NEW YORK, July 30, 2026, 05:11 EDT —
- Sandisk NASDAQ:SNDK closed at $1,015.89, down 7.3%, before slipping 0.4% in premarket trade.
- A preliminary calculation shows nearly $198 billion erased from its June record value.
- Fourth-quarter EPS consensus stands 5.1% above management’s guidance ceiling.
Sandisk has lost a preliminary $198 billion in equity value since its June record. The estimate uses its latest share count and Wednesday’s closing price. U.S. cash markets were closed, with premarket trading underway.
The stock peaked at $2,354.39 on June 22. That implied an equity value near $349 billion. Wednesday’s close left the company worth about $150 billion.
The larger investor issue is not an earnings downgrade. Fourth-quarter EPS consensus rose 48% during the past three months. It now stands at $34.67, above Sandisk’s $30-to-$33 guidance.
That makes the August 5 report an expectations test. The numbers suggest investors require another large beat, not merely strong growth.
Selling accelerated across four sessions, cutting the shares by 36.9%. The sequence included three consecutive double-digit declines.
| 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% |
Wednesday’s volume reached 24.5 million shares. That was about 79% above the 65-day average. Heavy turnover showed that the selling remained broad.
Sandisk also performed far worse than relevant U.S. storage peers. Micron Technology NASDAQ:MU lost 36.0% during July. Western Digital NASDAQ:WDC fell 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 remains the momentum outlier. Its July fall exceeded Micron’s by 19 percentage points. Yet the shares were still up 2,267% over 12 months and 328% this year.
Analyst profit forecasts have moved in the opposite direction. Both near-term consensus estimates have risen by roughly half since April.
| Earnings benchmark | Earlier figure | Current bar | Change |
|---|---|---|---|
| Fiscal Q4 EPS consensus | $23.38 three months ago | $34.67 | +48.3% |
| Fiscal Q1 2027 EPS consensus | $28.81 three months ago | $43.94 | +52.5% |
| Fiscal Q4 company guidance | $30-$33 | $34.67 consensus | 5.1% above ceiling |
Sandisk’s latest results support the bullish forecasts. Revenue reached $5.95 billion, while adjusted EPS hit $23.41. Management then guided fourth-quarter revenue to $7.75 billion-$8.25 billion.
Guidance implies about 35% sequential EPS growth at its midpoint. Current consensus implies roughly 48%. That 13-point gap leaves little room for execution problems.
Fresh sector evidence remains strong. Samsung Electronics KRX:005930 said memory shortages could extend into 2028. “Almost all customers are requesting multi-year supply contracts,” executive Jaejune Kim said. Reuters
Yet Samsung fell 0.7% after initially gaining 8.4%. SK Hynix KRX:000660 dropped 5.6% despite bumper results. “The chip narrative has weakened,” Mirae Asset analyst Kim Seok-hwan said. Reuters
China has added another pressure point. Investors reacted to a major Chinese memory IPO and domestic chip-tool advances. Those developments raised fears of future supply growth and weaker pricing power.
Risks: Durable NAND flash pricing or another earnings beat could produce a sharp rebound. Weaker margins, softer guidance or faster Chinese capacity growth could extend the reset.
Sandisk reports fiscal fourth-quarter results on August 5 at 4:30 p.m. EDT. Its investor day follows on August 13. Those events should determine whether estimates fall toward guidance or the share price recovers toward consensus.
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