SanDisk Shares Jump Nearly 12% Toward $1,000, How High Will They Go?

TradingKey - SanDisk SanDisk became the focus of the market again on Monday, with its stock price surging 11.83% and approaching the $1,000 threshold during intraday trading. As AI storage demand continues to heat up and Wall Street raises price targets, combined with the upcoming inclusion in the Nasdaq 100 Index, the bullish thesis for this memory chip stock is evolving from performance improvement to a more powerful valuation rerating.

For a memory chip stock that has already risen significantly since the beginning of the year, this price action indicates that capital continues to pursue its AI storage narrative.

SanDisk has been rerated by the market multiple times this year due to AI-driven data storage demand. The company expects third-quarter revenue to reach $4.4 billion to $4.8 billion, well above market expectations; meanwhile, the rapid growth in data center-related demand has become a key driver for the stock's sustained upward momentum.

Also supporting this rally are the operating data recently released by SanDisk.

SanDisk achieved revenue of $3.03 billion in the second quarter of fiscal year 2026, with data center revenue growing 64% quarter-over-quarter, indicating that AI infrastructure construction is continuously driving demand for high-performance flash and storage products. The market is reframing SanDisk from a traditional storage vendor to a key beneficiary in the AI infrastructure chain.

In addition, another important catalyst is the constituent adjustment of the Nasdaq 100 Index.

Nasdaq has confirmed that SanDisk will join the Nasdaq 100 Index before the market opens on April 20, replacing Atlassian ( TEAM ). The Nasdaq 100 is tracked by more than 200 investment products with over $600 billion in assets under management globally, which means SanDisk is likely to attract more passive capital allocation and further increase market visibility after its inclusion.

The capital market's optimism toward SanDisk is also reflected in Wall Street's price targets. At least five institutions have recently raised their price targets for SanDisk.

Bernstein raised its price target from $1,000 to $1,250 and noted a potential upside to $3,000; Cantor Fitzgerald raised its target from $800 to $1,000; Citi hiked its target from $875 to $980; Jefferies increased its target from $700 to $1,000; while Evercore ISI initiated coverage with a $1,200 target and a bull-case scenario of $2,600.

However, SanDisk's strength does not mean it is without risks. The stock price is currently at a high level, and the industry itself remains subject to supply constraints and cyclical fluctuations. What investors will focus on next is whether SanDisk can continue to validate the strength of AI storage demand in its next quarterly earnings report on April 30 and further translate order growth into more stable profitability.