Sandisk has been on an absolute tear. The pure-play NAND flash memory and SSD supplier saw its shares climb roughly 23% over the 30 days through late June 2026, moving from around $1,695 at the end of May to over $2,090 by June 26. One particularly wild session in mid-June saw the stock pop 11% in a single day after favorable pricing signals from Apple hit the wires.
The company has become one of the top performers in the S&P 500 this year, driven by AI data-center workloads that require substantial amounts of high-capacity memory.
What’s driving the rally
Sandisk reported Q2 2026 revenue of $3.03 billion, a figure the company explicitly attributed to the ongoing boom in AI memory demand, causing shares to rally double digits on multiple occasions throughout the year.
Western Digital, Sandisk’s former parent company, completed a planned exchange of its remaining roughly 1.04 million Sandisk shares on or around June 22, 2026. The debt-for-equity swap eliminated what traders call an “ownership overhang,” essentially the persistent worry that a large holder might dump shares at any moment.
