Sandisk (SNDK) stock has soared more than 3,000% since its IPO a year and a half ago.
As Yahoo Finance’s Julie Hyman pointed out on this fourth anniversary of the bull market, Sandisk had the best performance of any S&P 500 stock (^GSPC), beating Palantir (No. 2, up 2,490%), Vertiv (No. 3, up 2,125%), Nvidia (No. 4, up 1,894%), and Micron (No. 5, up 1,851%).
There is a caveat to this title: Sandisk’s incredible journey is purely a 2025-2026 story. In February 2025, Western Digital (WDC) spun off its flash memory unit and Sandisk began trading as its own entity at $52 per share, according to Yahoo Finance data.
As of 2 p.m. ET, Sandisk shares are trading at $1,479 and the company has a market cap of over $200 billion. (Sandisk and other chip names are down Monday after a memory innovation from a Chinese company.)
1,486.81 -95.01 (-6.01%)
At 3:49:57 p.m. EDT. Open market.
Following Sandisk’s IPO, the company benefited from growing demand for NAND data storage technology, driven by the construction of AI data centers and the training of companies in generative AI models.
In recent quarters, Sandisk’s data center business has accounted for between a quarter and a third of its overall revenue, as the AI memory supply bottleneck has given memory makers like Sandisk enormous pricing power.
At the company’s investor day in August, Sandisk management shared an optimistic outlook for annual revenue growth between 2028 and 2030. The company also projects non-GAAP gross margins of approximately 80%.
Even among other memory stocks, like Micron (MU), Sandisk appears to be a giant, although Micron’s comparable 979% gain since Sandisk’s IPO date is nothing to sneeze at. Micron produces high-bandwidth DRAM and memory, as well as NAND.
The takeaway from this bull market is that the development of AI is giving rise to the next wave of winning stocks.
From Nvidia, which designs the chips and hardware for data centers, to Palantir, which makes the software that runs the application layer, to Vertiv, which creates the technology to regulate data center power and temperatures, artificial intelligence has fueled this bull market – which coincided with the release of OpenAI’s ChatGPT (OPAI.PVT).
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