A stock market phenomenon doesn’t appear to be centered in the parking lot outside SanDisk Corporation’s Milpitas headquarters. On a recent afternoon, workers drifted out of the building with reusable coffee cups and backpacks under a pale California sky. SNDK stock hasn’t been quiet on trading floors around the nation, though.
Over 1,200% in the last 12 months. It’s not a whispering number. It lets out a shout.
The stock of SNDK is currently trading above $620, having recently risen from prices that nearly felt distressed. The 52-week low is less than $30, which, looking back, seems almost ridiculous. As you watch that chart condense a full year’s worth of history into a single, vertical line, you can’t help but wonder if this is momentum at its most dizzying.
On paper, at least, the catalyst is simple. It’s hard to remember. NAND flash is consuming AI infrastructure. Processing power is increasing, data centers are growing, and storage—quiet, unglamorous storage—has become a bottleneck. It appears that investors think this cycle is different and that demand related to AI won’t decline like it did during earlier smartphone-driven booms.
| Category | Details |
|---|---|
| Company Name | SanDisk Corporation |
| Stock Ticker | NASDAQ: SNDK |
| Headquarters | Milpitas, California, United States |
| Founded | June 1, 1988 |
| CEO | David V. Goeckeler |
| Employees | ~11,000 (2025) |
| Revenue (TTM) | ~$8.9 Billion |
| Market Capitalization | ~$92 Billion |
| 52-Week Range | $27.89 – $725.00 |
| Official Website | SanDisk.com |
| Stock Information | Nasdaq – SNDK |
The most recent quarterly figures only strengthened that argument. In the most recent quarter, revenue surpassed forecasts by more than 60% year over year to approximately $3 billion. Analyst estimates were greatly exceeded by adjusted earnings. Gross margins increased significantly, rising from less than 30% in the previous quarter to more than 50%. A company’s reputation tends to change when its margins are expanded like that.
The twist, though, is this. Even after the remarkable surge, SNDK’s forward valuation is still about 15 times its earnings. That doesn’t seem shocking in a market where some AI-related names are trading at astronomical multiples. Indeed, SNDK seems almost restrained in comparison to well-known chip stocks such as NVIDIA Corporation.
Despite this, it seems fragile in some way.
The memory is cyclical. In the semiconductor industry, everyone is aware of this. In prosperous times, the industry has a long history of overbuilding capacity, flooding the market, and eroding margins. The pattern may have changed due to AI demand, which smoothes volatility through longer-term supply agreements. The management has even alluded to moving away from quarterly pricing wars and toward multi-year agreements. It would alter the calculations. It would alter the mentality.
Short sellers have started to circulate, though. With the argument that the NAND cycle might be peaking, Citron Research recently declared a bearish stance. That news caused the stock to plummet before leveling off. Observing the intraday fluctuations, which show $661 at the peak and $624 at the bottom, one gets the impression that not everyone shares this belief.
The narrative changes so fast that it’s difficult to ignore it. After a week, SNDK stock is hailed as the S&P 500’s best-performing stock. The next question posed by analysts is whether pricing power will endure once supply catches up, and whether earnings are “over-earning.” Investors who experienced previous semiconductor booms are aware of the trend. Confidence grows. Then questions start to surface.
However, the fundamentals do appear to be more solid than they were in earlier cycles. The joint venture between SanDisk and Kioxia was recently extended through 2034, guaranteeing long-term manufacturing capacity in Japan. By generating over $800 million in adjusted free cash flow in a single quarter, the company has paid down a significant amount of debt. That balance sheet repair seems methodical, almost cautious, as though management is aware of how fast cycles change.
Additionally, data centers are experiencing a cultural shift. AI models are growing rapidly and using an incredible amount of data. Solid-state drives made for business use are now essential components of infrastructure, not specialized goods. SNDK isn’t just selling flash memory in that situation. It is providing the foundation for digital intelligence.
Markets, however, don’t always reward stories. They give rewards for consistent performance.
On a trailing twelve-month basis, SNDK continues to report negative net income despite improving operating cash flow. That inconsistency makes people wonder. Is it the incomplete turnaround or accounting noise that is causing profitability to lag? The sustainability of margins above 50% after supply normalizes is still unknown.
The analogy to Nvidia keeps coming up. Analysts note that rather than multiple inflation, Nvidia’s historic surge was primarily driven by earnings expansion. Similar trends seem to be being followed by SNDK, with prices rising as a result of increased profits. By creating the chips that power AI, Nvidia, however, is in a more tenable position. There is more competition among memory suppliers.
The television screens at a brokerage office last week flashed SNDK along with other memory names like Micron and Western Digital. There was a noticeable but controlled sense of excitement. Instead of being ecstatic, traders were strategic. The distinction is significant.
A new structural phase in which AI-driven storage demand drives more consistent growth than previous consumer electronics cycles may have begun for SNDK stock. Additionally, the industry might be experiencing a strong but short-lived pricing window. In different periods of time, both may be true.
As you watch this happen, you feel a sense of cautious admiration. This rally is real. These figures are accurate. However, investors have learned from history to be cautious when looking at vertical charts in cyclical industries.
