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， ...

Group 1 - The U.S. stock market opened with all three major indices rising, with the Dow Jones up 0.21%, the Nasdaq up 0.65%, and the S&P 500 surpassing the 7000-point mark for the first time, setting a new record high [1] - The semiconductor sector led the gains, with Intel rising over 9%, and storage companies also saw significant increases: Seagate Technology up over 16%, Western Digital up over 10%, SanDisk up over 8%, and Micron Technology up nearly 5% [1][2] - Other sectors such as telecommunications services, electrical equipment, and non-ferrous metals also experienced notable gains [2] Group 2 - Texas Instruments rose 5%, with Q1 earnings guidance exceeding market expectations [4] - Starbucks increased by 6.5%, reporting a 4% growth in same-store sales in the U.S. for the first quarter, which was above market expectations [4]

1月28日，美股存储板块盘前大涨，希捷科技盘前涨近10%，西部数据涨超7%，闪迪涨近7%，美光科技涨超4%。 | | | 编 辑 ｜ 钉 钉 2 % 。 ...

The hard disk drive maker's second-quarter earnings are the latest bit of good news for the thriving flash-memory sector. ...

Core Viewpoint - Sandisk stock has experienced a remarkable increase of 1,219% since its IPO, significantly boosting its market capitalization and providing substantial returns to early investors [2][5]. Company Performance - Sandisk's stock was initially priced at $38.50 during its IPO in February 2025 and has surged to $508 by January 28, 2026 [1]. - The company's market capitalization rose from approximately $6.7 billion to over $70 billion due to this stock performance [2]. - An investment of $1,000 at the IPO would have yielded profits of $12,190, illustrating the stock's impressive growth [2]. Recent Trading Activity - As of the latest closing price of $481.43, Sandisk shares increased by 5.52% in the extended session from January 27 to January 28, 2026, resulting in a total value of $12,500 for the initial $1,000 investment, equating to a profit of $11,500 [4]. Company Background - Sandisk, founded in 1988, was acquired by Western Digital in 2016 and spun off again in February 2025, marking its return to the stock market [5]. - The company specializes in flash memory, distinguishing itself from Western Digital's primary hard drive products [6]. Industry Context - The significant rise in Sandisk's stock is attributed to the growing demand for digital infrastructure driven by the ongoing artificial intelligence boom [6]. - Sandisk is currently collaborating with five major hyperscale customers, indicating its strategic positioning within the industry [7].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the U.S. Semiconductors industry, particularly the AI value chain and its implications for various companies involved in hardware and semiconductor verticals [1][2] Core Insights and Arguments - A top-down framework is constructed to dimension the AI upside across sectors from 2025 to 2027, aimed at simplifying comparisons across different companies [2][19] - The analysis updates the breakdown of data center capital expenditures (capex) to reflect rising prices for DRAM and NAND, estimating an increase of approximately $70,000 per rack for server DRAM and $35,000 per rack for storage costs, raising all-in capex from $5.9 million to $6.0 million per rack [3][21] - Incremental revenue estimates per gigawatt (GW) of capacity are derived from market share estimates across nine key hardware/semiconductor verticals, with a regression analysis used to estimate margins on incremental AI revenue [4][23] Company-Specific Insights - **Unimicron and Ibiden** are highlighted as having significant upside potential, particularly in ABF substrate and HDI, with Unimicron expected to benefit from large opportunities [5][27] - **Nvidia (NVDA)** and **Broadcom (AVGO)** are identified as industry favorites, with Nvidia's AI substrate upgrade expected to double content generation [5][27] - **Intel (INTC)** and **Cisco** are noted to have lower exposure to AI opportunities compared to their market prominence, with Intel facing challenges in capturing market share [6][28][31] - **Delta Electronics** is rated as outperforming, with a price target of NT$1,300, benefiting from increased electrical content in AI data centers [13][30] - **MediaTek** is expected to see growth from the TPU ramp, while memory/storage players like **SanDisk**, **Samsung**, **Micron**, **SK Hynix**, and **KIOXIA** are projected to benefit from rapid memory price surges [6][30] Financial Metrics and Valuations - The report includes a detailed ticker table with performance metrics for various companies, including EPS and adjusted P/E ratios, indicating that Unimicron has room for growth while Intel appears expensive relative to its AI opportunities [9][29] - **Nvidia** is rated outperform with a target price of $275, while **AMD** is rated market perform with a target of $225, reflecting high expectations for AI growth [11][12] Additional Considerations - The analysis acknowledges that estimates of AI upside are imprecise and that valuations are influenced by various non-AI factors, suggesting that investors should consider their own assumptions for more accurate estimates [20][26] - The report emphasizes the importance of understanding the nuances of each company's position within the AI landscape, including their ability to adapt to evolving data center requirements [20][30] Conclusion - The semiconductor industry is poised for significant growth driven by AI, with specific companies like Unimicron and Ibiden positioned to capture substantial market share. However, challenges remain for established players like Intel, highlighting the dynamic nature of the sector and the need for careful analysis of individual company prospects [5][6][27][30]

