Sandisk stock surges on AI-driven NAND flash memory demand

Sandisk has experienced significant stock growth in 2026, rising over 600% year-to-date and approximately 1,400% over the last 12 months. This surge is driven by an intense demand for NAND flash memory, fueled by the expansion of artificial intelligence data centers. The current memory shortage has allowed suppliers to exert pricing power, with Sandisk reporting a fiscal fourth-quarter revenue increase of 372% year-over-year.

Data centers now account for more than half of the entire NAND market. Sandisk has secured eight long-term supply agreements with major data center customers and has booked roughly two-thirds of its fiscal 2028 bit supply. The company is also developing High Bandwidth Flash to address memory bottlenecks in AI inference workloads.

Despite the growth, the stock remains volatile. While many analysts maintain a “buy” rating, some express caution regarding whether current valuations are outpacing fundamentals, noting that recent revenue jumps were driven heavily by rising prices rather than increased chip shipments. Analysts suggest that while significant upside remains, a doubling of the stock value within 12 months may be unlikely unless upcoming earnings reports provide significantly upgraded guidance.