New York, June 3, 2026, 16:03 (EDT)
- Sandisk rose around 8.2% late in the session, hitting a new intraday high at $1,861.00.
- Chip stocks outpaced the broader market, which slipped.
- Morgan Stanley said rising memory prices are now moving outside data centers.
SanDisk Corp shares climbed roughly 8% on Wednesday, hitting another all-time high. Investors continued to buy into the AI storage story, even as the wider U.S. market traded lower.
The stock, which trades on Nasdaq, was last at $1,856.88, a gain of $140.52 from where it closed Tuesday. Shares moved up to $1,861.00 earlier in the session. Around 10.1 million shares changed hands, roughly in line with its recent average volume. The market cap was about $292 billion.
Why did it matter now? The S&P 500 and Nasdaq dropped as oil rose and Middle East tension weighed on risk appetite, Reuters said. Chip stocks bucked the trend, with Sandisk among the best performers. “AI names are trading in their own completely separate world,” Ross Mayfield, investment strategy analyst at Baird, told Reuters. Reuters
Chip stocks got a lift after more signs of tight memory supply. Morgan Stanley noted memory-chip prices are up six times in the past year, blaming AI infrastructure demand for squeezing supply and steering producers to pricier data-center chips. The bank called the supply crunch a “macroeconomic concern.” Reuters
Sandisk makes flash memory and solid-state drives, the tech that powers fast storage in servers and gadgets. The stock is now a play on AI data center demand for storage outpacing what suppliers can deliver.
Sandisk’s last hard numbers still set the action. The company posted fiscal Q3 revenue of $5.95 billion on April 30, up 97% from the previous quarter, with data-center business soaring 233%. Sandisk guided for fiscal Q4 revenue between $7.75 billion and $8.25 billion, and said non-GAAP earnings would come in at $30 to $33 a share. Non-GAAP strips out some items from profit.
Chief Executive David Goeckeler said the quarter was a “fundamental inflection point” for the company, with Sandisk pushing its business more toward higher-value end markets, especially data centers. Sandisk said it closed three new business-model agreements by quarter-end and added two more in the fiscal fourth quarter. Sandisk
Sandisk is set for the Mizuho Technology Conference on June 9. Investors may hear more on pricing, supply deals, and cloud customer demand at the event. Management plans to post the presentation by webcast, Sandisk said.
Micron climbed roughly 2.1% and Western Digital rose almost 6% in afternoon trade, Investing.com market data showed. Investors kept buying memory and storage stocks, steering away from the wider tech sector.
Western Digital figures into Sandisk’s history, too. Sandisk split from Western Digital in February 2025 and is now a standalone public company, per Sandisk’s filings and company materials.
AI memory bets are getting crowded, leaving traders exposed if prices slip. Morgan Stanley says downstream hardware makers either take on the higher memory bills, push prices up, redesign what they sell, or risk losing buyers. Short interest was 9.14 million shares as of May 15, or 6.18% of shares available to trade. Reuters
For the moment, buyers are pricing in scarcity. That could turn quickly. If supply ramps up ahead of schedule, AI demand slows, or clients resist higher memory prices, the shares don’t have much cushion for a pullback.
