Sandisk Stock Jumps 13% Toward $970 as CoreWeave Results Revive Memory Trade Ahead of 8-for-1 Stock Split

MILPITAS, Calif. — Sandisk shares surged nearly 13% on Wednesday as strong results from artificial intelligence cloud provider CoreWeave revived investor appetite for memory and storage stocks that had been battered in recent weeks.

The flash memory maker rose $109.01, or 12.68%, to $969.00 in morning trading, giving the company a market value of about $136.7 billion. The stock closed at $859.99 on Tuesday, down 2.99%.

The rally followed CoreWeave's report late Tuesday that third-quarter revenue rose 168% to $3.66 billion. CoreWeave also raised its full-year outlook and reported a $132.5 billion backlog. It raised its 2026 capital spending outlook to $37 billion to $39 billion. That signals continued heavy investment in data centers, which require large amounts of memory and storage.

Other memory and storage stocks also climbed. Seagate Technology and Micron Technology each rose sharply, and Western Digital gained.

Sandisk makes NAND flash memory, the chips used inside solid-state drives. It was spun off from Western Digital as a pure-play flash memory supplier. Demand for its enterprise SSDs has soared as AI data centers store and process massive amounts of data.

The company recently reported strong fiscal first-quarter results. Earnings were $49.51 per share on revenue of $11.03 billion. Data center revenue rose 61% from the previous quarter to $4.802 billion. Sandisk also authorized up to $14 billion in share repurchases.

Despite those results, the stock has been on a wild ride. Shares fell 13.5% on Oct. 30 even after the earnings report, and plunged 22.3% on Nov. 5 during a broad tech selloff. Before Wednesday, the stock was down roughly 41% over the past month, having traded above $1,800 as recently as September. It remains up more than 200% over the past 52 weeks.

Analysts said the selloff was driven by regulatory worries about data centers, uncertainty over AI demand and competitive pressure in the memory market. Rising interest rates have also weighed on high-growth tech stocks.

Many analysts remain bullish. According to MarketBeat, the stock has a "moderate buy" consensus rating and an average price target of about $2,056. Even after Wednesday's rally, Sandisk trades at about 7 times earnings.

Goldman Sachs analyst James Schneider said AI stocks look oversold, but warned that challenges in financing data center construction and limits on power supply could cap any rally before the end of the year.

Investors are also watching Sandisk's upcoming 8-for-1 stock split. Shareholders of record as of Nov. 9 will receive seven additional shares for each share they own. The new shares will be issued after the market closes on Nov. 19, and split-adjusted trading is expected to begin Nov. 20. Companies often split their stock to make shares more affordable for individual investors.