New York — Friday, December 26, 2025 (1:09 p.m. ET).
U.S. stocks are trading in a thin post-Christmas session, with major indexes hovering near record levels as investors weigh resilient economic signals, renewed enthusiasm around AI-linked names, and classic year-end seasonality (“Santa Claus rally” conditions). [1]
Against that backdrop, Sandisk Corporation (NASDAQ: SNDK)—the flash-memory and storage company spun out of Western Digital earlier this year—remains one of the market’s most-watched AI infrastructure beneficiaries, as the NAND cycle tightens and data center storage demand accelerates. [2]
Below is what’s moving Sandisk stock right now, what the latest earnings and guidance say, and what investors are focusing on before today’s close and into the next session.
Sandisk stock price today: modest gains, big intraday swings in holiday liquidity
As of the latest available quote (12:53 p.m. ET), SNDK traded at $251.94, up $1.86 (+0.74%) on the day. The intraday range has been wide—$245.13 to $261.24—with roughly 3.89 million shares traded, underscoring how lighter holiday volumes can amplify moves in high-momentum names.
In the broader chip-and-storage complex, the iShares Semiconductor ETF (SOXX) was essentially flat, while Micron (MU)—a key read-through for memory pricing—was down on the day in the latest quote.
Why that matters: when the tape is calm, Sandisk often trades “company-specific.” But on thin days like today, sector sentiment and positioning (profit-taking, year-end rebalancing, options hedging) can drive sharper intraday reversals than investors might expect.
Is the U.S. stock market open right now?
Yes. At 1:09 p.m. ET, U.S. markets are in the regular core trading session (9:30 a.m. to 4:00 p.m. ET). [3]
And importantly for late-week planning: the Nasdaq holiday calendar shows Christmas Day (Dec. 25) closed and Christmas Eve (Dec. 24) as an early close, implying Dec. 26 is a normal session. [4]
What’s happening in the market today—and why Sandisk is being watched
Reuters described today as a post-Christmas, low-liquidity session with indexes near highs, helped by AI-linked interest and investors watching whether the market can deliver a year-end “Santa Claus rally” stretch into early January. [5]
One caution embedded in today’s macro narrative: Brian Jacobsen, chief economist at Annex Wealth Management, warned (in paraphrase) that 2026 may become a “prove-it” year—meaning investors could demand clearer evidence that AI spending translates into durable productivity and margin improvements across the economy. [6]
That “prove-it” lens is relevant to Sandisk because SNDK has surged so sharply that future expectations are now a key part of the valuation debate—even as the underlying flash cycle appears supportive.
The Sandisk story investors are buying: NAND tightening + AI data center storage demand
Sandisk is newly independent again. The company completed its separation from Western Digital and began trading as SNDK on Nasdaq in February 2025. [7]
The bull thesis for 2025 into 2026 has been relatively consistent across sell-side and financial media:
- AI infrastructure buildouts are expanding data creation and storage needs (training data, inference logs, enterprise databases, content pipelines).
- NAND supply discipline and tighter supply/demand dynamics can lift pricing and margins.
- Sandisk’s push into enterprise SSD (eSSD) and hyperscaler relationships gives it more leverage to the data center cycle than the legacy “USB/microSD” brand perception implies.
