Sandisk Corporation (NASDAQ:SNDK) stock was volatile in Wednesday’s premarket session as investors positioned ahead of next week’s earnings report.SK hynix Keeps AI Spending IntactSK hynix, a key competitor and co-developer with Sandisk of High Bandwidth Flash (HBF) memory technology for AI workloads, reported earnings below expectations but reaffirmed its confidence in long-term AI demand.The company said it plans to increase 2026 capital spending by about 50% to the high-40 trillion won range, or at least $31 billion, after quarterly operating profit surged more than sixfold. Management said long-term supply agreements with major customers continue to support investment plans.Executives also dismissed oversupply concerns during the earnings call, saying they would adjust investments based on demand. They expect cloud service providers to continue increasing AI spending beyond 2027 and believe memory supply will remain tight for the foreseeable future.Earnings In FocusSandisk is scheduled to report second-quarter results on Aug. 5, with investors watching whether the stock can stabilize after its sharp retreat from June highs.Analysts expect earnings of $33.38 per share, compared with 29 cents a year earlier. Revenue is projected to rise to $8.24 billion from $1.90 billion.The stock trades at about 37.5 times earnings, reflecting a premium valuation that leaves little room for disappointment if results or guidance fall short.Wall Street maintains a consensus Buy rating with an average price forecast of $1,854.13. Recent analyst actions include: