智通财经APP获悉，法国巴黎银行表示，随着人工智能(AI)推动内存行业进入"历史性上升周期"，美光 科技(MU.US)和Sandisk(SNDK.US)有望持续受益。该行分析师卡尔·阿克曼(Karl Ackerman)在客户报告 中表示："随着消费级DRAM和NAND TLC现货价格在11月同比分别上涨408%和165%，我们相信 DRAM和NAND正步入可能贯穿2026年的历史性上升周期。我们继续看好内存和存储供应链，不过数据 中心业务占比较高的公司表现会更好。" 来自中国竞争对手的成熟芯片竞争日益激烈，也促使控制着全球约70%的DRAM芯片市场的三星和SK 海力士这两家公司加速向高端芯片转移。这些厂商自2025年初起便陆续调整战略，逐步减少乃至计划在 2025年底至2026年初完全停止DDR4内存颗粒的生产，将产能全面转向利润更高、技术更先进的 DDR5、HBM等产品。 摩根士丹利预计，包括谷歌、亚马逊、Meta、微软和CoreWeave在内的科技巨头，今年将在人工智能基 础设施上投入4000亿美元。而这场AI繁荣，又恰逢传统数据中心和个人电脑迎来新的更新换代周期。 分析师指出，加上手机销量超预期，这共同 ...

PresentationAll right. Welcome back to the Barclays Global Tech Conference. I'm Tom O'Malley, semi and semi-cap analyst here. Very pleased to have David Goeckeler and Luis Visoso from Sandisk. Thank you for joining.Luis VisosoExecutive VP & CFO If I just read the safe harbor quickly. We'll be making forward-looking statements in today's discussion based on management's current assumptions and expectations, including with respect with our product portfolio, business plans and performance, market trends, and ...

SanDisk FY Conference Summary Company Overview - **Company**: SanDisk (NasdaqGS: SNDK) - **Event**: Barclays Global Tech Conference - **Date**: December 10, 2025 Key Industry Insights - **Market Dynamics**: The NAND market is experiencing a significant restructuring post-2023 downturn, with a shift from a focus on price to a focus on supply. Demand is currently prioritized over pricing, indicating a dynamic market environment [6][10][11]. - **Data Center Growth**: The data center market is projected to become the largest consumer of NAND by 2026, surpassing mobile demand, which has been the largest for the past 15 years. This shift is expected to drive substantial growth in NAND consumption [12][18][19]. - **Long-Term Agreements (LTAs)**: There is an increasing interest from major customers in securing long-term agreements to ensure supply stability, reflecting the structural importance of NAND in their business models [25][27]. Financial Performance and Projections - **Gross Margin Outlook**: SanDisk aims for a through-cycle gross margin of 35%, but acknowledges the need to exceed this target to deliver returns for investors. The company has experienced three consecutive quarters below this margin [10][13]. - **Capital Investment Strategy**: The company is committed to making long-term capital investments in fabs and R&D, with a focus on sustainable growth rather than short-term gains. The industry is expected to grow at a mid-teens percentage rate, with SanDisk planning to align its capacity with this growth [17][26][29]. Technology and Product Development - **BiCS8 Transition**: SanDisk is on track with the transition to BiCS8 technology, which is expected to constitute 40-50% of its portfolio by the end of the fiscal year. This technology is crucial for maintaining competitive advantage in the NAND market [34][37]. - **HBF Technology**: The company is developing HBF technology, which aims to address the growing demand for higher bandwidth in AI applications. The first memory die is expected to be available in late 2026, with a controller following in early 2027 [38][42][43]. Market Challenges and Considerations - **Supply Constraints**: There are concerns about potential supply limitations for PCs and smartphones due to the prioritization of data center demands. SanDisk is committed to maintaining a balanced approach across its three key markets: consumer, PC, and data center [32][33]. - **Industry Evolution**: The NAND market is undergoing profound changes, with new demand drivers emerging. The company is focused on understanding these dynamics and adapting its strategies accordingly [24][44]. Conclusion - SanDisk is navigating a transformative period in the NAND industry, characterized by shifting demand dynamics, a focus on long-term supply agreements, and significant technological advancements. The company remains committed to prudent capital management while positioning itself for future growth in a rapidly evolving market landscape [44].

