Core Viewpoint - Kioxia Corporation and Sandisk Corporation have extended their joint venture agreements for an additional five years, now running through December 31, 2034, highlighting a long-standing partnership in the flash memory industry [1][2]. Group 1: Joint Venture Extension - The extension of the joint venture agreements at Kioxia's Yokkaichi Plant emphasizes the collaboration between Kioxia and Sandisk, focusing on AI-enabled smart manufacturing and economies of scale for advanced 3D flash memory production [2]. - The joint venture agreement for Kioxia's Kitakami Plant is also aligned with the Yokkaichi agreement, extending through December 31, 2034 [2]. Group 2: Financial Aspects - Sandisk will pay Kioxia USD 1.165 billion for manufacturing services and continued supply availability, with payments scheduled in installments from 2026 to 2029 [3]. Group 3: Strategic Importance - The partnership is viewed as a strategic move to enhance Kioxia's profitability by leveraging economies of scale at the largest flash memory manufacturing facilities [4]. - The collaboration has consistently delivered high-performing, low-cost NAND technology, contributing to the expected growth of the NAND market, projected to reach USD 150 billion by 2026 [5]. Group 4: Commitment to Innovation - Kioxia and Sandisk are committed to maximizing synergies through co-development of 3D flash memory and joint investments, aiming to strengthen their competitive positions in the global memory industry [5].

Exhibit 99.1 Sandisk Reports Fiscal Second Quarter 2026 Financial Results News Summary MILPITAS, Calif. — January 29, 2026 — Sandisk Corporation (Nasdaq: SNDK) today reported fiscal second quarter financial results. "This quarter's performance underscores our agility in capitalizing on better product mix, accelerating enterprise SSD deployments, and strengthening market demand dynamics, all at a time when the critical role that our products play in powering AI and the world's technology is being recognized, ...

Core Insights - Sandisk Corporation reported strong financial results for Q2 2026, highlighting a significant increase in revenue and net income, driven by improved product mix and market demand dynamics [2][3]. Financial Performance - Revenue for Q2 2026 reached $3,025 million, up 31% from Q1 2026 and up 61% year-over-year from Q2 2025 [3][4]. - Gross margin improved to 50.9%, a 21.1 percentage point increase from Q1 2026 and an 18.6 percentage point increase from Q2 2025 [3][4]. - Operating income surged to $1,065 million, reflecting a 505% increase from Q1 2026 and a 446% increase year-over-year [3][4]. - Net income for Q2 2026 was $803 million, a 617% increase from Q1 2026 and a 672% increase from Q2 2025 [3][4]. - Diluted net income per share was $5.15, up 587% from Q1 2026 and up 615% year-over-year [3][4]. End Market Summary - Datacenter revenue increased to $440 million, up 64% quarter-over-quarter and up 76% year-over-year [4]. - Edge revenue reached $1,678 million, a 21% increase from Q1 2026 and a 63% increase from Q2 2025 [4]. - Consumer revenue was $907 million, up 39% from Q1 2026 and up 52% year-over-year [4]. Business Outlook - For Q3 2026, Sandisk expects revenue between $4,400 million and $4,800 million, with gross margin guidance of 64.9% to 66.9% [5]. - Operating expenses are projected to be between $496 million and $532 million [5]. Company Background - Sandisk is a leading developer and manufacturer of data storage devices based on NAND flash technology, providing solutions for various markets including consumer and enterprise [11].

Company Focus - SanDisk has experienced a significant rise in its stock price, rallying approximately 125% this month, with expectations for adjusted EPS of $3.54 and revenue of $2.67 billion driven by AI demand [1][5] - The company is highlighted as a key player in the storage sector, outperforming peers like Micron, Seagate, and Western Digital [4][5] Market Activity - There has been notable trading activity in SanDisk options, with around 125,000 options changing hands prior to earnings [6] - Approximately 60% of the options traded were calls, indicating a bullish sentiment among investors [11] Technical Analysis - SanDisk's stock has shown a strong upward trend, with new highs being reached, making it challenging to identify potential support levels during this rapid climb [7][9] - The five-day EMA is currently around 508, which aligns with the trend line, while the monthly EMA is at 416, serving as another potential support area [8][9]

