🐻 Smart Money Drops $6M Bearish LEAPS Bet on SNDK — 27.5% OTM Put With 10-Month Runway

📅 April 2, 2026 | 🔥 Unusual Activity Detected

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🎯 The Quick Take

A single institutional trader placed a $6 million bet against SanDisk (SNDK) at 12:20:16 today, buying 496 contracts of the February 2027 $500 put for $120 per contract. With SNDK trading at $689.50 — up over 1,350% since its Western Digital spinoff in early 2025 and up approximately 163% year-to-date in 2026 — this is a deeply out-of-the-money, long-dated bearish hedge with extreme conviction. The $500 strike is 27.5% below current spot, and the breakeven sits at $380 — implying the trader needs a 44.8% decline from current levels to profit at expiration. The Z-score of 9.81 marks this as an extremely unusual position relative to this contract's historical open interest of just 51. At 496 contracts on 51 OI, the Vol/OI ratio of 9.8 signals aggressive new directional positioning, not a hedge rollover. This is smart money paying for a catastrophic downside scenario in SNDK with nearly a full year on the clock.

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📊 Company Overview

SanDisk Corporation (SNDK) is a pure-play NAND flash memory and SSD manufacturer, spun off from Western Digital in February 2025:

• Market Cap: ~$20 Billion
• Industry: NAND Flash Memory / Enterprise & Consumer SSDs
• Current Price: $689.50 (April 2, 2026)
• YTD Performance: +163% in 2026; +1,350% since April 2 tariff announcement spinoff (April 2025)
• Primary Business: SanDisk designs, manufactures, and sells flash memory storage products — from consumer USB drives and SD cards to enterprise-grade SSDs powering AI data centers. The company operates through a deep joint venture with Kioxia at the Yokkaichi fab in Japan (recently extended through 2034), giving it vertically integrated NAND production capability that fabless competitors cannot match.

SanDisk has been the single best-performing stock in the S&P 500 over the past twelve months, riding a structural AI-driven NAND shortage and a series of explosive earnings beats. Q3 FY2026 earnings are scheduled for April 30, 2026 — just 28 days away — and management guided revenue of $4.40–$4.80 billion with non-GAAP EPS of $12.00–$14.00, representing roughly 159–182% revenue growth year-over-year with gross margins expanding to 65–67% (from approximately 26% a year ago).

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💰 The Option Flow Breakdown

The Tape (April 2, 2026 @ 12:20:16):

🤓 What This Actually Means

This is a high-conviction, deep OTM long LEAPS put — the textbook institutional tail-risk hedge (or outright bear thesis). Here is what the trade structure tells us:

• 💰 Cost: $120 per contract × 496 contracts × 100 shares = $5,952,000 total premium paid (~$6M)
• 📉 Strike vs. Spot: $500 strike vs. $689.50 spot = 27.5% out-of-the-money
• 📅 Time horizon: Expiration February 19, 2027 = 323 calendar days / roughly 10.5 months of runway
• 🎯 Breakeven at expiration: $500 − $120 = $380 per share (requires a 44.8% decline from $689.50)
• 📊 OI context: 496 contracts on only 51 open interest = Vol/OI ratio of 9.8 — the Z-score of 9.81 confirms this is nearly 10 standard deviations above normal activity for this strike

Translation for regular folks:

This trader is paying $6 million for the right to profit if SNDK — a stock that has gained 1,350% in a year — collapses by more than 45% within the next ten months. They do NOT need the stock to fall to $380 to generate a profit before expiration. If SNDK drops to $500 (the put strike), the position gains intrinsic value and the $120 paid in premium could be recovered long before February 2027.

Three interpretations of this trade:

1. 🐻 Outright bear thesis: The trader believes SNDK's parabolic run is unsustainable. A mean reversion from $689 back toward pre-AI levels ($200–$300) would make this position massively profitable.

2. 🛡️ Portfolio hedge: An institution long SNDK stock (or calls) paying for catastrophic downside insurance. At $6M premium for deep OTM protection, this is consistent with a large equity holder buying tail-risk coverage before earnings.

3. ⚖️ Asymmetric event bet: With Q3 earnings on April 30, tariff uncertainty escalating, and SNDK up 163% YTD, the trader may be betting that a single macro shock or earnings stumble triggers a cascade of selling in a thinly-held, momentum-driven stock.

