Down 23%, Should You Buy the Dip on Sandisk Stock?

SNDK has retreated 23% from its June 2026 high, creating a potential entry point after the company delivered record fiscal Q4 results with 372% revenue growth. The flash memory maker is riding a surge in data center NAND demand tied to AI workloads, a shift that has translated into $94 billion in long-term customer agreements.

The pullback leaves SNDK trading below 10x forward earnings despite revenue momentum and contractual pricing stability stretching years into the future. The company's exposure to AI infrastructure demand—a category driving accelerated adoption of high-performance storage—positions it at the center of a structural tailwind.

That said, NAND flash remains a cyclical business. Supply gluts and pricing pressure have historically derailed even well-positioned manufacturers. The current agreements provide a buffer, but investors should weigh the valuation discount against sector volatility.