SNDK at $927, do you dare to touch it?
Falling from 2350 to 800, down 60%, retail investors cut losses and exit, but analysts shout a target price of 2000+. Just now, CoreWeave's earnings report exploded, SNDK surged 13.69% in a single day, and perpetual contract volume exploded to tens of billions of dollars. Is this wave really the golden pit of AI storage, or the last cut before the stock split?
First, look at the surface: fallen so hard even your mom wouldn't recognize it
From the June ATH of $2350 all the way down to around 800, a maximum drawdown of over 60%. On November 11, US stock SNDK closed at $977.69, up 13.69%, Binance perpetual now at 927, pre-market retreating to 930-940. The candlestick tells you: 800 is a phase bottom, 927 is a rebound consolidation, 900-920 is recent low support.
First thing: CoreWeave's earnings report pulled SNDK out of the ICU
The 13.69% surge on November 11 was triggered by one thing: CoreWeave's earnings exceeded expectations, with revenue and guidance both revised upward, and strong AI data center capital expenditure.
AI cloud providers are frantically buying storage, and SanDisk is a pure NAND flash target.
At the same time, SanDisk released a new product, iNAND CL EM181 embedded flash, targeting IoT/AI/edge devices. The AI narrative has spread from data centers to the edge, and SNDK benefits on both ends.
While you are still hesitating whether "memory has peaked in the cycle," CoreWeave has already told you with real money: AI training needs storage, inference needs storage, KV cache also needs storage. This is not a cycle, this is a structural shortage.
Second thing: earnings so explosive it seems unreal
FY2027 Q1 (ending October 2, 2026):
Revenue $11.03 billion, +23% QoQ, +378% YoY
Non-GAAP gross margin 85.1%
Non-GAAP EPS $49.51, significantly beating guidance
Data center revenue $4.8 billion, +61% QoQ
What does an 85% gross margin mean? This is not manufacturing, this is a money printing machine.
Guidance is even more aggressive: Q2 revenue $12.2-12.6 billion, gross margin maintained at 84.5-85.5%, EPS $55-57. Long-term contracts lock about half of FY27 and two-thirds of FY28 production.
What is certainty? It means production for the next two years has already been bought in advance.
Analysts generally Strong Buy, average target price over $2000. Forward P/E has fallen back to single digits. In the AI storage super cycle, this valuation is ridiculously cheap.
You didn't dare to buy at 800, are you ready to chase at 2000?
Third thing: stock split is coming, liquidity will explode
8-for-1 forward stock split, record date passed, trading at split-adjusted prices starting November 20. Binance has announced support for corresponding adjustments to bStocks and perpetual contracts (contract multipliers will be adjusted).
Stock splits do not change company value but change two things:
Nominal price becomes lower, psychological threshold lowers, retail investors find it easier to enter
Liquidity improves, trading activity bursts in the short term
Historical experience: before and after stock splits, volume often expands and volatility intensifies. It's an opportunity for short-term traders, a meat grinder for leverage.
Bull vs. bear, you decide
On one side:
CoreWeave earnings validate AI storage demand, data center revenue +61% QoQ
85% gross margin, EPS significantly beats guidance, forward PE single digits
Long-term contracts lock half of FY27 and two-thirds of FY28 production
Analyst target price 2000+, liquidity improves after stock split
Phase bottom formed near 800, large volume bullish candle rebound
On the other side:
Fell from 2350 to 800, max drawdown 60%, trend still repairing
Funding rates recently mostly positive, bulls crowded
Memory industry highly cyclical, if AI capital expenditure slows, price and profit both suffer
Competition from China's YMTC and others needs attention
927 is a rebound consolidation, 950-980 is previous high resistance, until it holds above, it's a rebound not a reversal
Key levels
Resistance above: 950-980 (previous high/close) → 1000-1100 (psychological + technical barrier) → 1200+
Support below: 900-920 (recent low/psychological barrier) → 800-850 (previous low, iron bottom)
Trading strategy (
Short-term players:
Light long positions near 927, stop loss below 900 (or tighter at 880), first target 950-980 to take half off. Break 1000 with volume to chase more, stop loss 950, target 1100-1200.
Mid-term players:
Wait for stock split, hold above 1000 with volume before adding positions, target 1200-1500. After stock split, nominal price lowers, new funds entering often bring a liquidity dividend. But remember: stock split does not change value, only whether you can hold on.
Long-term believers:
Build positions in batches below 900, 800-850 is heavy position zone in extreme cases. AI storage structural shortage is not a one-year story, long-term contracts locked to FY28. You are betting not on the memory cycle, but on a decade of AI infrastructure.
Watch US market open linkage, CoreWeave and other AI earnings, NAND spot prices
If it breaks below 800 or AI sentiment deteriorates sharply, reduce positions and wait, don't hold stubbornly
SNDK now is like Nvidia in 2023—
99% of people think "it’s risen too much, don’t dare touch it," but when AI exploded, from before the stock split to after, adjusted for splits, it multiplied several times. $BTC$ETH$SNDK
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