#SanDisk

SanDisk fell 11% on the day Bernstein raised its target to $3,000. Four reasons good news turned into a sell signal, plus the downside scenarios.

Samsung, SK Hynix, Micron and SanDisk across revenue growth, P/S normalization and SOTP. Top pick SK Hynix, with Micron at a 16.7x peer premium.

The four memory makers rose 420% to 4,109% in a year. Share price misleads; market cap over revenue shows who is actually cheap, in plain English.

SanDisk posted revenue up 251% with 78.4% gross margin and $42B locked into multi-year contracts. The NBM model, and how we reach an $1,800 target.

₩1M invested last May would be ₩33M now. The USB-stick maker rose 3,685% after its spin-off as AI giants pre-booked $42B of memory. What happened.