Sandisk (SNDK) stock is up 478% so far in 2026, driven by strong demand for its NAND flash memory from AI data centers and a supply shortage that has boosted revenue and profit. In its fiscal 2026 fourth quarter (ended July 3), revenue rose 372% year over year and earnings per share reached $43.97, yet the stock trades at a P/E ratio under 19 as investors worry the memory upcycle may end. To address this, Sandisk has signed eight new business model (NBM) agreements with large customers that guarantee price floors and purchase volumes for several years. Management guided for midpoint revenue of $10.5 billion (up 357%) and EPS of $45 for fiscal Q1 2027, versus Wall Street expectations of a 363% increase and $46.27 EPS; results are due Oct. 29.
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