$Sandisk(SNDK.US)

Holding a position still requires having a logic you believe in.

Last night, I bought 50 shares at around 580 and sold the 0417 670 call. If it doesn't reach 670 by then, I'll earn a premium of 2100 yuan.

The reason for firmly holding SanDisk is that storage is indeed in short supply, and the vigorous development of AI requires even more storage. Google's research content actually better promotes the development of artificial intelligence. The current drop is also due to institutional profit-taking and volatility needs; partially exiting at the highs is the optimal choice.

On the AI battlefield in 2026, SNDK is not an ordinary stock; it is **"wartime hard currency"**.

​1. Valuation Misalignment from "Second-Class Citizen" to "Storage King"

​Before the spin-off in 2025, SanDisk was trapped within Western Digital's (WDC) bulky traditional hard disk drive (HDD) business, and its valuation was consistently discounted.

​Spin-off dividend: After the spin-off in February 2025, SNDK became a pure-play AI flash memory target.

​Explosive power: Its stock price soared from around $40 at the time of the spin-off to over $630+ (a gain of over 1500%), making it the best-performing stock in the S&P 500 in 2025.

​The current golden pitfall: Although it has dropped from $650 to $590, this is only due to war panic and short-term profit-taking at the end of March 2026. The penetration rate of its eSSDs (enterprise solid-state drives) in data centers is in an explosive growth phase.

​2. "Irreplaceability" in the Physical World

​You can use algorithms to optimize some computing power demand (so Google and Microsoft will fall), but you cannot optimize physical storage.

​BiCS8 technology monopoly: 2026 is the mass production year for SNDK's BiCS8 high-stack NAND flash memory. Currently, only three companies in the world can supply this level of storage, and SNDK's cost control is top-tier in the industry.

​Extreme supply-demand imbalance: Institutions predict a 20% capacity gap in the NAND market in 2026. When NVIDIA's R100 chips are performing intense inference, they require massive data throughput, and SNDK is the outlet of that "funnel."