Core Insights - SanDisk (SNDK) shares have surged over 170% in the last three months, reflecting strong market interest driven by AI demand [1] - The company is positioned to benefit from a significant increase in storage demand due to the AI boom, with rising NAND prices as AI data centers and cloud providers require more high-speed storage [2] Financial Expectations - SanDisk's EPS outlook has become notably bullish, with the current Zacks Consensus EPS estimate at $3.54, up over 70% since last November [3] - Revenue expectations for the current fiscal year are also positive, with a projected $11.2 billion, representing nearly 20% growth year-over-year [7] Market Position - The favorable demand environment has led to a Zacks Rank 1 (Strong Buy) for SanDisk, indicating strong market confidence [5][11] - The company is expected to experience massive growth, with consensus expectations indicating a 50% sales growth and a 450% increase in EPS for the current fiscal year [9] Earnings and Volatility - SanDisk's upcoming earnings report is highly anticipated, with expectations for increased volatility post-release due to the stock's rapid rise [8][11] - Despite the significant stock increase, valuation multiples remain reasonable, with shares trading at a 22.8X forward 12-month earnings multiple, below the 2025 high of 42.1X [8]

Core Viewpoint - Sandisk (SNDK) is expected to report second-quarter fiscal 2026 results on January 29, with anticipated revenues between $2.55 billion and $2.65 billion, slightly below the Zacks Consensus Estimate of $2.67 billion. Non-GAAP earnings are projected to be between $3.00 and $3.40 per share, also below the consensus mark of $3.54 per share, which has increased by 9% over the past 30 days [1][9]. Revenue and Earnings Expectations - For the upcoming quarter, Sandisk expects revenues of $2.55 billion to $2.65 billion and non-GAAP earnings per share of $3.00 to $3.40, both figures falling short of consensus estimates [1][9]. - The company has consistently surpassed the Zacks Consensus Estimate in the last three quarters [2]. Technological Advancements - Sandisk, spun off from Western Digital in February 2025, is benefiting from strong demand for NAND storage products, particularly its BiCS8 technology, which accounted for 15% of total bits shipped in the first quarter of fiscal 2026 and is expected to dominate production by the end of fiscal 2026 [4]. - The rapid growth of AI is driving demand for Sandisk's high-capacity, power-efficient SSDs, which are expected to contribute significantly to revenue growth [4][10]. Business Performance - The data center business reported revenues of $269 million in the first quarter of fiscal 2026, reflecting a 26% sequential increase, bolstering Sandisk's competitive position against peers like Western Digital, Seagate, and Micron Technology [5]. - Edge revenues surged 26% sequentially and 30% year-over-year to $1.39 billion, benefiting from the ongoing PC refresh cycle and Windows 11 adoption [6]. Stock Performance - Sandisk shares have increased by 1080.6% over the past six months, outperforming the Zacks Computer Storage industry's return of 97.5% and the broader Computer and Technology sector's appreciation of 15.5% [7]. - Despite strong performance, Sandisk shares are trading at a premium, with a forward 12-month price-to-sales ratio of 5.75X, compared to the industry's 2.33X [8]. Market Trends and Future Prospects - The company is expected to benefit from a transformative shift in the NAND flash memory market, with AI applications driving demand for its products. Investments in data centers and AI infrastructure are projected to exceed $1 trillion by 2030, creating substantial long-term demand [10]. - Growing interest from global hyperscalers and OEM customers in Sandisk's Stargate product line, which focuses on storage-optimized SSDs, is noteworthy. The company is currently qualifying its 128-terabyte drives built on BiCS8 technology with major cloud customers [11]. - The increasing integration of generative AI in PCs and smartphones is expected to enhance Sandisk's prospects, with average smartphone capacity per device projected to grow in the high single digits in 2025 and 2026 [12]. Conclusion - Sandisk is poised to benefit from strong demand for its BiCS8 technology, the ongoing PC refresh cycle, and high-bandwidth flash technology, justifying its premium valuation. The company holds a Zacks Rank 1 (Strong Buy) and a Growth Score of B, indicating a strong investment opportunity [13].

Company Overview - Sandisk Corporation (NASDAQ:SNDK) has shown significant stock market performance, with an increase of 863% since March 2024 and a year-to-date rise of 76% [2]. Analyst Insights - Benchmark raised the share price target for Sandisk Corporation from $260 to $450, maintaining a Buy rating, citing optimism due to the capacity in the NAND market [2]. - Analysts believe Sandisk Corporation could benefit from a deliberate expansion in memory capacity, contrasting with previous cycles that led to oversupply [2]. Market Commentary - Jim Cramer has frequently discussed Sandisk Corporation, advising viewers to sell the stock to take profits due to its substantial price increase [2]. - Cramer highlighted that Sandisk is facing a product shortage that cannot be met, contributing to its stock performance [3].