NEW YORK, Feb 12, 2026, 09:34 (EST) — Regular session
- Sandisk shares climbed roughly 8% in early Nasdaq trading, following a 10.7% surge the previous day
- Kioxia’s strong outlook and fully booked 2026 NAND capacity boost memory stocks
- Traders are watching for price momentum to continue before turning their attention to Sandisk’s next quarterly report in May
Shares of Sandisk Corporation (SNDK) surged roughly 8%, hitting $645.54 during early Nasdaq trading Thursday. The flash-memory producer is riding a strong comeback. 1
The move came after a shock from Japan’s Kioxia, which projected fourth-quarter revenue around 890 billion yen at the midpoint and revealed its 2026 NAND flash capacity is already fully booked. Morgan Stanley analyst Kazuo Yoshikawa raised his price target, noting, “We expect KIOXIA to achieve a net cash position in mid-2026, at which point shareholder returns may be considered.” 2
NAND flash memory powers everything from solid-state drives to smartphones and data centers, with Sandisk depending heavily on Kioxia for its production and supply. Joseph Wrenn, Mizuho’s Asia tech specialist, said he remains “structurally very positive on the NAND market.” This upbeat forecast from Kioxia also lifted other memory stocks. 3
Sandisk bounced back Wednesday, climbing 10.7% to close at $599.34, recovering from a roughly 7% drop the day before. 4
The whipsaw is critical because the memory market now reflects how much the AI expansion can push supply limits. When supply is tight, prices spike fast, but volumes stall if buyers can’t secure enough parts.
Last month, Sandisk projected fiscal third-quarter revenue between $4.4 billion and $4.8 billion, with non-GAAP earnings per share expected to hit $12 to $14. This followed its fiscal second-quarter revenue report of $3.03 billion. CEO David Goeckeler highlighted how the company’s products play a “critical role” in AI development, a fact that’s “being recognized.” 5
The company has extended its joint venture agreements with Kioxia through 2034, committing $1.165 billion for manufacturing services and supply availability, the firms announced. 6
Investors have been relying on signals from suppliers and peers since Sandisk’s shipments hinge on allocations and production in Japan. Thursday’s early jump pushed the stock back toward the center of its February trading range, following a brief retreat from recent peaks.
The memory cycle has a well-known habit of rebounding. That said, if demand from PCs and smartphones drops more sharply or new supply floods the market faster than anticipated, pricing power could vanish—and the stock’s volatility could really hurt investors.
Traders will be keeping an eye on whether the rally sticks after the initial reaction to Kioxia’s outlook fades, and if the wider chip sector can maintain its footing for the remainder of Thursday’s session.
Sandisk is set to release its next earnings report on May 13, per Investing.com. Investors are watching closely for updates on margins, supply issues, and if recent price increases will hold into the upcoming quarter. 7
