Sandisk (SNDK) has been the best-performing S&P 500 stock for most of 2026 and, although recently overtaken by Moderna, remains in second place with a gain of nearly 500% this year. Its revenue has surged on strong demand for NAND memory chips used in SSDs for AI data centers, with tight supply pushing prices sharply higher; fourth-quarter fiscal 2026 revenue rose 372% year over year. The main concern is that prices could reverse, but Sandisk is signing new agreements with customers that lock in committed volumes and defined pricing, which should make it less cyclical. The author notes the stock trades at 19 times trailing earnings and 6.5 times forward earnings, suggesting the market is pricing in no 2027 growth, and argues it could triple in 2027 if it meets expectations and keeps its current trailing valuation.
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