$SNDK
MediumSanDisk
NAND Memory Supercycle
Current MC
$18.0B
Target
$25.0B
Investment Thesis
SanDisk (spun off from WD) is the pure-play NAND memory supercycle vehicle. Q3 2026: revenue $5.95B (+252% Y/Y), EPS $23.41 (+62% beat), 78.4% gross margin. Q4 guidance: $7.75-8.25B revenue (23% above consensus). Memory companies reprice ahead of earnings via third-party NAND price hike reports — the earnings just confirm. Up 300% YTD.
Catalysts
- NAND price hikes from Samsung/Kingston (10%+) confirm cycle
- Q3 2026 blow-out earnings: $5.95B rev, 78.4% gross margin
- AI training dataset storage demand structurally elevated
- SSD price hikes 10%+ — margin expansion visible in advance
Risks
- Memory is cyclical — oversupply can emerge quickly
- Already up 300% YTD — most repricing complete
From the Feed (1 signals)
$SNDK earnings are just way too good... Q3 earnings: Revenue: $5.95B vs. ~$4.7B (252% Y/Y growth, 26% beat). EPS: $23.41 vs. ~$14.5 (62% beat). Gross Margin: ~78.4% vs. 67.3% (+1,110 bps vs. Est.). Q4 2024 projections: Revenue: $7.75B-$8.25B vs. ~$6.5B (23% above estimates). EPS: $30-33 vs. ~$23 (37.0% above estimates). Memory companies are going brrr...