SanDisk's 1,493% Surge: How NAND Supply Cuts and AI Demand Reshaped the Memory Market
SanDisk stock returned 1,493% in the twelve months ending October 1, 2026, driven by a sharp rise in NAND flash memory prices rather than volume growth. The company’s fiscal 2026 revenue reached $20.2 billion, up 175%, while operating margins expanded from 6.9% to 62%. Management attributes the surge to supply constraints and surging demand from data centers, which now account for 38% of memory sales, up from 12% a year earlier. While prices remain elevated, management expects only modest increases in fiscal Q1 2027, signaling a potential slowdown in the pricing cycle.