NEW YORK, June 25, 2026, 09:11 EDT
- Nasdaq was trading in premarket in New York. June 25 doesn’t appear on the 2026 U.S. market holiday calendar. Regular trading on Nasdaq is set to begin at 9:30 a.m. Eastern.
- Sandisk Corporation (NASDAQ:SNDK) jumped 15.3% before the bell to $2,206.75. The move followed a positive memory forecast from Micron Technology (NASDAQ:MU).
- Sandisk’s 1.30% stake in the Invesco QQQ Trust (NASDAQ:QQQ) would, by itself, push the ETF up roughly 20 basis points, even before factoring in other price moves or flows.
Sandisk Corporation (NASDAQ:SNDK) spiked before the bell Thursday after Micron Technology (NASDAQ:MU) reported earnings that shook up the memory trade. Index investors saw a clearer move in QQQ: Sandisk isn’t only a storage play with volatile price action anymore. It’s now a Nasdaq-100 stock with enough heft to drive passive flows.
Sandisk was quoted at $2,206.75 in delayed premarket, up $292.29, or 15.27%. The stock had finished Wednesday down 2.5% to $1,914.46. At the current price, it’s about 6% below the 52-week high of $2,354.39. Volume was 346,620 shares in premarket, lower than Wednesday’s 10.42 million and trailing the 65-day average of 14.43 million.
Schwab’s QQQ holdings page, updated at 9:02 a.m. ET, had Sandisk at 1.30% of the fund, 3.2 million shares, market value of $6.2 billion. If you add MarketWatch’s premarket gain of $292.29 per Sandisk share to that share count, it pushes QQQ’s Sandisk stake up by about $940 million before the market opens. That’s around 20 basis points of QQQ perf from Sandisk alone, not counting Micron or any other moves on the tape.
That’s notable as Sandisk only entered the Nasdaq-100 Index on April 20, taking over the spot from Atlassian Corporation (NASDAQ:TEAM). Nasdaq Inc (NASDAQ:NDAQ) said back then the Nasdaq-100 was tracked by over 200 products with more than $600 billion in assets under management worldwide.
Micron set things off late Wednesday. The company posted fiscal Q3 revenue of $41.46 billion, up from $9.30 billion last year. For the fiscal fourth quarter, Micron is guiding revenue to $50 billion, give or take $1 billion. It expects non-GAAP EPS of $31, plus or minus $1.
Micron CEO Sanjay Mehrotra called out the “strategic value of memory in the AI era” after the quarter. That comment put a spotlight on Sandisk, since Sandisk relies on NAND flash storage and isn’t tied to the same software or consumer electronics mood. Micron Technology
Citi’s Asiya Merchant lifted her Sandisk price target to $2,500 from $2,025, TipRanks reported. That new target suggested 30.6% upside from Wednesday’s close, but with Sandisk trading higher in the premarket, the upside had shrunk to about 13%. Merchant said Micron’s numbers supported Citi’s call for tight NAND supply through 2027.
Sandisk’s April numbers put focus on Micron’s performance. The company booked fiscal Q3 revenue of $5.95 billion, a jump of 251% from last year. Datacenter revenue soared 645% to $1.47 billion. Sandisk expects fiscal Q4 revenue between $7.75 billion and $8.25 billion, with non-GAAP diluted EPS at $30 to $33.
Sandisk CEO David Goeckeler said in the April release the company is moving “toward the highest-value end markets, led by Datacenter.” Sandisk said three new business model agreements were signed by quarter-end, and two more came in the fiscal fourth quarter. Sandisk Corporation
Trade now looks priced for tight supply. “Once supply starts to creep back, pricing power is the first thing at risk,” Jake Behan, head of capital markets at Direxion, told Reuters. reuters.com