摩根大通给予闪迪"中性"评级，目标价为235美元。该机构认为，尽管闪迪在AI驱动需求与合资成本优势下正处利润高峰，但这更多反映行业周期 性景气，而非结构性改善。 据追风交易台，摩根大通分析师Harlan Sur在12月8日发布的首次覆盖报告中表示，公司的长期盈利能力面临双重制约：一是在快速增长的AI存储 市场中份额仅2-3%，处于跟随地位；二是行业"繁荣-萧条"周期预计将从2027年后重现，随着新产能释放，当前供不应求的局面与高定价能力将逐 渐消退。 报告指出，考虑到闪迪股价今年至今已上涨超过500%，当前的风险与潜在回报已基本匹配。即便预计2025-2026年收入增长显著，盈利与现金流 亦大幅提升，这体现的是行业上行阶段的周期性高点，未来或将随供需平衡转向而逐步回归至长期均衡水平。因此，短期超额利润难以支撑长期 估值提升，可能重回历史性的"繁荣-萧条"周期模式。 AI存储超级周期中的相对弱势 摩根大通指出，闪迪在快速增长的企业级SSD市场中处于相对弱势地位。尽管企业级SSD市场预计将以35%的复合年增长率增长，到2027年达到 约450亿美元规模，但闪迪在该领域的全球市场份额仅为2-3%，远低于其在整体NA ...

本文源自：智通财经网 智通财经获悉，周二，美股存储概念板块集体走低，SanDisk Corp(SNDK.US)跌超4%，西部数据 (WDC.US)、美光科技(MU.US)、希捷科技(STX.US)均跟跌。消息面上，摩根大通分析师Harlan Sur首次 覆盖SanDisk，给予中性评级，并宣布目标价为235美元。 ...

智通财经APP获悉，周二，美股存储概念板块集体走低，SanDisk Corp(SNDK.US)跌超4%，西部数据 (WDC.US)、美光科技(MU.US)、希捷科技(STX.US)均跟跌。消息面上，摩根大通分析师Harlan Sur首次 覆盖SanDisk，给予中性评级，并宣布目标价为235美元。 ...

周二，美股存储概念板块集体走低，SanDisk Corp(SNDK.US)跌超4%，西部数据(WDC.US)、美光科技 (MU.US)、希捷科技(STX.US)均跟跌。消息面上，摩根大通分析师Harlan Sur首次覆盖SanDisk，给予中 性评级，并宣布目标价为235美元。 ...

Gorodenkoff / Shutterstock.com Quick Read The S&P 500 is having a banner year, up 17% and near its all-time high, but the leaders aren’t who you would expect. SanDisk (SNDK) surged 534% in 2025 after spinning off from Western Digital in February. Western Digital (WDC) jumped 275% by focusing on high-capacity HDDs for AI storage. Revenue grew 30% in fiscal Q4. If you’re thinking about retiring or know someone who is, there are three quick questions causing many Americans to realize they can retire ea ...

The year is winding down and the S&P 500 has climbed 17% in 2025, hovering just shy of its all-time high amid robust economic growth and steady corporate earnings. ...

Market Overview - U.S. equity markets opened positively on December 8, 2025, with all three major indexes showing gains, driven by optimism regarding a potential interest rate cut by the Federal Reserve [1] - The S&P 500 opened 0.11% higher at 6,878.27 points, reflecting a year-to-date increase of 12.83% [2] - The Nasdaq Composite rose 0.29% to 23,646.30 points, with a year-over-year growth of 18.72% [3] - The Dow Jones Industrial Average added 0.22% at 47,954.99 points, marking a 6.48% annual increase [4] Upcoming Economic Indicators - Key economic data releases are scheduled for the week, including the NFIB Business Optimism Index, ADP Employment Change, and JOLTs Job Openings [6] - Reports on MBA Mortgage Applications, Employment Cost Index, and Wholesale Inventories will also be released, providing insights into labor market dynamics and inflation pressures [6] Corporate Earnings and Developments - Major companies reporting earnings this week include AutoZone, Oracle, Adobe, Broadcom, Costco, and Lululemon, which could influence their respective sectors [7] - Netflix announced a $72 billion cash-and-stock deal to acquire Warner Bros. Discovery, leading to a drop in Netflix shares by approximately 2.9% while Warner Bros. Discovery shares surged over 5% [8] - Salesforce's stock jumped by 5.3% following strong earnings results, with other tech companies like Alphabet, Meta Platforms, and Broadcom also experiencing gains [9] Notable Stock Movements - Apple shares slipped by 0.7%, while Nvidia eased by 0.5%, contrasting with gains in other sectors such as ULTA Beauty, which rose by 12.65% [10] - Political developments include President Trump's announcement of a "One Rule" executive order for AI regulation, which may impact companies in the AI sector [11] - IQE extended its supply agreement with Lumentum Holdings, and Prudential is considering an IPO for its Indian joint venture, indicating strategic moves in the market [11]