Sandisk Corporation (NASDAQ:SNDK) has locked in buyers for roughly half of its output this fiscal year and two-thirds of next year's. The long-term contracts carry floor prices, and the company says its margins stay attractive even at the floor. That is meant to protect it when the next memory downturn comes. The shares have gained more than 640% this year, more than any other stock in the S&P 500. Western Digital spun the company off only in February 2025. It entered the S&P 100 on September 21. The question now is whether those contracts hold when flash prices turn. The rally rests on a single mismatch between supply and demand. AI data centers need enormous amounts of flash storage, and there is not enough of it.
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