Recent reporting highlights that the stock’s surge has also been repeatedly reinforced by read-throughs from peers—especially Micron—because strong memory results tend to validate a firmer pricing environment. [8]
Latest earnings and guidance: the numbers Wall Street is anchoring to
Sandisk’s most recent quarterly release (fiscal Q1 2026, ended Oct. 3, 2025) showed a sharp sequential improvement and a clear step-up in forward guidance:
Q1 FY26 highlights (GAAP / Non-GAAP):
- Revenue: $2.308B (up 21% sequentially, up 23% year-over-year)
- GAAP net income: $112M ($0.75 diluted EPS)
- Non-GAAP diluted EPS: $1.22
- Data center revenue: $269M, up 26% sequentially
- BiCS8 ramp: 15% of total bits shipped, with expectations to reach a majority of bit production exiting FY26 [9]
Q2 FY26 outlook (what moved expectations):
- Revenue guide: $2.55B to $2.65B
- Non-GAAP diluted EPS guide: $3.00 to $3.40
- Non-GAAP gross margin guide: ~41% to 43% [10]
Sandisk also disclosed balance sheet markers investors monitor in cyclical semis—cash, debt, and cash generation—because memory upcycles can turn quickly:
- Cash and cash equivalents: $1.442B
- Long-term debt: $1.331B
- Operating cash flow (Q1 FY26): $488M [11]
Management signal investors picked up: CEO David Goeckeler positioned Sandisk as well-placed for strengthening demand and emphasized progress toward balance-sheet milestones. [12]
Analyst price targets and forecasts: the $300 debate and what’s behind it
Over the past several months, Sandisk has seen a cascade of upward revisions from Wall Street—often tied to tightening NAND conditions, hyperscaler storage spend, and confidence in eSSD penetration.
A widely circulated example: BofA Securities raised its price target to $230 from $125 while maintaining a Buy rating, citing stronger data center demand affecting pricing and a supportive supply backdrop for NAND. [13]
More recently, multiple outlets reported Susquehanna raised its price target to $300 (from $250) while keeping a Positive rating. [14]
MarketScreener also pointed to a mean price target around the low-$270s based on analysts polled by FactSet—useful as a snapshot of consensus expectations after the latest upgrades cycle. [15]
Longer-range forecasts are getting aggressive
Barron’s highlighted one of the most bullish “multi-year” frameworks making the rounds:
- Benchmark Equity Research forecasting revenue rising from $7.4B (2025) to $13B (2027)—about 76% growth—and adjusted EPS expanding materially into 2027.
- Citi cited as even more bullish on longer-dated earnings power and maintaining a Buy stance with a high target. [16]
These longer-horizon projections help explain why small changes in “NAND cycle duration” assumptions can swing fair value estimates dramatically.
The valuation question: after a massive run, what does Sandisk have to prove?
With Sandisk up sharply since returning to public markets, the debate has shifted from “is the cycle improving?” to “how long can peak-like conditions persist—and how sustainable are margins?”
A Nasdaq/Zacks analysis recently emphasized two key points investors keep circling:
- Guidance is strong (especially Q2), implying meaningful operating leverage.
- Valuation is not cheap on certain measures, with the piece noting premium multiples versus some industry benchmarks. [17]
On the more skeptical end, a recent Seeking Alpha commentary argued the stock looks overheated and that parts of recent growth may prove less durable, especially if NAND pricing normalizes faster than bulls expect. [18]
And valuation-model shops have also leaned into the “priced-in” question—often framing the stock as either a rare “AI storage compounder” or a late-cycle memory momentum trade, depending on assumptions. [19]
Risks investors should keep on the radar: the cycle always bites eventually
Even in an improving flash environment, Sandisk has already reminded investors that cost and capacity transitions can pressure near-term profitability.
In August, Investopedia reported Sandisk shares slid after profit guidance came in light, tied to fab startup costs—with management describing these expenses as large but episodic and expected to ease as the year progressed. [20]
Other recurring risks for SNDK investors include:
- NAND pricing volatility: A few quarters of oversupply can compress margins quickly.
- Capex and technology transitions: Ramps (like BiCS8) can be a competitive moat, but also carry execution risk. [21]
- Customer concentration & hyperscaler digestion cycles: Even if AI is secular, spending can pause temporarily.
- Macro shocks: A “prove-it” year in markets can punish high-expectation stories if growth disappoints. [22]
The S&P 500 effect: index inclusion brought new buyers—and new expectations
One major 2025 milestone: Sandisk’s addition to the S&P 500.
