SanDisk 3QF26: No sign of slowdown. Next quarter GM guidance at 79-81%. Interesting thing is New Business Model (NBM) deals (LTA type). $42B RPO across 5 deals, $11B across 3 deals (basically penalties), 1/3rd of FY27 bits locked in under these 5 agreements and could go up to 50%, 1-5 yr contract length and fixed and variable pricing to protect both sides' interests. There is almost no precedent to this in NAND though prepayments are quite common. Will have to see how this works in 1-2 years.
Source: Sravan Kundojjala
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