Sandisk (NasdaqGS:SNDK) FY Conference February 25, 2026 06:30 PM ET Company ParticipantsDavid Goeckeler - CEOLuis Visoso - CFOConference Call ParticipantsMark Newman - U.S. IT Hardware AnalystMark NewmanMics on, yeah? Okay, great. Good afternoon, everyone. Great pleasure. Just to remind you, everyone, I'm Mark Newman from U.S. Bernstein's, U.S. IT hardware analyst. Great pleasure to welcome David Goeckeler, CEO of Sandisk.David GoeckelerThank you, Mark.Mark Newmanalso Luis Visoso, CFO.Luis VisosoThank you.M ...

21 February 2026 | 12:05PM EST Equity Research GLOBAL TECHNOLOGY: SEMICONDUCTOR CAPITAL EQUIPMENT Raising 2026/27 WFE estimates, driven by memory and foundry strength Bottom Line: Positive semiconductor CapEx datapoints during 4Q earnings season drive our WFE estimates meaningfully higher. We raise our 2026/27/28 WFE estimates to $132/$160/$174 bn (+20%/+21%/+9%) from $124/$132/$144 bn (+11%/+6%/+9%) previously, reflecting recent CapEx revisions and a more constructive outlook from SPE suppliers. We see mem ...

Global Memory Tech Weekly theme: Rising optimism for 1Q/2Q ASPs and profits; lift global forecasts Industry Overview Memory sales likely to remain upbeat in 1Q and even 2Q Asian tech companies typically operate at reduced levels during the Lunar New Year holidays. Yet, we observed markedly different business activity this week vs Jan or a year ago, as our channel check indicates stronger chip orders, higher contract prices and more active new product development (12-13 Gbps HBM4, PCIe Gen5 eSSD, 1c node DRA ...

Adeia (NasdaqGS:ADEA) Q4 2025 Earnings call February 23, 2026 05:00 PM ET Speaker5Good day, everyone. Thank you for standing by. Welcome to Adeia's fourth quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the call will be open for questions. I would now like to turn the call over to Chris Chaney, Vice President of Investor Relations for Adeia. Chris, please go ahead.Speaker0Good afternoon, everyone. Thank you for joinin ...

Kioxia (KXIAY), the Japanese memory giant that delivered a staggering 540% gain in 2025 as the best-performing stock in the world, just made another big call. On Feb. 11, Kioxia forecast sharply higher demand for NAND memory chips, quickly lifting sentiment across the memory sector. Sandisk (SNDK) jumped more than 8% the same day, pushing AI infrastructure names higher as investors took the news as a sign that demand for data storage remains strong. The reason is pretty straightforward. Many memory analy ...

Core Insights - The report by Global Info Research focuses on the global NVMe-oF storage area network systems market, providing comprehensive analysis and insights into market size, key regions, major manufacturers, and industry trends [1][4] - The global NVMe-oF storage area network systems revenue is projected to reach approximately $9,775 million by 2025 and is expected to grow to $54,273 million by 2032, with a compound annual growth rate (CAGR) of 27.6% from 2026 to 2032 [1][3] Market Size and Growth Potential - The report aims to determine the total market size of NVMe-oF storage area network systems globally and in key countries/regions [3] - It assesses the growth potential of the NVMe-oF storage area network systems market and forecasts future growth for various products and end markets [3] Competitive Landscape - The report analyzes major participants in the NVMe-oF storage area network systems market based on parameters such as company profile, sales volume, revenue, pricing, gross margin, product portfolio, geographic distribution, and key developments [3] - Key companies covered in the report include Dell Technologies, Hewlett Packard Enterprise, Netapp, IBM, Huawei, Hitachi Vantara, Pure Storage, Inspur, Lenovo, Fujitsu, Oracle, Broadcom, Marvell, Micron Technology, Samsung Electronics, Western Digital, Kioxia, Vast Data, Weka, and Lightbits Labs [3][4] Market Drivers and Challenges - The report provides insights into the driving factors, constraints, opportunities, and key developments such as new product launches or approvals affecting the NVMe-oF storage area network systems market [4]

Economic Indicators - The number of Americans filing for initial jobless claims fell by 5,000 to 227,000, compared to the expected 222,000 [2] - U.S. existing home sales decreased by 8.4% month-over-month to a 16-month low of 3.91 million, weaker than the expected 4.16 million [2] - The Consumer Price Index (CPI) rose 2.4% annually, a notable drop from the previous month, with a monthly increase of 0.2% [5] Stock Market Performance - Wall Street's major indices ended in the red, with significant declines in the Magnificent Seven stocks, including Apple (AAPL) down 5% and Tesla (TSLA) down over 2% [4] - Cisco Systems (CSCO) plunged over 12% after reporting weaker-than-expected FQ2 adjusted gross margin and issuing tepid FQ3 guidance [4] - Equinix (EQIX) surged over 10% after issuing strong FY26 guidance, marking it as the top percentage gainer on the S&P 500 [4] Corporate Earnings - Notable companies such as Moderna (MRNA) and Advance Auto Parts (AAP) are set to release their quarterly results [6] - Pinterest (PINS) plunged over 19% in pre-market trading after reporting weaker-than-expected Q4 revenue and issuing below-consensus Q1 revenue guidance [13] - Applied Materials (AMAT) surged over 11% in pre-market trading after posting stronger-than-expected FQ1 results and issuing strong FQ2 guidance [13] International Market Developments - The Euro Stoxx 50 Index is down 0.09% as investors digest fresh corporate earnings reports and await key U.S. inflation data [7] - Eurozone's GDP growth for the fourth quarter stood at 0.3%, in line with preliminary estimates [8] - Spain's annual inflation rate eased more than expected in January, with CPI falling 0.4% month-over-month and rising 2.3% year-over-year [8] Pre-Market Movements - U.S. steel stocks slid in pre-market trading after reports of President Trump's plans to roll back some tariffs on steel and aluminum products, with Steel Dynamics (STLD) down over 4% [12] - Most chip stocks are moving lower in pre-market trading, with Micron Technology (MU) and Intel (INTC) falling more than 1% [12]