MarketWatch reported Sandisk was set to join the index after S&P Dow Jones Indices announced the change, triggering an after-hours jump as investors anticipated index-fund demand. [23]
Investopedia later noted Sandisk officially joined the S&P 500, describing the typical dynamic where inclusion can boost visibility and drive mechanical buying from index-tracking funds—sometimes lifting the stock in the short term. [24]
For investors, index inclusion can be a double-edged sword:
- It can deepen liquidity and broaden ownership.
- It can also raise the bar for consistency—because more institutions track and model the business closely.
What investors should watch into today’s close and before the next session
Because the market is open right now, the most useful checklist is what can still change between now and 4:00 p.m. ET—and what matters heading into the next regular session.
1) Watch the close, not just midday
In thin holiday trading, late-day moves can be exaggerated by:
- closing auctions
- options hedging
- end-of-year positioning
Knowing where SNDK closes relative to today’s intraday high/low ($261.24 / $245.13) may tell you more than midday direction. [25]
2) Track memory “read-throughs”
Sandisk is increasingly traded as a memory-cycle proxy. If the market sells or buys memory broadly—especially after Micron-related headlines—SNDK can react quickly. [26]
3) Re-anchor to management’s Q2 guide
A stock can move 5–10% on sentiment in this tape, but the most “fundamental” anchor remains the company’s own outlook:
- $2.55B–$2.65B revenue
- $3.00–$3.40 non-GAAP EPS
- ~41–43% non-GAAP gross margin [27]
4) Know what a “prove-it” market demands
If markets rotate away from high-momentum AI trades, investors will focus harder on:
- repeatable margins
- cash conversion
- durability of pricing
That’s consistent with the “prove-it” framing economists and strategists are flagging for 2026. [28]
5) Next big catalyst: earnings timing
Sandisk’s next earnings date has not always been formally posted far in advance, but many market calendars cluster expectations for the next report in early 2026 based on prior cadence. [29]
Sources and further reading (linked)
- Sandisk’s fiscal Q1 2026 results and Q2 outlook (SEC Exhibit 99.1) [30]
- Sandisk separation and Nasdaq listing announcement (company press release) [31]
- Sandisk spin-off/distribution details (SEC S-1/A) [32]
- Post-Christmas market context and “prove-it year” quote (Reuters, Dec. 26, 2025) [33]
- Analyst target hikes including BofA raise (Investing.com report) [34]
- Susquehanna target raised to $300 coverage (multiple outlets) [35]
- S&P 500 inclusion coverage (MarketWatch / Investopedia) [36]
- Fab startup cost headwind and guidance miss coverage (Investopedia, Aug. 2025) [37]
- Recent valuation/guide analysis (Nasdaq/Zacks) [38]
- Bearish valuation caution view (Seeking Alpha) [39]
References
1. www.reuters.com, 2. www.sandisk.com, 3. www.nyse.com, 4. www.nasdaqtrader.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.sandisk.com, 8. www.investopedia.com, 9. www.sec.gov, 10. www.sec.gov, 11. www.sec.gov, 12. www.sec.gov, 13. www.investing.com, 14. www.gurufocus.com, 15. in.marketscreener.com, 16. www.barrons.com, 17. www.nasdaq.com, 18. seekingalpha.com, 19. www.trefis.com, 20. www.investopedia.com, 21. www.sec.gov, 22. www.reuters.com, 23. www.marketwatch.com, 24. www.investopedia.com, 25. www.nyse.com, 26. www.investopedia.com, 27. www.sec.gov, 28. www.reuters.com, 29. marketchameleon.com, 30. www.sec.gov, 31. www.sandisk.com, 32. www.sec.gov, 33. www.reuters.com, 34. www.investing.com, 35. www.gurufocus.com, 36. www.marketwatch.com, 37. www.investopedia.com, 38. www.nasdaq.com, 39. seekingalpha.com
