$SNDK

SanDisk (SNDK) reported Q4 fiscal 2026 revenue of $8.97B, up 51% sequentially and 372% year over year, and full-year revenue of $20.25B, up 175% year over year, according to its Aug. 5 release. At Investor Day Aug. 13, CEO David Goeckeler outlined FY2028-2030 targets including mid-to-high teens revenue growth, ~80% adjusted gross margin, and returning 100% of excess cash. Shares surged 13.67% to $1,528.11, per Yahoo Finance.

SanDisk shares rose about 15% after its 2026 Investor Day, where management targeted non-GAAP gross margins around 80% sustained through fiscal 2030 and non-GAAP operating margins near 75%, supported by New Business Model agreements with eight customers covering about two-thirds of bits shipped by FY2028. Western Digital, SK hynix, and Micron also gained. Wall Street expects normalized earnings of about $213.23, $265.12, and $214.10 over the next three years.

Goldman Sachs data cited by The Kobeissi Letter says the top 10 US stocks accounted for 16.4% of total notional dollar trading volume so far in 2026. Nvidia led at 3.0%, followed by Micron (2.8%), Tesla (2.1%), and SanDisk (1.5%). Liquidity was uneven, with SanDisk’s spread at 12.4 bps versus 5.9 bps for the S&P 500 average.

A 13F filing for Situational Awareness (Leopold Aschenbrenner) shows large June end holdings in AI-related stocks including Sandisk, Micron Technology, Bloom Energy, Taiwan Semiconductor Manufacturing, and Nebius Group, plus $745m in CoreWeave. These names fell sharply in July, contributing to a liquidity crunch and forced sales to Citadel. Sandisk -47%, Micron -29%, CoreWeave also hit.

Stocks fell in cautious trading after weaker US retail sales. Total US retail sales fell 0.6% in July to $763.6B, and University of Michigan consumer sentiment dropped about 8% in August. Markets also weighed Middle East tensions and oil moves. Applied Materials shares fell over 5% despite $9.1B record quarterly sales; SanDisk rose 7.4%.

Appaloosa Management, led by David Tepper, increased its Amazon stake by over 15% to nearly $1.2B in Q2, and expanded positions in Meta (+~55% to ~$380M), Alphabet (+~7% to ~$661M), and Apple (new position >$241M), per regulatory filings. It cut Micron by >41% to ~$1.125B and exited SanDisk (> $400M).

J.P. Morgan upgraded SanDisk to Overweight from Not Rated and set a Dec 2027 price target of $2,250 after the company’s 2026 Investor Day. The firm cited AI-driven NAND demand, SanDisk’s New Business Model with eight agreements totaling about $94B contract value, and expectations for NAND market expansion. SanDisk targets mid-to-high-teens revenue growth and ~80% gross margins for 2028-2030.

SanDisk, working with Kioxia, unveiled a 10th-generation QLC 3D flash memory chip using CMOS directly Bonded to Array technology. The companies say it reaches a 4.8 GB/s interface in tests and offers 60% higher bit density than the prior generation. They cite 37 Gb/mm² density as enabling 1 PB SSDs for data centers, with potential 1 PB drives shipping in 2027.

U.S. stocks rose after tame July PPI data eased Fed-hike concerns. The S&P 500 and Nasdaq closed at record levels, up 0.7% and 0.8%. The 10-year Treasury yield fell to about 4.65%. Workday surged on a Reuters report that Silver Lake is in talks to acquire it. Birkenstock jumped after Q3 results and raised 2026 outlook.

AI infrastructure stocks rose Wednesday after strong earnings from Supermicro (SMCI) and AI cloud providers CoreWeave (CRWV) and Nebius (NBIS). Supermicro’s Q4 beat and forecast lifted shares over 6%. Nebius revenue topped expectations, while CoreWeave’s results showed accelerating demand and a surging backlog. Lumentum (LITE) revenue more than doubled to $1.01B, lifting peers and memory/storage ETFs.