Sandisk Stock Is Up Nearly 635% in 2026. Can It Still Go Higher?

SNDK has jumped 635% year-to-date in 2026, fueled by surging demand for NAND memory used in data center solid-state drives supporting AI training and inference workloads. The rally reflects persistent supply constraints that analysts expect to extend beyond 2027 as hyperscalers accelerate infrastructure buildouts.

Despite the massive run, SNDK trades at 9.3x forward earnings—a valuation The Motley Fool characterizes as reasonable given the structural demand tailwinds. The bottleneck in NAND supply is pushing pricing power back to manufacturers, a reversal from the commodity-like margins that plagued the sector in prior cycles.

Data center operators racing to expand AI compute capacity are driving orders for high-performance SSDs, where SNDK's NAND chips are a critical input. With supply additions lagging demand growth and fab capacity constrained through 2027, the pricing environment remains favorable for continued margin expansion.