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Even when stocks are on strong runs, it can still be a good time to add to positions if their prospects are bright and valuations remain attractive. Two growth stocks trading at what the article describes as reasonable valuations are Sandisk and Taiwan Semiconductor Manufacturing.
Despite its price more than doubling this year, shares of Sandisk are described as still cheap, trading at a forward price-to-earnings (P/E) ratio of 15 times analyst estimates for fiscal 2026 (ending June 2026) and below 8 times fiscal 2027 estimates. The article attributes the valuation support to Sandisk being in the midst of a flash (NAND) memory supercycle that it says shows no signs of letting up.
The article explains that a few years ago the NAND market was oversupplied after a surge in demand for electronics during the COVID-19 pandemic led memory companies to increase production. When that demand pull-forward disappeared, the market became oversupplied, forcing memory makers to sell inventory below the cost of making flash memory. In response, the article says major memory companies cut production and shifted focus to DRAM.
It also notes that high-bandwidth memory (HBM), a special form of DRAM with strong unit economics, emerged for use in AI data centers, pushing NAND into the background. However, as AI data centers required massive, high-performance solid-state drives (SSDs) that use flash memory to store data, the article says demand for NAND surged again after production lines were cut and the focus shifted to HBM.
According to the article, surging NAND prices are now propelling Sandisk’s sales and gross margins. It further argues that other memory makers are focused on HBM and are unlikely to shift production back to NAND, which—combined with Sandisk’s position as a pure-play flash memory maker—could support years of strong revenue growth and high margins.
While TSMC is described as trading near all-time highs, the article says the stock remains attractively valued, citing a forward P/E of around 26 times. It frames this as a favorable valuation for a company at the center of the AI infrastructure boom.
The article states that TSMC expects its AI chip revenue to climb at more than a 50% annual rate through 2029. Based on that growth outlook, it characterizes the stock as a solid buy despite trading near its all-time highs.
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