Sandisk Corp. (NASDAQ:SNDK) fell sharply on Monday as investors weighed growing competition from China, falling flash memory prices and caution ahead of the company’s earnings release in late October.
The stock wiped out about $15 billion in market value, during a selloff in global memory chip stocks.
Chinese competition puts pressure on memory stocks
ChangXin Memory Technologies said it had made progress on designing a chip that could accommodate more memory cells on each chip, according to the South China Morning Post.
The development has raised concerns that additional supply could ease the tight memory market that has supported higher prices.
Micron Technology Inc. (NASDAQ:MU) lost approximately $52 billion in market value, while SK Hynix Inc. (NASDAQ: SKHY) lost approximately $41.5 billion.
Combined, Micron, SK Hynix and Sandisk lost approximately $108 billion in market value as of Monday morning.
Despite the decline, Sandisk remains up more than 530% in 2026.
Profits become the next major catalyst
Sandisk is expected to report results on October 29, 2026.
Analysts expect EPS of $46.22, up from $1.22 a year earlier, while revenue is projected at $10.64 billion versus $2.31 billion last year.
The stock trades at around 21.4 times earnings.
Sandisk features a Buy consensus with an average price prediction of $2,303.57.
Mizuho raised its forecast to $2,050 with an outperform rating on October 6, while Rosenblatt initiated coverage with a Buy rating and a forecast of $2,400 on September 22.
Analysts Still See Tight NAND Supply
Analysts remain constructive on Sandisk, citing AI-driven storage demand, tighter NAND supply and longer-term customer commitments.
BMO Analyst Harsh Kumar expects the memory market to remain undersupplied through 2027 and potentially through 2028. He sees NAND becoming the next major bottleneck and could drive the largest price increases next year.
Singer Fitzgerald Analysts CJ Muse, Matthew Prisco, Jamison Phillips-Crone and Galahad Caer also pushed back on concerns about Toshiba’s planned hard drive capacity expansion.
They called the selloff a case of “headlines are worse than reality” and said demand continues to outstrip supply. Institutional researcher Nicolas Mugalli also described the pullback as a potential buying opportunity.
Price action
SNDK Price Action: Sandisk shares were down 5.93% at $1,488.00 at press time Monday, according to data from Benzinga Pro.
Photo via Shutterstock
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Gn bussni
