Sandisk stock slipped slightly on Wednesday as investors waited for Sandisk Earnings, a move that said as much about expectation as it did about the shares. The company goes into the report with Wall Street looking for revenue of $8.64 billion, adjusted earnings per share of $34.37 and gross margin of 81.5%.
The numbers matter because Sandisk has been one of the market's sharpest AI winners, with memory and storage turning into a bottleneck for data center builds. The stock is up nearly 490% this year and has been the best performer in the S&P 500 since the start of 2026, so even a small dip before results did not erase the size of the run-up.
Investors are also looking past the quarter itself. Analysts expect fiscal first-quarter revenue of $11.16 billion, adjusted earnings per share of $45.58 and gross margin of 83.6%, a set of estimates that implies the business is still moving higher after a strong third quarter. Yahoo Finance AlphaSpace data showed Sandisk's fiscal third-quarter revenue nearly doubled from the previous three-month period, which is why expectations for the next report remain high.
Brian Mulberry said the demand curve for memory had increased 12 times to keep up with the speed of compute and called it a durable trade for the next 12 to 18 months. That helps explain the enthusiasm, but it also frames the pressure on Wednesday's report: Sandisk is already priced like a company that keeps delivering at a faster pace, not one that merely matches the forecasts.
Sandisk spun off from Western Digital in February 2025 and has since become a symbol of the AI infrastructure trade, with Wall Street assigning 25 Buy ratings, 5 Holds and no Sells. The average price target is just north of $2,400, so the real question is not whether demand has improved, but whether the company can keep surprising enough to justify a share price that has already climbed far ahead of the market's usual expectations.
