Sandisk shares have shed 36% over the last six trading days and were down another 14.5% in morning trading Thursday, though still up 400% over 52 weeks. Some attribute the decline to China's CXMT, which said it received $1 billion in customer prepayments for DRAM chips through the end of September, a 15.7-fold increase from the end of 2025. The article argues CXMT focuses on DRAM while Sandisk makes NAND flash, so they are not direct competitors, though they could compete if Sandisk's high-bandwidth flash (HBF) and CXMT's DRAM used as HBM gain traction. It also notes CXMT is struggling to transition to HBM, with yield rates for its next-generation HBM3E products at only 20% to 30%.
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