SNDK AI Storage Rally Sends Shares Up 7,100% as NAND Prices Tighten

Published: 2026-06-13 20:50:45 |

SanDisk (SNDK) shares have surged over 7,100% in about 14 months, rallying from an April 2025 low near $27.89 to an intraday peak above $2,021 in June 2026. The stock closed June 12 at $1,980.10, after a day gain of 5.24%, lifting market cap to roughly $310.9B. Traders say the move reflects an AI storage-driven fundamentals reset, as demand for AI data-center capacity meets constrained NAND supply. In fiscal Q3 2026, SNDK reported $5.95B revenue (+97% sequential, +251% YoY) and GAAP net income of $3.62B. Non-GAAP diluted EPS came in at $23.41. Data-center revenue jumped to $1.47B (+233% sequential, +645% YoY). Forward guidance also reinforced momentum: fiscal Q4 revenue is guided at $7.75B–$8.25B, with non-GAAP EPS of $30–$33. Management highlighted multiyear “New Business Model” agreements (three added by fiscal Q3 end, two more in fiscal Q4) aimed at stabilizing earnings through the usual NAND boom-bust cycle. Supply conditions remain a core driver for AI storage and NAND pricing expectations, with tighter availability described as extending into the late cycle. The article also notes the SNDK momentum is spilling into crypto-native “tokenized equities” exposure, as AI storage themes become tradable in a 24/7 market. Key risk: the rally may already price in strong execution. Any slowdown in hyperscaler demand, weaker NAND pricing, or less favorable contract economics could trigger sharp downside—especially given the stretched valuation narrative from earlier coverage.

Bullish

SNDK’s blowout rally is tied to AI storage demand colliding with constrained NAND supply, supported by strong fiscal Q3 results and constructive Q4 guidance (revenue and EPS upside). The additional multiyear New Business Model agreements suggest improved revenue visibility through a historically volatile memory cycle—this strengthens near-term sentiment and can attract risk-on capital across tech and AI infrastructure trades. Because the article frames the theme as spilling into crypto-native tokenized equities, it may also amplify speculative appetite in crypto-linked tradable wrappers in the short run. However, the coverage also flags valuation stretch and execution risk, so the bullish impact is likely sentiment-driven and could reverse quickly if NAND pricing or hyperscaler demand disappoints.