Core Insights - The company Sandisk is set to report its earnings on Thursday, with a significant focus from investors on the demand for AI-driven NAND products [1] Group 1: Company Overview - Sandisk's upcoming earnings report is anticipated to provide insights into the company's performance in the context of increasing demand for NAND products driven by artificial intelligence [1] Group 2: Industry Trends - The demand for NAND products is being significantly influenced by advancements in artificial intelligence, indicating a potential growth area for the industry [1]

Core Insights - NAND is transitioning from a cyclical commodity to a critical component of AI infrastructure, with structural changes in demand elevating prices and valuations, bringing companies like Kioxia and SanDisk into the spotlight [1][2] - The shift in AI workloads from training to inference is expanding the deployment of SSDs in AI data centers, significantly increasing the procurement scale of NAND flash memory [2] Group 1: Market Dynamics - The demand for NAND is no longer solely dependent on traditional consumer electronics but is increasingly tied to capital expenditures and architectural evolution on the data center side [2] - The rapid expansion of AI infrastructure has created a significant supply gap, prompting data center operators to actively seek a diversified supplier base [2] - According to TrendForce, by Q3 2025, Samsung leads the market with a 32.3% share, followed by SK Hynix at 19.3%, Kioxia at 15.3%, and SanDisk at 12.4%, indicating a rise in influence for Kioxia and SanDisk [2] Group 2: Strategic Alliances - Kioxia and SanDisk have maintained a deep collaboration for over 25 years, operating major NAND production sites in Japan, which are among the largest globally [3] - The companies jointly develop BiCS FLASH 3D NAND technology, currently at its 8th generation, with plans for the 10th generation, featuring over 300 layers, to begin production in 2026 [3] Group 3: Technological Focus - Kioxia primarily supplies large electronic manufacturers in Japan and globally, while SanDisk dominates the consumer storage market and has a strong presence in the enterprise SSD sector in North America and overseas [4] - SanDisk aims to integrate HBF (High Bandwidth Flash) into products from NVIDIA, AMD, and Google by late 2027 to early 2028, offering larger capacities at lower costs compared to HBM [4][5] - Kioxia is focusing on a performance leap in SSDs, planning to launch a new type of hard drive by 2027 that approaches 100 times the speed of current products, in collaboration with NVIDIA for generative AI servers [5] Group 4: Market Expectations - The ongoing demand for NAND driven by AI inference is a central narrative, with Kioxia's market capitalization surpassing 10 trillion yen and SanDisk's aggressive price increase plans reinforcing expectations for NAND's recovery in profitability [6] - Key variables for the next phase include the sustainability of price increases translating into profit improvements, the timely realization of technological advancements like BiCS10 and HBF, and the management of competitive boundaries between Kioxia and SanDisk to avoid internal conflicts [6]

Group 1 - Lee & Man Paper Manufacturing (02314) rose nearly 6% after Nine Dragons Paper announced a profit forecast of approximately 2.15 billion to 2.25 billion yuan for the six months ending December 31, 2025, representing a year-on-year increase of 216.0% to 230.7% [1] - New Oriental Education (09901) increased nearly 4% following the release of its financial results for the second quarter of fiscal year 2026, showing a 14.7% year-on-year increase in net revenue and a 244.4% rise in operating profit [1] - Jolywood (06680) surged nearly 7% as rare earth prices continued to rise, with neodymium and praseodymium oxide prices increasing by over 120,000 yuan per ton [1] Group 2 - Chinese property management stocks saw a significant rise, with Sunac Services (01516) up 5.67% and Greentown Services (02869) up 5.81%, as a report predicted an average revenue growth of 6% for property management companies by 2025 [2] - Valiant Pharmaceuticals (09887) gained nearly 4% after receiving FDA fast track designation for its dual-specific antibody LBL-034 for treating relapsed/refractory multiple myeloma [2] - The commercial aerospace sector showed signs of recovery, with Junda Co. (02865) rising 12.1% as the China Aerospace Science and Technology Corporation emphasized the importance of the next decade for developing a strong aerospace industry [2] Group 3 - Aigo Group (00328) experienced a dramatic drop, falling over 88% at one point, with a total market value dropping below 35 million HKD [3] - China Overseas Development (00688) rose over 4.2% as Citigroup's report indicated that the Chinese real estate sector would face significant impairment and margin decline challenges in fiscal year 2025 [3] - Yuegangwan Holdings (01396) increased by 8% after announcing a share placement to raise 108 million yuan, with about 70% allocated for AI computing power cloud service projects [3] Group 4 - Junda Co. (02865) saw a rise of 11.99% as the China Aerospace Science and Technology Corporation held a meeting emphasizing the need to overcome challenges in commercial rocket launches and reusable technology [4] Group 5 - In the US market, New Oriental (EDU.US) rose 5.32% after reporting a net revenue of 1.191 billion USD for the second quarter of fiscal year 2026, a 14.7% year-on-year increase [5][6] - Semiconductor equipment and materials sector saw gains, with Texas Instruments (TXN.US) up 9.94% as it projected first-quarter revenue between 4.32 billion and 4.68 billion USD, slightly above analyst expectations [5] - Storage sector stocks surged, with Seagate Technology (STX.US) up 19.14% as it projected third-quarter revenue of 2.9 billion USD, significantly higher than analyst estimates [5]

