Milpitas, California, May 8, 2026, 09:07 PDT
SanDisk surged almost 12% Friday morning, hitting as high as $1,498.30 and last changing hands at $1,497.99. Analysts’ upgrades, spurred by booming AI-driven storage demand, fueled the record stretch. With that move, SanDisk’s market cap climbed to roughly $235 billion.
This shift is key right now, as AI demand spills past graphics chips into NAND flash—the storage memory inside solid-state drives and plenty of other data gear. Prices are climbing for SanDisk, Western Digital, Micron, and others, fueled by hungry cloud buyers. The flip side: it’s squeezing consumer electronics makers. Investopedia
SanDisk posted fiscal third-quarter revenue of $5.95 billion last week, marking a 251% jump from the same period a year ago, with GAAP net income landing at $3.62 billion. Datacenter revenue shot up 233% from the prior quarter, hitting $1.47 billion. For the fourth quarter, SanDisk is guiding for revenue between $7.75 billion and $8.25 billion and expects adjusted diluted earnings per share in the $30 to $33 range. Sandisk
The company reported three “New Business Model” agreements landed last quarter, plus two more right after the quarter ended. These are multi-year supply contracts—customers commit financially, aiming to dial down the industry’s classic feast-or-famine cycle tied to spot pricing. Sandisk
The May 1 filing listed $41.6 billion left in performance obligations, most of it linked to long-term deals with customers. Roughly 15% of that is slated to hit revenue within the coming year. Customer advances, according to the same filing, lifted contract liabilities to $511 million as of April 3. Sandisk Corporation
David Goeckeler, the chief executive, told Reuters the aim is to steer away from “the boom-bust cycle” and focus on “consistent, predictable economics.” Of the five agreements, terms stretch from one year up to five. Three of them—each inked in the March quarter—carry a combined value of at least $42 billion. Reuters
Wall Street isn’t wasting time. Bernstein bumped its SanDisk target sharply higher, now looking for $1,700 versus $1,250 before. Over at Bank of America, Wamsi Mohan upped his price objective to $1,550 from $1,080, sticking with his buy call, according to TheStreet. Mohan pointed to contracts that should cushion SanDisk if customers pull out during a downturn. “This dynamic offers some protection to SNDK,” he noted. TheStreet
Some firms have made similar moves, but not uniformly. Cantor Fitzgerald bumped its target to $1,800, while Jefferies landed at $1,400 and RBC Capital set $1,000, according to Investing.com. The varied targets point to upbeat sentiment on NAND prices, but also show just how divided opinions are on the duration of the margin rally. Investing.com India
Goldman Sachs’ James Schneider bumped his price target up to $1,200 from $700, sticking with his buy call. He highlighted robust pricing, a tight market, and increased appetite for datacenter SSDs—those solid-state drives that handle server data. Over at Jefferies, Blayne Curtis flagged five major long-term customer deals, some set to run past 2030. TipRanks
The danger? It’s right there in those very contracts investors have piled into. In its latest quarterly filing, SanDisk flagged that these long-term agreements carry execution, financial and market risks. Miss the targets—be it volume or specs—and the fallout could include lower prices, reduced volume, damages, or getting dropped from the deal entirely. And customer guarantees? They might not make up for all the lost revenue. Sandisk Corporation
Right now, investors are betting that AI-driven storage needs have fundamentally altered SanDisk’s earnings outlook—not just boosted results for a single quarter. The big question: will NAND prices and contracted demand stick around after cloud clients finish their scramble for immediate capacity?
