Sandisk Commentator
Sandisk Return RateWhy is SanDisk's stock price rising?
SanDisk's forward P/E ratio for the 2026 calendar year is now about 7 times, and the valuation hasn't yet considered HBF's revenue contribution this year. HBF's contribution will mainly start next year. More information will have to wait for next week's GTC conference. Pay close attention to what the intermediate storage layer of NVIDIA's RUBIN platform, which started production at the beginning of this year and will be launched in the second half of the year, uses before the HBF standard (expected Q3) is released.
Additionally, there is news that the joint venture K2 factory between SanDisk and Kioxia has already directly mass-produced BICS10 (tenth generation, originally planned for BICS8) NAND Flash products. This is the most advanced NAND technology on Earth so far. Other joint venture factories have largely switched to producing BICS9 (the most advanced before was BICS7 products, and the newly built K2 factory's BICS8 is used for enterprise-grade) products specifically for high-performance enterprise-grade eSSDs. Right now, Kioxia and SanDisk are bringing out their core, cutting-edge technologies (in the NAND field, they are generally one to two generations ahead of Samsung, SK Hynix, and Micron Technology, but there was no place for it during previous strong consumer cycles). Obviously, they're gearing up for a big fight!
Most of this information is public information and was selectively ignored by the market during the period when it was being shorted by a certain short-selling institution talking nonsense. SanDisk's two investor meetings (which announced the verification of high-performance storage products with key customers) and the signing of the HBF standard collaboration agreement with SK Hynix, among others, all contain a lot of key information. Short-term stock prices can sometimes be swayed by market sentiment, but they cannot change the medium-term trend.
SanDisk's stock price keeps rising and is undergoing a valuation re-rating process.
Why is SanDisk rising? Many retail investors are still stuck at the speculative level when trying to understand SanDisk, or attribute the stock price increase to cyclical shortages in storage. While these factors are relevant, they are not entirely accurate. The core reason is that the demand for storage in the AI era is growing exponentially, and the need for technological innovation in storage products is driving a valuation re-rating for SanDisk. HBF is a technological invention by SanDisk and will be as important as HBM in the future. I have mentioned multiple times since last December that SanDisk is undergoing a valuation re-rating. We are looking forward to Micron Technology's stellar earnings report next week, and the key role SanDisk's HBF will play in NVIDIA's future products at the GTC conference (storage middle layer, KV cache)...
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