premium story. Sandisk said July 2 it’s sampling BiCS10 1Tb TLC 3D NAND, a stacked chip that boosts capacity by packing memory cells in layers. The company claims it delivers 59% better bit density than BiCS8 and a 33% interface speed bump. Sandisk CTO Alper Ilkbahar called NAND “mission-critical” for performance, efficiency and scale in modern workloads. Sandisk Corporation
This is still a memory cycle, and the risk is clear. If NAND contract prices slip, or if AI storage buyers delay, or if Investor Day gives up little on contract terms and enforcement, the annualized EPS argument fades fast. Goeckeler told Reuters last quarter that Sandisk was trying to get out of the “boom-bust cycle” with the new deals, which now have price floors, ceilings, and customer commitments. The July 7 selloff suggested investors aren’t convinced yet. Reuters
Right now, traders are acting like Sandisk’s deals smooth out the cycle for this chipmaker. That’s not something you can prove in just one day of trading. The earnings come out Aug. 5, but the real story will have to show up by Aug. 13.
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