SanDisk shares fell 5.93% on Monday as investors assessed progress by Chinese memory makers, softer flash prices and the company’s upcoming earnings. The pullback came amid a broader sell-off in memory stocks: SanDisk lost about $15 billion in market value, while Micron Technology and SK Hynix shed roughly $52 billion and $41.5 billion, respectively. Together, the three companies lost about $108 billion in market value.
SanDisk is still up more than 530% this year despite Monday’s decline. After that sharp rally, investors are paying closer attention to supply and demand and whether earnings can meet elevated expectations, putting news about potential new memory supply in focus.
ChangXin’s chip-design progress raises supply questions
ChangXin Memory Technologies said it has made progress in chip design that would allow more memory cells to fit on a single chip. Investors are concerned that if the development eventually leads to additional production capacity, it could ease currently tight supply and alter the supply-demand balance that has supported prices.
It remains unclear when, or at what scale, the design advance could translate into market supply. Monday’s broad decline in memory shares showed that investors are sensitive to the possibility of a supply shift, but its eventual effect on prices and industry earnings has yet to be established.
SanDisk earnings due October 29
SanDisk plans to report results on October 29, 2026. Analysts expect earnings of $46.22 per share, compared with $1.22 a year earlier, and revenue of $10.64 billion, up from $2.31 billion. The price-to-earnings ratio cited for the stock is about 21.4.
Analyst sentiment remains positive overall, with a consensus rating of “Buy” and an average price target of $2,303.57. Mizuho raised its target to $2,050 on October 6 and maintained an “Outperform” rating. Rosenblatt initiated coverage on September 22 with a “Buy” rating and a $2,400 target. The results will give investors fresh data to assess demand, pricing and growth expectations.
Analysts see NAND supply constraints persisting
Some analysts remain constructive on memory-market conditions, citing AI-driven demand, tight NAND supply and longer-term purchasing commitments from customers. BMO analyst Harsh Kumar expects the supply shortfall to persist through 2027 and potentially into 2028. He sees NAND as a possible bottleneck in the next phase and expects price increases next year could be substantial.
Cantor Fitzgerald analysts C.J. Muse, Matthew Prisco, Jamison Phillips-Crone and Galahad Caer addressed concerns about Toshiba’s plans to expand hard-drive capacity. They said the market’s reaction may have exceeded the development’s likely impact, noting that demand currently remains above supply. Institutional researcher Nicholas Mugalli also described the pullback as a potential buying opportunity; that is his assessment, while the effects of any supply changes remain to be tested by subsequent data.
Monday’s decline came as investors weighed Chinese manufacturers’ progress, softer flash prices and caution ahead of earnings. SanDisk fell nearly 6% on the day but remains up more than 530% in 2026. Investors’ next key data point is the October 29 report, alongside evidence of whether new supply will ease tight conditions in the NAND market.