Equity Research · Realized Position
SanDisk
SNDK · — · Memory · Storage
Rating
Realized — Closed at Target
Entry
$650.00
Exit
$1,000.00
Realized Return
+53.8%
Holding Period
Feb – Apr 2026
Quan Pham, Senior Analyst · M’Squared Capital Research · Closed 28 Apr 2026
NAND supply discipline plus enterprise-SSD demand — sold alongside Micron as we de-risked semis.
Summary
SanDisk was our second memory expression into the AI-storage up-cycle. NAND supply discipline and enterprise-SSD demand drove the move from $650 to $1,000, where we exited in the same de-risking that underwrites the NVIDIA short.
Business Overview
SanDisk supplies NAND flash storage across consumer and enterprise SSDs; the enterprise and data-center SSD line is the AI-levered demand vector.
Investment Thesis
- 01
NAND discipline
Rational supply behavior restored pricing power to flash after a punishing down-cycle.
- 02
Enterprise-SSD demand
AI data pipelines lifted demand for high-capacity enterprise SSDs, tightening the market.
- 03
A paired exit
We sold with Micron — take the cyclical gain before the cycle takes it back.
Valuation & Price Target
We realized $1,000, roughly +54%, selling into cycle-peak sentiment across memory.
Catalysts
- NAND price increases
- Enterprise-SSD demand acceleration
- Supply-discipline commentary from the majors
Key Risks
- Memory cyclicality
- Capacity additions reversing pricing
- Semiconductor de-rating
Bottom Line
A second memory winner, closed on the same discipline. Realized +53.8%.
This note is the opinion of M’Squared Capital and is provided for informational purposes only. It is not investment advice, nor an offer or solicitation to buy or sell any security. Price targets and entry and exit levels reflect the firm’s proprietary views and realized transactions; they are not forecasts of future results. The firm may hold, add to, reduce, or close any position at any time without notice. Past performance is not indicative of future results.