SanDisk stock has surged 725.2% year-to-date as AI data centers drive strong demand for flash memory storage, with analysts seeing sustained momentum ahead despite a premium valuation.

What happened: SanDisk reported fiscal third-quarter 2026 revenue of $5.95 billion（約9500億円）, up 97% sequentially and 251% from a year earlier. The company guided for fourth-quarter revenue of $7.75 billion（約1.2兆円） to $8.25 billion（約1.3兆円） and EPS of $30.00 to $33.00. Wall Street analysts—including Bank of America, Goldman Sachs, RBC, and Morgan Stanley—have raised price targets, with the consensus 12-month average target at $1,863.06.

Why it matters: AI infrastructure buildout is consuming more storage, and data centers need more flash memory chips. Supply remains tight, which has given SanDisk a powerful tailwind. The company also produced about $980 million（約1600億円） of free cash flow in its latest quarter, showing this is a real business generating profits, not just trading hype. Bank of America argues the current valuation of 30.43 times earnings is still attractive given SanDisk's market share gains.

What to watch: Technical momentum remains strong—the stock is trading well above its 50-day moving average (around 1,832) and 200-day moving average (around 1,608)—with the monthly RSI near 99.14. However, the stock is no longer cheap, and sellers have not yet shown up in a meaningful way; any shift in supply conditions or pricing could reverse the gains.