Sandisk Corporation

Sandisk Corporation is an American semiconductor company that designs, manufactures, and sells NAND flash memory and data storage solutions, generating $7.36 billion in revenue in fiscal 2025 and $13.18 billion on a trailing-twelve-month basis through the third quarter of fiscal 2026. The company separated from Western Digital Corporation in February 2025 and now operates as an independent public company listed on Nasdaq, with a market capitalization of approximately $274 billion as of June 2026.

This is a story about a legacy NAND franchise that spun out of a struggling hard-drive conglomerate and walked directly into an AI infrastructure supercycle. In the space of roughly eighteen months, Sandisk went from reporting negative free cash flow and 7% gross margins to signing multi-billion-dollar supply agreements with financial guarantees from hyperscale customers, generating 78% gross margins, and announcing a $6 billion share buyback. The file turns on a single question: whether the new business model — long-term supply agreements with committed pricing and financial collateral — represents a permanent structural shift in how NAND is priced and sold, or whether it is a transient artifact of an undersupplied market that will unwind when the cycle turns.