每经AI快讯，2月2日，美股存储板块走强，闪迪涨超10%，希捷科技涨超5%，西部数据涨超4%。 ...

The AI trade has been a profitable one, especially for those who have been capable of navigating the rotations within the sector.James Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth. The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and i ...

格隆汇2月2日｜闪迪美股盘前涨超3%。高盛表示，尽管现货市场出现波动，但DRAM的合约价格不仅 未跌，反而迎来了更猛烈的上涨预期。 ...

来源：滚动播报 闪迪美股盘前涨超3%。 ...

Group 1 - Citigroup raised the target price for SanDisk from $490 to $750 [1]

智通财经APP获悉，国金证券发布研报称，Meta(META.US)2026年全年资本开支指引超预期，闪迪 (SNDK.US)2026第三财季业绩指引超预期。继续看好覆铜板及存储芯片涨价趋势，具有较强的持续性， 从产业链公司陆续公布的营收及利润来看，业绩在持续兑现，看好核心受益公司。整体来看，AI-PCB 及核心算力硬件、苹果产业链及自主可控受益产业链值得关注。 国金证券主要观点如下： Meta预计2026年全年资本支出在1150亿至1350亿美元之间，主要用于数据中心、服务器和网络基础设 施，较25年的约700亿美元CAPEX实现显著增长。国金证券指出，AI对meta自身业务实现了积极帮助， AI改进了推荐算法，直接导致用户在平台上的停留时间增加，新的序列学习模型结合GEM模型，使 Facebook的广告点击率提升了3.5%，Instagram的转化率提升了超过1%，同时得益于推荐质量的提升， Instagram Reels在美国的观看时间同比增长了30%。Facebook的视频观看时间在美国也实现了两位数的 增长。 风险提示：需求恢复不及预期的风脸；AIGC进展不及预期的风险；外部制裁进一步升级的风险。 M ...

29 January 2026 | 9:31PM EST Equity Research SanDisk Corp. (SNDK): Extremely strong guidance clears the most optimistic bar given tight supply conditions - Buy +1(212)357-2929 | jim.schneider@gs.com Goldman Sachs & Co. LLC Anmol Makkar +1(212)357-1366 | anmol.makkar@gs.com Goldman Sachs & Co. LLC Lal Kablan +1(212)357-8793 | lal.kablan@gs.com Goldman Sachs & Co. LLC Luya You Key stock takeaways: We expect the stock to move higher following a quarter and guidance that were far above the Street. We believe in ...

Core Viewpoint - Sandisk has experienced a significant stock increase due to high demand for artificial intelligence infrastructure, leading to a supply shortage in memory chips and storage devices, with a total return of 1,500% since its spin-off from Western Digital [1] Company Performance - Sandisk's stock price increased more than sixfold in 2025 and has more than doubled in 2026, currently trading at $576 per share [1][2] - The company reported a 61% revenue increase to $3 billion in Q2 fiscal 2026, driven by strong sales in the data center segment, and non-GAAP earnings surged 404% to $6.20 per diluted share [9] - Management's guidance for Q3 estimates revenue of $4.6 billion and non-GAAP net income of $13.00 per diluted share, indicating a potential doubling of earnings compared to the previous quarter [10] Market Position - Sandisk is the fifth-largest player in the NAND flash memory market and gained 2 percentage points of market share over the past year, while competitors like Samsung and SK Hynix lost market share [6] - The company benefits from a joint venture with Kioxia, allowing for cost efficiencies and supply chain security through shared R&D and capital expenditures [4] Valuation and Analyst Sentiment - Analysts have raised their target prices for Sandisk following exceptional earnings, with a median target price of $690 per share implying a 20% upside, while the highest target price suggests a 73% upside [3][7] - Wall Street estimates Sandisk's adjusted earnings will grow at 156% annually through the fiscal year ending in June 2027, making the current valuation of 80 times earnings appear reasonable [11] Industry Context - The semiconductor industry is cyclical, with potential for market oscillation between supply shortages and gluts, which could affect Sandisk's future valuation [12]

Core Viewpoint - Bernstein analyst Mark C. Newman raised SanDisk's target price from $580 to $1000, a 72% increase, based on a projected EPS of $90.96 for FY2027, corresponding to a P/E ratio of only 11 times [1][10]. Financial Performance - SanDisk's Q2 FY2026 revenue reached $3 billion, a 31% year-over-year increase, exceeding market expectations of $2.673 billion by 13.2% [2]. - Non-GAAP gross margin expanded to 52.1%, significantly above the market expectation of 42%, and operating margin reached 37.5%, surpassing the expected 24.4% [2]. - Non-GAAP EPS was reported at $6.20, exceeding the market expectation of $3.49 by 77.4% [2]. Margin Expansion Drivers - Margin expansion was driven by a significant increase in average selling price (ASP), which surged over 35% quarter-over-quarter, and a notable reduction in unit costs by approximately 9% [5]. - Factory startup costs decreased to $24 million from $72 million in the previous quarter, contributing to the overall cost reduction [5]. Q3 Guidance and Stock Catalyst - The Q3 guidance is expected to be a major catalyst for stock price increase, with projected revenue of $4.4 to $4.8 billion, indicating a 53% quarter-over-quarter growth [6]. - Non-GAAP gross margin guidance for Q3 is set at 65-67%, which would represent a 1490 basis point increase [6]. - Non-GAAP EPS is projected to reach $12-14, significantly higher than the analyst's base case estimate of $6.5 [6]. Earnings Forecast Adjustments - Earnings forecasts for FY2026 and FY2027 have been significantly raised to $38.92 and $90.96 per share, respectively, with the latter being 188% higher than market consensus [7]. - FY2026 revenue forecast is now $15.145 billion, up 28.8% from previous estimates, while FY2027 revenue is projected at $25.766 billion, a 43.9% increase [11]. Data Center Demand and AI Influence - SanDisk is strategically prioritizing supply allocation to data centers over PC/mobile devices, with data center revenue growing 64% quarter-over-quarter [8]. - Management has raised the outlook for data center demand growth to over 60% by 2026, driven by AI workloads [8][9]. Valuation and Market Position - The new target price of $1000 reflects an EV/FCF multiple of 10.3 times, which is 195% higher than market consensus [10]. - Despite a year-to-date stock increase of 127.2% and over 1100% in the past 12 months, the current valuation remains attractive due to future earnings growth potential [10].

Core Insights - Sandisk Corporation (NASDAQ:SNDK) experienced a significant stock performance, rising by 21.6% week-on-week due to strong financial results, including a 672% increase in net income and a projected revenue increase of 183% for Q3 [1][4]. Financial Performance - Net profit surged to $803 million from $104 million year-over-year, marking a substantial increase [2]. - Operating income rose by 446% to $1.065 billion from $195 million [2]. - Revenues increased by 61% to $3.025 billion from $1.876 billion, with the Edge segment contributing $1.678 billion, consumer segment at $907 million, and data center segment at $440 million [3]. Future Projections - For Q3, Sandisk targets revenues between $4.4 billion and $4.8 billion, indicating an implied growth of 159% to 183% compared to $1.695 billion in the same period last year [4]. - Expected gross margins are projected to be between 64.9% and 66.9% [4].