Key Highlights

  • Sandisk (NASDAQ:SNDK) closed at USD 1,037.40 in the November 4, 2026 session, down 7.91%, on 11.54 million shares, about USD 12.0 billion of stock, twelfth on the most-active screen by traded value.
  • Relative Volume was 1.24, and the screen showed a trailing P/E of 8.32 on diluted EPS of USD 124.75 and a Market Value of about USD 148 billion.
  • Results released on October 29 showed fiscal first-quarter Revenue of USD 11.03 billion, up 378% from a year earlier, and GAAP EPS of USD 52.60.
  • An 8-for-1 Stock Split has a Record Date of November 9, and split-adjusted trading is set to begin on November 20, 2026.

Why Sandisk Fell

Sandisk's decline was part of a sharp Reversal in memory stocks after the midterm elections. With Democrats in control of Congress and the incoming Texas governor pledging a pause on new Data Center approvals, investors began to price a slower AI buildout, which would ease the tight Supply that has pushed flash memory prices and Sandisk's profits to records. Micron fell 7.00% the same day. Because the share price is above USD 1,000, even 11.54 million shares added up to about USD 12.0 billion of trading, enough to place Sandisk on the most-active list. The selling was not tied to company news. It reflected profit-taking in one of 2026's strongest trades, as data center flash Demand had become a central part of the Earnings story. Relative volume of 1.24 shows the selling was heavier than usual but not panicked on the first day. Memory names led the decline.

Record Results and the Split

The latest quarter shows how far earnings have climbed. For the quarter ended October 2, 2026, revenue rose 23% from the prior quarter to USD 11.03 billion and was up 378% from USD 2.31 billion a year earlier. GAAP Net Income was USD 8.10 billion, or USD 52.60 per share, and non-GAAP EPS was USD 49.51. Datacenter revenue rose 61% from the prior quarter to USD 4.80 billion. The company repurchased about 3.2 million shares for USD 5.0 billion. Guidance for the second quarter calls for revenue of USD 12.2 billion to USD 12.6 billion and non-GAAP EPS of USD 55.00 to USD 57.00 before the split. The board also approved an 8-for-1 forward split: holders of record on November 9 receive seven additional shares for each share, with split-adjusted trading from November 20. The buyback signals confidence from management at prices well above where the stock now trades, and the guidance implies another quarter of sequential growth.

Risks and What to Watch

The selloff accelerated on November 5, when Sandisk fell 22.26%, the worst performer in the S&P 500 that day, as the semiconductor index dropped about 12%. A P/E of 8.32 looks low, but it reflects peak-cycle profits that can fall quickly if flash prices turn. Risks include a slower data center buildout, new supply from competitors and swings in consumer device demand. Investors should watch contract pricing for NAND flash, datacenter revenue against guidance and trading behavior after the split, which can widen the Shareholder base. Split-driven buying by smaller investors has sometimes supported shares in the weeks around a split, but it rarely offsets a turn in the underlying industry cycle.

Where Things Stand

Sandisk was among the most active stocks on November 4 because memory stocks reversed after the midterm results raised doubts about AI data center growth. The 7.91% fall was followed by a 22.26% drop on November 5, despite record results and strong guidance. The 8-for-1 split on November 20 will lower the share price, but memory pricing will decide the direction. Memory price trends are the key signal to watch.