Unusual Score: 🔥🔥🔥 EXTREME — Z-score of 9.81 means this is nearly 10 standard deviations above normal activity for the SNDK20270219P500 contract. Buying 496 contracts on 51 OI is essentially building a new position from scratch in this expiration/strike combination.

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📈 Technical Setup / Chart Check-Up

YTD Performance Chart

SanDisk (SNDK) has been the defining momentum story of 2026. The stock was spun off from Western Digital in February 2025 at roughly $50 and has since appreciated over 1,350%. Year-to-date in 2026, the stock is up approximately 163%, with current trading near $689–694. The most recent catalyst was a massive Q2 FY2026 earnings beat followed by a fiscal Q3 guidance raise that sent the stock soaring 11.3% on April 1, 2026.

Key observations:

• 🚀 Parabolic structure: The YTD chart shows a near-vertical ascent, characteristic of a supply-squeeze cycle combined with AI sentiment momentum — these structures are historically prone to violent reversals
• 📉 Prior corrections: The stock has experienced intraday drops of 5–10% on US-China trade tension headlines, demonstrating significant sensitivity to macro risk events
• 📊 Extended valuation: Trading at 843% premium to some fundamental valuation metrics per analyst estimates; forward P/E multiples have expanded dramatically as earnings caught up, but the stock still requires continued perfection in execution
• ⚡ Volatility profile: High implied volatility (reflected in the $120 price for a put that is 27.5% OTM with 10 months remaining) confirms the market prices in large potential swings — this IV richness is the cost the put buyer is absorbing

Gamma-Based Support & Resistance Analysis

Current Price: $694.05 (as of ~2:17 PM ET)

The gamma exposure map reveals options dealer positioning at nearby strikes. With a net GEX bias reading of Bullish (total call GEX of 30.86 vs. total put GEX of 19.26, net +11.6), dealers are currently leaning long gamma, which tends to dampen volatility and create gravitational pull toward key strikes.

🔵 Support Levels (Put Gamma Below Price):

🟠 Resistance Levels (Call Gamma Above Price):

What this means for traders:

The $700 strike is the dominant gamma cluster with 8.13 total GEX — more than 3× the next nearest level. At just 0.86% overhead, $700 acts as a near-term ceiling where dealer hedging activity creates mechanical resistance. The strongest nearby support is $692.50, only 0.22% below the current price, followed by $690 at 0.58%.

The near-term picture is one of tight consolidation between $690 support and $700 resistance — consistent with a stock approaching a binary event (Q3 earnings on April 30). Below $685, the gamma support structure thins materially, and a break there could accelerate toward $670. The bear case put buyer is targeting a regime-change scenario well below current GEX support — the $500 strike sits roughly 38% below the nearest meaningful GEX cluster.

Net GEX Bias: Bullish — Overall positioning leans bullish in the near term, which works against the put buyer in the immediate window. However, post-earnings, dealer positioning can flip rapidly if realized volatility exceeds implied.

Implied Move Analysis

Options market pricing for upcoming expirations:

• 📅 Monthly OPEX (April 17, 2026 — 15 days away): ±$90.91 (±13.16%) → Range: $599.85 – $781.67

The implied move of 13.16% for April 17 OPEX is notable — this is pricing in a swing of nearly $91 in either direction within 15 days. This high implied volatility reflects:

1. The earnings announcement on April 30 is just outside this window, but pre-earnings positioning is bidding up near-term premium
2. The broader tariff environment (sector-wide tariff announcements were the backdrop for today's trading)
3. SNDK's history of 5–10% intraday moves on macro headlines

Translation for the LEAPS put buyer:

The April 17 implied range lower bound of $599.85 already approaches the $500 strike from above — the market is effectively pricing a non-trivial probability of testing $600 within 15 days. While the put buyer needs $500 or below at February 2027 expiration to break even at $380, the position gains significant value if SNDK trades toward $550–$600 at any point before then.

High IV in the near-term options also confirms the rich premium environment the put buyer is absorbing. At $120/contract for a put 27.5% OTM with 10 months remaining, the implied volatility embedded in this LEAPS is elevated — the trader is paying for volatility, which will decay if SNDK continues grinding higher without the anticipated shock.

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🎪 Catalysts

🔥 Immediate Catalysts (Next 30 Days)

Q3 FY2026 Earnings — April 30, 2026 (28 DAYS AWAY!) 📊

This is THE near-term binary event. SanDisk confirmed April 30, 2026 at 1:30 PM PT for its fiscal Q3 earnings call.

