$Sandisk(SNDK.US) Born from death, dominating the field. SanDisk just delivered a report card that could shatter glasses: net profit surged 672%, revenue hit $3.03 billion, and data center business grew 76% in a year. And that's not all. The Q3 guidance was thrown right in Wall Street's face—revenue target of $4.6 billion, EPS $12-14, over 50% higher than market expectations. Is this just performance? This is face-rolling dominance.

2. The craziest part is the gross margin: last quarter it was 29.9%, this quarter it shot up to 52.1%, with Q3 guidance starting at 65%. ASP rose 35% quarter-over-quarter, unit costs are still falling, and factory start-up costs were slashed from $72 million to $24 million. Bernstein calculated that the gross margin could reach 75% by 2027, with free cash flow of $13.8 billion—what you're buying now isn't just a memory stock, it's a money printer.

3. The market is still trying to fit it into an old playbook: the stock is up 12x, so they say "the cycle is about to crash." But is the NAND that AI consumes the same thing as the NAND from five years ago when phones weren't selling? Management has already raised its data center demand outlook from 20% all the way to 60%+, renewed its agreement with Kioxia until 2034, locked in capacity, and holds pricing power. This round isn't a minor supply-demand mismatch; it's the first time memory is being treated as a strategic resource to be hoarded. At its current valuation, SanDisk trades at less than 6x its expected 2027 profit. If you still think it's expensive, you simply haven't read the script.