Sandisk Corporation SNDK

The business

Sandisk makes NAND flash, the memory that stores data when the power is off. It was spun out of Western Digital in February 2025 and now sells three things: enterprise solid-state drives into data centres, embedded and client storage into phones and laptops, and the retail cards and drives with the red logo.

NAND has always been the most violent commodity in semiconductors. Capacity takes two years and billions to build, demand moves in months, and the price is set at the margin by whoever is most desperate. What has happened here is that artificial intelligence infrastructure arrived while the industry was still cutting capital spending from the last downturn.