Management guided Q3 FY2026:

• 📊 Revenue: $4.40–$4.80 billion (vs. ~$1.85B a year ago — 159–182% YoY growth)
• 💰 Non-GAAP EPS: $12.00–$14.00 per share
• 📈 Gross Margins: 65–67% (vs. ~26% one year prior — a staggering 40-point expansion)

This guidance raise already sent the stock soaring 11.3% on April 1. The question for April 30 is: can SNDK beat these already aggressive targets, or has management finally gotten ahead of itself?

What to watch:

1. Revenue vs. the high end of guidance ($4.80B): Beats on the low end will disappoint a market accustomed to massive upside surprises
2. Gross margin trajectory: 65–67% guided — any compression signals ASP (average selling price) pressure in NAND, the bear case's #1 trigger
3. Q4 guidance: If sequential growth is implied to decelerate, the stock could sell off sharply even on a Q3 beat
4. Long-term agreement (LTA) pricing: Management noted that LTAs are reshaping NAND supply and pricing dynamics — the ratio of contracted vs. spot revenue will reveal pricing power durability
5. China revenue: US-China trade tensions and the new Annual Approval System for NAND exports to China create headline risk; any disclosure of contract cancellations or volume reduction in China would be bearish

Historical context: On the Q2 FY2026 earnings call, SNDK crushed estimates (EPS of $6.20 vs. $4.85 estimate — 28% beat) and raised guidance dramatically. The stock has rewarded beats with double-digit moves. A miss or light Q4 guidance on this valuation — with the stock up 163% YTD — could trigger a swift 15–25% correction. The put buyer appears to be hedging for exactly this scenario.

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⚠️ Macro Catalyst: Tariff & Trade War Escalation

April 2 tariff announcement Anniversary — TODAY is April 2, 2026

Today marks the one-year anniversary of President Trump's "April 2 tariff announcement" tariff announcements, which triggered a market-wide selloff and subsequent volatility. Current backdrop:

• 🚨 Section 232 semiconductor tariffs: A 25% tariff on certain semiconductors was imposed in February 2026 per the EY summary of the Section 232 proclamation. NAND and memory chips face a complex and evolving tariff regime.
• 🇨🇳 China NAND export controls: Starting January 2026, a new "Annual Approval System" for NAND exports to China has materially increased compliance burden and uncertainty. China historically represented 15–20% of revenue for memory chip companies.
• 🏭 Michigan fab cancelled: SanDisk scrapped plans to build a U.S. semiconductor manufacturing plant, citing massive economic uncertainty from tariff volatility — a signal of management's own concern about the macro environment.
• 💸 Tariffs on storage products: Physical hard drives and SSDs face tariff exposure on products manufactured in Malaysia and Thailand where NAND assembly operations are concentrated.

Why this matters for the put buyer: The tariff environment creates a compounding negative scenario. If NAND demand weakens AND tariffs raise costs AND China revenues are restricted — the triple combination could produce a margin shock that current guidance does not reflect. SanDisk itself identifies "evolving trade policies, tariff regimes and trade wars" as a key risk factor in its filings.

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🚀 Strategic Catalysts (Supporting Bull Case — But Also the Base for a Reversal)

AI Memory Supercycle: SanDisk's Core Thesis

The bull case rests on an AI-driven structural NAND shortage that, according to analysts cited in the 247 Wall St. article, "is unlikely to ease before 2028." Key demand drivers:

• 🤖 AI data lakes: SanDisk's new 256TB UltraQLC enterprise SSDs allow data centers to consolidate storage racks into single units — directly targeting the exponential data generation of AI training workloads
• 📈 Datacenter revenue +64% sequential in the most recent quarter, per MoneyCheck coverage — a staggering growth rate driven by hyperscaler LTA commitments
• 🔬 BiCS10 technology roadmap: 332-layer NAND expected in late 2026, maintaining competitive positioning vs. Samsung's V-NAND and SK Hynix's 238-layer product lines

Kioxia JV Extension Through 2034

On January 29, 2026, SanDisk and Kioxia formally extended their Yokkaichi joint venture agreement through December 31, 2034. This provides:

• Locked-in cost structure for vertically integrated NAND production
• Supply chain stability through the cycle
• Margin advantage vs. fabless competitors who must purchase NAND at market prices

The JV extension reduces the near-term M&A catalyst — a "merger of equals" between SNDK and Kioxia, while still speculated, appears less imminent given the renewed operational partnership.

