Sandisk Stock Has Soared Over 4,000% Over the Past Year. Wall Street’s Still Chasing the Stock
Sandisk (SNDK) has turned into one of the market’s loudest AI winners, and the move is starting to look less like a quick trade and more like a full-blown rerating. The flash-memory maker has ridden a wave of demand from AI data centers, where storage has become one of the hottes
Sandisk (SNDK) has turned into one of the market’s loudest AI winners, and the move is starting to look less like a quick trade and more like a full-blown rerating. The flash-memory maker has ridden a wave of demand from AI data centers, where storage has become one of the hottest bottlenecks in the buildout. Reuters said the stock jumped to fresh highs on May 28 as analysts again lifted targets, while investors kept betting that memory shortages could last well into the cycle.
Sandisk is not some new AI startup trying to catch a trend. It is an old storage name that got a new life after spinning out from Western Digital (WDC) in February 2025. Since then, it has become a pure-play NAND story, with its chips showing up in everything from consumer drives to enterprise storage systems. That matters now because AI workloads are eating memory at a pace the market did not fully appreciate a year ago
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The stock’s run has been wild. It closed at $1,641.64 on May 28, after touching an intraday record of $1,697.96, and it has climbed more than 4,300% since the spinoff. The stock is up 597.4% year-to-date (YTD), while the 12-month gain sits at 4,191%. AI demand, tight supply and hopes for high-bandwidth flash for later in 2026 have kept buyers interested even after the huge move.
On valuation, Sandisk still does not look as crazy as the chart does. The stock is trading at 25 times forward earnings, in line with the broader semiconductor index. That is the strange part of this story. The market has already marked the shares up like a momentum rocket, but the earnings multiple still looks restrained for a name tied to one of the strongest demand waves in tech.
