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Sandisk’s stock rally in 2026 appears supported by favorable dynamics in the flash storage market. The shares have risen 166% as of the time of writing, driven by strong demand for the company’s flash memory used across gaming consoles, PCs, laptops, smartphones, and tablets. Investors have also been attracted by what the article describes as a low valuation, alongside expectations for earnings growth that could help sustain momentum through the end of the year.
Sandisk supplies flash-based data storage solutions for multiple end markets, including gaming consoles, personal computers, laptops and notebooks, smartphones, tablets, and other applications. In fiscal 2026’s second quarter (ended Jan. 2), the company reported revenue up 61% year over year to just over $3 billion. Earnings increased by just over 5x, which the article attributes to a severe supply shortage in the NAND flash industry.
The shortage is linked to two demand drivers: AI data centers consuming large volumes of flash storage to support AI workloads, and rising average storage capacity in generative AI-capable smartphones and PCs. With manufacturers unable to produce enough chips to meet end-market demand, flash storage prices have increased sharply. Sandisk said in its January earnings call that its fabrication plants are running at full capacity, while hyperscalers are reportedly willing to pay a premium to secure additional storage capacity.
The article says Sandisk will reportedly double the price of its enterprise-focused 3D NAND solid-state drives in the current quarter. It also notes that 2026 NAND flash manufacturing capacity is reportedly sold out, leaving room for further price increases.
Against this backdrop, the midpoint of Sandisk’s fiscal Q3 earnings guidance is $13 per share, compared with a year-ago loss of $0.30 per share.
Analysts expect Sandisk’s earnings to rise to $39.45 per share in the current fiscal year, from $2.99 per share in the prior year. The article also states that momentum is expected to continue into the next fiscal year.
Sandisk has already delivered $7.55 per share in earnings in the first half of the current fiscal year. For the second half (ending in June), the consensus estimate cited in the article is $31.90 per share.
Using the article’s assumptions for fiscal 2027—where it expects Sandisk to register half of its $73.69 earnings per share target in the first half of the next fiscal year (ending in December 2026)—the article estimates calendar 2026 earnings could reach $70.07 per share.
On valuation, Sandisk is trading at 15 times forward earnings, compared with 24.7 times for the Nasdaq-100 index’s forward earnings multiple. The article adds that if Sandisk trades at 20 times earnings by the end of the year, the stock could rise to $1,401 based on the $70.07-per-share earnings estimate. It also describes this as implying a 158% jump from current levels, though it notes the possibility of a higher outcome if the market assigns a premium valuation.
With flash pricing supported by supply constraints and demand from AI workloads and higher-capacity consumer devices, the article concludes that investors seeking an AI-related growth story at an attractive valuation can still consider Sandisk as the rally continues through 2026.
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