Sandisk defies bears with buybacks and AI-driven NAND growth

Sandisk delivered a blowout Q4 2026 with $8.97 billion in revenue and strong AI-memory demand, especially in data centers, while executing a $4.5 billion stock repurchase that leaves $14.5 billion remaining under its authorization. Management argued a large NAND TAM — about $500 billion by 2027 — and durable demand from hyperscalers support a multi-year uptrend, even as they stressed confidence in visibility beyond the next few years. The stock nonetheless fell about 6–7% after Q1 2027 revenue guidance of $10.3–$10.8 billion came in below consensus, prompting bears to push back. With continued buybacks and a bullish long‑term outlook, the sell-off is viewed as mispricing the fundamentals by the article’s author.