Summary of Sandisk Corp (SNDK.O) Conference Call Company Overview - **Company**: Sandisk Corp (SNDK.O) - **Market Cap**: $88,443 million [4] Industry Insights - **Industry**: NAND Flash Memory - **Key Driver**: AI-driven demand is significantly influencing NAND market growth, particularly in data centers and enterprise applications [1][2] - **Supply Constraints**: The company anticipates continued supply constraints, leading to high-teens percentage bit growth in CY26 [2][3] Financial Performance - **Recent Earnings**: Kioxia reported revenue of ¥543.60 billion, exceeding guidance of ¥500-550 billion and FactSet's estimate of ¥540.95 billion [1] - **Non-GAAP Operating Profit**: ¥144.70 billion, compared to guidance of ¥100-140 billion, slightly missing FactSet's estimate of ¥146.99 billion [1] - **4Q Guidance**: Revenue expected between ¥845-935 billion, significantly above FactSet's estimate of ¥648.23 billion; Non-GAAP operating profit guidance of ¥440-530 billion also exceeds expectations [1] Market Outlook - **Demand vs. Supply**: The company maintains that demand will exceed supply due to robust data center demand, with a cautious stance on capital expenditures [2] - **Pricing Environment**: The favorable supply-demand environment is expected to persist through CY26, supporting pricing stability [2] Investment Recommendation - **Rating**: Maintain Buy - **Target Price**: $750, indicating an expected share price return of 25.1% [4] - **Valuation Metrics**: Target price based on 10-11x FY27 EPS, compared to peers trading at 9-10x P/E [6] Risks - **Downside Risks**: 1. Delays in increasing market share in the enterprise segment [7] 2. Deterioration of the macro environment affecting data center spending and AI-PC uptake [7] 3. Supply-demand imbalances leading to pricing volatility [7] Additional Considerations - **Quantitative Risk Rating**: Sandisk is not rated as high risk due to its established market presence and brand reputation [8] - **Peer Comparison**: Sandisk does not have DRAM exposure, unlike most peers, which may provide a competitive advantage [6] This summary encapsulates the key points from the conference call, highlighting Sandisk's market position, financial performance, and outlook within the NAND industry.

12 February 2026 | 11:41PM KST Equity Research APAC Tech: Semiconductors Memory: Kioxia CY4Q25 read-across; strong implied ASP guidance supports our positive outlook for On February 12, Japanese NAND producer Kioxia (covered by Shuhei Nakamura) reported its CY4Q25 (FY3Q25 or December quarter) earnings, and we provide read-across to our covered Korean memory suppliers, SK Hynix (Hynix, Buy) and Samsung Electronics (SEC, Buy). Key takeaways include: 1) Strong implied guidance on CY1Q26 ASP growth, 2) Unchange ...

Core Insights - Wall Street analysts currently favor Pure Storage over Sandisk as a more attractive investment option despite Sandisk's significant stock price increase of 1,560% over the past year due to memory chip supply shortages [1][14] Sandisk Overview - Sandisk is a semiconductor company specializing in NAND flash memory chips and storage solutions for data centers and edge devices, with a key partnership with Kioxia to share R&D and capital expenditures [4] - The company benefits from vertical integration, allowing it to optimize performance and reliability by packaging wafers into chips and assembling them into final products like enterprise SSDs [5] - Sandisk is the fifth-largest supplier of NAND flash memory, having gained approximately 2 percentage points of market share in the past year, which may continue as hyperscalers evaluate its enterprise SSDs [6] - Sandisk reported a non-GAAP earnings growth of 404% in the last quarter, with Wall Street projecting adjusted earnings to increase at 410% annually through June 2027, making its current valuation of 81 times earnings appear cheap [7] Pure Storage Overview - Pure Storage develops all-flash storage platforms with proprietary hardware based on 3D NAND, offering 2 to 3 times better storage density and consuming about half the power compared to traditional SSDs, making them suitable for AI workloads [9] - The company features an Evergreen architecture that allows for continuous hardware and software upgrades, monetized through subscription services that unify storage across public clouds and private data centers [10] - Pure Storage has been recognized as a technology leader in enterprise storage platforms by Gartner, with a strong customer base that includes 63% of Fortune 500 companies [11] - The company reported a non-GAAP earnings growth of 16% in the last quarter, with Wall Street expecting adjusted earnings to increase at 23% annually through February 2027, leading to a reasonable valuation of 40 times earnings [12] Comparative Analysis - Both Sandisk and Pure Storage are seen as attractive investments, but Pure Storage is less exposed to cyclical demand due to its recurring revenue model and less commoditized products [13][15] - Sandisk's recent performance is attributed more to supply shortages rather than a strong competitive position, as evidenced by similar performance in other memory chip stocks like Micron [14]