Sandisk Corp.
The stock erased about $15 billion in market value, during a broader selloff across global memory-chip stocks.
China Competition Pressures Memory Stocks
ChangXin Memory Technologies said it made progress on a chip design that can fit more memory cells on each chip, according to the South China Morning Post.
The development raised concerns that additional supply could ease the tight memory market that has supported higher prices.
Micron Technology Inc.
Together, Micron, SK Hynix and Sandisk shed roughly $108 billion in market value Monday morning.
Despite the pullback, Sandisk remains up more than 530% in 2026.
Earnings Become The Next Major Catalyst
Sandisk is scheduled to report earnings on Oct. 29, 2026.
Analysts expect EPS of $46.22, up from $1.22 a year earlier, while revenue is projected at $10.64 billion versus $2.31 billion last year.
The stock trades at about 21.4 times earnings.
Sandisk carries a Buy consensus with an average price forecast of $2,303.57.
Mizuho raised its forecast to $2,050 with an Outperform rating on Oct. 6, while Rosenblatt initiated coverage with a Buy rating and a $2,400 forecast on Sept. 22.
Analysts Still See Tight NAND Supply
Analysts remain constructive on Sandisk, citing AI-driven storage demand, tighter NAND supply and longer-term customer commitments.
BMO analyst Harsh Kumar expects the memory market to remain undersupplied through 2027 and potentially into 2028. He sees NAND emerging as the next major bottleneck and potentially delivering the strongest price increases next year.
Cantor Fitzgerald analysts C.J. Muse, Matthew Prisco, Jamison Phillips-Crone and Galahad Caer also pushed back on concerns surrounding Toshiba's planned hard-drive capacity expansion.
They called the selloff a case "where the headline is worse than reality" and said demand continues to exceed supply. Institutional researcher Nicholas Mugalli also described the pullback as a potential buying opportunity.
Price Action
SNDK Price Action: Sandisk shares were down 5.93% at $1488.00 at the time of publication on Monday, according to Benzinga Pro data.
