**Sandisk’s Stock Plummets Amid Broad Sell-Off**
On July 2, Sandisk (NASDAQ: SNDK) experienced a sharp decline of approximately 14%, closing at $1,745. This drop was part of a widespread sell-off affecting memory chip stocks globally, including competitors like Micron, Samsung, and SK Hynix. The sell-off was triggered by reports that Meta Platforms plans to sell its spare AI computing capacity, raising concerns that the AI hardware shortage may be easing.
Despite this market reaction, Sandisk’s recent performance reflects strong demand in its sector. In the fiscal third quarter, the company’s revenue nearly doubled to $5.95 billion, and its data center storage revenue tripled, reaching about $1.5 billion. Sandisk also reported $42 billion in multiyear supply agreements, indicating robust future demand and guiding for fourth-quarter revenue between $7.75 billion and $8.25 billion.
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