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⚠️ Risk Catalysts (Negative) — The Bear Thesis

1. Memory Cycle Reversal Risk

The NAND industry is among the most cyclical in semiconductors. Periods of extreme ASP expansion (like 2026) are historically followed by capacity additions that flood supply:

• 🔄 Samsung capacity: Samsung (~30% market share) has been slow to pivot capacity from DRAM to NAND. If Samsung aggressively ramps NAND production in H2 2026 in response to high ASPs, oversupply risk escalates rapidly
• ⚠️ JPMorgan warning: JPMorgan analysts have explicitly flagged longer-term margin sustainability and potential oversupply risks as key concerns
• 📊 Inventory normalization: AI infrastructure buildout has pulled forward storage demand. Once hyperscalers reach target inventory levels, order flow could normalize (not grow), compressing ASPs

2. Valuation Extremity

• 📉 SNDK trades at an 843% premium to certain fundamental valuation benchmarks per Benzinga/analyst research
• 💰 With gross margins at 65–67% (guided for Q3), the stock is priced for sustained margin perfection — any miss on gross margin guidance is likely to trigger a sharp de-rating
• 📊 At ~$20B market cap with ~$18B annualized revenue run rate (if Q3 guidance midpoint of $4.6B × 4), the P/S ratio appears modest — but prior cycle peaks in NAND show revenues can fall 40–60% in a downcycle, which would destroy the current earnings multiple

3. US-China Trade Escalation

• 🇨🇳 Any new round of export control escalation specifically targeting NAND (as occurred with HBM in late 2025) could eliminate a meaningful revenue stream
• 📉 The $800M charge AMD took in 2025 from sudden export restrictions is a direct analogue — SNDK is similarly exposed
• ⚠️ Today's April 2 tariff announcement context is not lost on the market — fresh tariff announcements could hit the semiconductor sector today

4. Technology Disruption / Competition

• 💾 Samsung remains the global NAND market leader (~30% share vs. SNDK's ~13%) with far greater manufacturing scale and R&D budget
• 🔬 Any NAND technology leadership shift (Samsung or SK Hynix achieving superior bit density at lower cost) would erode SNDK's pricing power and market share
• 🤖 CXL memory and alternative AI memory architectures (HBM-based storage, processing-in-memory) represent medium-term substitution risk for traditional SSD storage in AI inference workloads

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🎲 Price Targets & Scenarios

Using gamma levels, implied move data, earnings catalyst timing, and the put structure, here are the scenarios through February 19, 2027 (LEAPS put expiration):

📈 Bull Case (40% probability) — PUT EXPIRES WORTHLESS

Target: $800–$1,000+

How we get there:

• 📊 Q3 FY2026 earnings (April 30) beat the high end of guidance ($4.80B) with EPS above $14.00
• 🔬 BiCS10 production timeline confirmed for mid-2026, ahead of Samsung's competing technology
• 🇨🇳 US-China trade tensions de-escalate; China LTA contracts resume volume growth
• 🤖 AI capital expenditure continues accelerating through H2 2026, maintaining NAND shortage into 2027
• 📈 Kioxia merger speculation reintensifies; a deal would create the world's largest NAND manufacturer and attract a significant premium
• 🎯 $700 gamma resistance breaks to the upside, triggering momentum chase to $750–$800

Impact on put position:

• Stock finishes $700–$1,000: The $500 put expires worthless. The trader loses the full $5.95M premium. However, if this is a hedge against a large long equity position, the equity gains offset the insurance cost.

Probability note: 40% bull case reflects that SNDK has a strong fundamental tailwind and has been a serial earnings-beater. However, the risk/reward for continued upside at current valuation is asymmetric.

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🎯 Base Case (35% probability) — PARTIAL MOVE, PUT GAINS VALUE

Target: $500–$650 range (SIGNIFICANT CORRECTION)

Most likely bearish scenario:

• 📉 Q3 earnings beat modestly but Q4 guidance disappoints as LTA pricing resets at lower ASPs or China volumes decline
• 💸 NAND spot prices begin rolling over in H2 2026 as Samsung and Kioxia JV ramp capacity
• 🔄 Stock de-rates from current premium multiple as gross margins compress from 65–67% guided back toward 50–55%
• 🌐 Tariff escalation restricts China NAND exports, removing 10–15% of revenue
• 📊 A 25–35% correction from $689 lands the stock in $450–$520 range

Impact on put position:

