SanDisk Up 724%: The NAND Half Of The Storage Boom
SanDisk trades around USD 2,093, up an astonishing 724% this year, as the AI storage melt up pushes it to fresh records. While everyone fixates on HBM and Micron, NAND has quietly become just as tight, and SanDisk as a near pure play gets maximum leverage.
Why NAND is squeezed too
AI data centres do not only need high bandwidth memory, they need vast, fast storage. That pulled NAND into the same shortage as DRAM, and SanDisk, vertically integrated through its Kioxia joint venture, captures the pricing.
The part that worries me
A 724% move in a year is the definition of parabolic. Memory and storage are cyclical, and the violence of the upside usually has a matching downside when supply normalises. Spectacular growth at what could be a cycle peak is exactly when valuation risk is highest.
My approach
I keep core NAND exposure because the shortage is real and multi-quarter, but I trim into vertical days rather than adding. Riding a parabola without a plan is how great theses become painful lessons.
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