Group 1: Market Performance - Nvidia ranked first in trading volume, closing up 1.58% with a transaction volume of $27.873 billion, amid a general rise in the semiconductor sector [1][9] - Tesla ranked second, closing down 0.10% with a transaction volume of $21.42 billion, reporting Q4 earnings per share of $0.24, down from $0.66 year-over-year, and a revenue of $24.9 billion, a 3.1% decrease year-over-year [1][9] - Micron ranked third, closing up 6.10% with a transaction volume of $17.715 billion, as the storage sector saw a general increase [1][9] Group 2: Company-Specific Developments - Apple closed down 0.71% with a transaction volume of $10.176 billion; only 6% of surveyed iPhone buyers chose the iPhone Air, significantly lower than the iPhone 17 series [2][10] - Intel closed up 11.04% with a transaction volume of $9.673 billion, as it announced a new initiative to match federal funds for employees' children [2][10] - Carvana saw a significant drop of 14.17%, closing at $8.062 billion, with allegations of artificially inflating profits by $1 billion, while its reported net profit for 2023-2024 was approximately $550 million [4][13] Group 3: Financial Results and Forecasts - Tesla's Q4 adjusted earnings per share were $0.50, exceeding the estimate of $0.45, while its free cash flow decreased by 30% year-over-year [1][9] - Seagate Technology's Q2 results exceeded expectations, with a 19.14% increase in stock price and a transaction volume of $6.379 billion, providing a positive outlook for the future [6][14] - Amphenol reported a sales figure of $6.43 billion for Q4 2025, a 49% year-over-year increase, surpassing market expectations [6][15]

Seagate Technology ( NASDAQ:STX ) reported its fiscal second-quarter 2026 earnings yesterday, and the results beat Wall Street expectations on both revenue and earnings per share. ...

BERNSTEIN SOCIETE GENERALE GROUP（以下简称为伯恩斯坦）最新报告维持了对闪迪"跑赢大盘"的评级，并将目标价定为580美元，这意味 着相较于当前约481.42美元的收盘价，仍有20%的潜在上涨空间。 报告认为，当前NAND闪存行业正处在一个由AI需求激增与供给增长放缓共同驱动的强劲上行周期。在此背景下，持续上涨的平均售价为闪迪本 季度的业绩提供了坚实支撑。 伯恩斯坦预计，闪迪第二财季的业绩将再次超越市场普遍预期，而公司对第三财季的业绩指引，则具备极大的上调可能，这可能成为本次财报的 最大看点。 行业上行周期加持：AI 引爆需求，供给持续收紧 本轮NAND存储行业上行周期的核心驱动力在于供需两侧的结构性变化。需求端，人工智能应用爆发持续拉动数据存储需求，市场对存储产品的 预期因英伟达Vera Rubin平台等相关技术进展而被进一步推高。供给端，行业整体产能扩张受限，新增供给稀缺，导致供需缺口持续存在，直接 推动NAND闪存价格进入明确的上升通道。 更早的2025年11月6日，闪迪给出的2026财年第二季度非GAAP每股收益指引为3.0至3.4美元，同样大幅高于市场预期的1.99美元， ...