• Stock finishes $450–$500 at February 2027 expiration: The $500 put is in-the-money. At $450, the put has $50 intrinsic value per share ($50 × 100 × 496 contracts = $2.48M profit, partially offsetting the $5.95M premium for a net loss of ~$3.47M)
• Stock at $380 (breakeven): Full recovery of $5.95M premium
• Stock at $300: Put generates $200 intrinsic value ($200 × 100 × 496 = $9.92M profit, net $3.97M after premium)

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🐻 Bear Case (25% probability) — PUTS PRINT MASSIVELY

Target: $200–$380 (FULL REVERSAL OF AI PREMIUM)

Catastrophic scenario the put buyer is targeting:

• 💥 NAND oversupply hits faster than expected; Samsung dumps capacity at below-cost prices to regain market share
• 🇨🇳 US-China escalation eliminates Chinese revenue entirely; compliance costs spike
• 📉 AI capex cycle pauses (macro recession, hyperscaler spending freeze) — NAND demand collapses 30–50% from peak levels
• 🔬 Competing storage technology (Samsung HBM-based SSD or SK Hynix next-gen) achieves decisive technology lead
• 💸 SNDK re-rates to pre-AI-supercycle multiples; stock returns toward $200–$350 range
• 📊 Historical NAND cycle: During the 2022–2023 downcycle, NAND ASPs fell 60–70% and NAND-exposed stocks dropped 50–70% from peak

Impact on put position:

• Stock at $380 (breakeven): Full $5.95M premium recovered, zero net gain/loss
• Stock at $300: Net profit ~$3.97M (89.2× return on breakeven scenario from initial premium investment perspective)
• Stock at $200: $500 put is $300 in the money → $300 × 100 × 496 = $14.88M intrinsic profit → net gain after premium: $8.93M (+150% return on the $5.95M investment)

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📐 Trade Structure Deep Dive

Breakeven & P&L Analysis

Greeks Analysis (Approximate, at Trade Time)

Given the strike, spot, time to expiration, and observable implied volatility embedded in the premium:

Key Greek insight: The position is primarily a long Vega, long Gamma (in a tail scenario) play. Today, with elevated implied volatility, the put carries significant Vega. If a macro shock (tariff escalation, earnings miss) causes IV to spike from current levels, the put value rises even before the stock moves much. Conversely, if SNDK grinds higher and IV compresses, the position bleeds from both negative Delta and collapsing Vega.

Theta cost: At approximately -$0.20/day per contract × 496 contracts × 100 = ~$9,920 per day in time decay. Over the 323-day life of the trade, if SNDK stays above $500, total theta bleed approximates the full $5.95M premium.

Vol/OI Signal Analysis

The standalone BTO classification with zero similar trades confirms this is a single institutional actor establishing a new position, not a hedge roll or spread leg.

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🔑 Key Considerations

1. The premium is extremely high by any measure. $120 for a put 27.5% OTM with 10 months remaining implies substantial implied volatility embedded in the contract. The buyer is paying up for a stock with a historically elevated IV due to its parabolic price history and cyclical industry dynamics. If realized volatility disappoints (SNDK stays in a tight range), the position loses value rapidly through Vega compression.

2. Earnings in 28 days is the first major inflection. April 30 earnings will be the first test of whether SNDK can sustain its momentum. Given the stock's sensitivity to guidance (11.3% up on April 1 guidance raise; 5.4% down on China trade tensions), the binary outcome creates meaningful near-term value for the put holder — a bad earnings reaction does not require SNDK to hit $500, simply a 15–20% drop toward $550–$580 would make the put materially more valuable via delta acceleration and IV expansion.

3. Today's macro backdrop (April 2 tariff announcement) is non-trivial. April 2, 2026 is the one-year anniversary of tariff "April 2 tariff announcement." New tariff announcements today — targeting semiconductors specifically under Section 232 authority — would be a direct negative catalyst for SNDK's margin and revenue outlook, potentially triggering exactly the shock the put buyer is hedging.

4. The breakeven requires a catastrophic decline — but the position does not need to expire in-the-money to be profitable. If SNDK drops 15–20% to the $550–$580 range within the next 2–3 months, the position could be sold for $40–$70+ (vs. $120 cost) as delta and vega work in the holder's favor. The buyer likely has a target exit price, not necessarily waiting until February 2027.

5. Low OI suggests this is a thinly-traded strike — liquidity risk exists on exit. With only 51 OI before this trade, the trader tripled the open interest for this strike in one block. Exiting 496 contracts in the February 2027 $500 put may require crossing a wide bid-ask spread or moving the market, particularly if SNDK has not moved materially toward the strike. The illiquidity of the exit could erode profits.

6. Position sizing relative to market cap is notable. $6M in premium on a ~$20B market cap company, for a put 27.5% OTM, represents meaningful institutional conviction. This is not a casual hedge — it is a deliberate, sized position with a specific thesis about SNDK's vulnerability to a large decline.

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🔀 Alternative Approaches

For traders who agree with the bearish thesis but find $120 for a 27.5% OTM put expensive, consider:

1. Bear Put Spread (Reduces Premium Cost)

• Buy the February 2027 $500 Put ($120) + Sell the February 2027 $400 Put (~$70 estimated)
• Net cost: ~$50 per spread vs. $120 for outright put
• Max profit: $100 per spread if SNDK ≤ $400 at expiration
• Trade-off: Caps max profit at $400 strike; cheaper but limits the catastrophic downside capture

2. Shorter-Dated OTM Put (Lower Vega Exposure)

• May 2026 $600 Put (closer to the money, capturing the earnings event)
• Lower premium outlay, higher probability of touching the strike if earnings disappoint
• Trade-off: Time decay is much more aggressive in near-term options; must be right about timing

3. Collar Strategy (For SNDK Shareholders)

• Long SNDK stock + Buy $500 LEAPS Put + Sell $800 Call
• Converts the equity position to a defined-range payoff
• The put acts as floor, the call pays for most of the put premium
• Practical hedge for institutions that own SNDK equity but want catastrophic downside protection

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⚠️ Risk Disclosure

Options trading involves substantial risk and is not suitable for all investors. Buying put options carries the risk of total loss of premium paid ($5.95M in this case if SNDK stays above $500 through February 2027). Deep out-of-the-money LEAPS puts require large adverse moves in the underlying to profit at expiration. The analysis above is based on publicly available information as of April 2, 2026 and is intended for informational purposes only — it does not constitute investment advice or a solicitation to buy or sell any security. Past unusual options activity does not guarantee future price moves.

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Analysis generated April 2, 2026 | Data sources: SNDK options tape, GEX analysis, implied move model, web research

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Sources:

• SanDisk to Report Fiscal Third Quarter Results on April 30, 2026 — BusinessWire
• SanDisk Climbs 6% as Sector-Wide Memory Shortage Fuels Fresh Investor Optimism — 247 Wall St.
• SanDisk Soars 163% in 2026: Can it Be the Market's Top Performer in Back-to-Back Years? — Yahoo Finance
• FinancialContent — SanDisk (SNDK) Stock Skyrockets 132% YTD in 2026 Amid AI Memory Supercycle
• Deep Dive: SanDisk (SNDK) and the 2026 NAND Flash Shortage — FinancialContent
• The Great Rebirth: A Deep-Dive into SanDisk's (SNDK) AI-Driven Surge in 2026 — FinancialContent
• The Return of a Storage Legend: A Deep-Dive into the SanDisk (SNDK) Pure-Play Spinoff — FinancialContent
• The Renaissance of Storage: SanDisk's Historic 2025 Performance and 2026 Outlook — FinancialContent/WRAL
• Kioxia and Sandisk Extend Yokkaichi Joint Venture Agreement Through 2034 — investor.sandisk.com
• Sandisk (SNDK) Drops 5.4% on US-China Trade Tension Risks — Insider Monkey
• Sandisk scraps plan for huge semiconductor plant in Michigan — Crain's Detroit Business
• SanDisk Debuts 256TB UltraQLC Enterprise SSDs — JetStor
• 1 Year Since the April 2 tariff announcement Tariffs: This Surprising Stock Has Been the S&P 500's Top Performer — The Motley Fool
• US Section 232 proclamation imposes 25% tariff on certain semiconductors — EY Tax News
• SanDisk's Path to $1,000 Per Share Runs Through the AI Memory Boom — 247 Wall St.
• SanDisk (SNDK) Stock Jumps 61% Year-Over-Year: Is This AI-Fueled Growth Sustainable? — MoneyCheck
• Sandisk Says Data Centers Will Dominate NAND by 2026 as LTAs Reshape Supply and Pricing — Defense World
• Why SanDisk Stock Skyrocketed: 5 Key Questions Answered — InvestorPlace
• SNDK — SanDisk: The Flash Memory Phoenix — Simply Wall St