What smart money is saying about SanDisk
SNDK · Technology · Computer Hardware · Market cap $247.90B
6 funds in our archive have pitched SanDisk, most recently Malborough US Focus Fund in October 2026.
Company profile
SanDisk Corporation specializes in designing, manufacturing, and supplying storage solutions and devices leveraging advanced NAND flash technology. Its diverse product line features solid-state drives (SSDs), embedded memory solutions, removable memory cards, universal serial bus (USB) devices, and underlying wafers and components. Founded on June 1, 1988, the company maintains its principal executive offices in Milpitas, California.
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Fund signal · last 12 months
15 lettersMore funds are buying than selling
+5
Net flow
8 buys · 6 new positions · 73%3 sells · 1 full exit
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q1 2025 and Q4 2026, 16 fund letters reported a position in SanDisk, with 9 buys (opened or added) and 3 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 1 | 1 | 0 | 1 |
| Q3 2026 | 2 | 2 | 0 | 2 |
| Q2 2026 | 11 | 4 | 3 | 3 |
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q1 2025 | 1 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 16 positions · 13 moves
- New positionMalborough US Focus FundOctober 2026
“During the third quarter, we made several changes to the portfolio where we saw better opportunities for future growth. In September, we added a new position in the information technology sector with SanDisk, one of the largest manufacturers of storage devices, with solutions focused entirely on NAND flash memory.”
SanDisk - New positionAristotle Atlantic Core Equity StrategySeptember 2026
“Buys SanDisk We initiated SanDisk as a complementary picks-and-shovels investment opportunity tied to the AI memory bottleneck, with NAND flash memory and solid-state storage now capacity-constrained inputs for AI data center expansion.”
SanDisk - September 2026
“Sandisk (-24%), where we more than doubled our holding, completes the set: revenue rose 372% to $8.97 billion at a gross margin of 84.6%, in a NAND business whose gross margin was 26.4% a year ago.”
SanDisk - New positionMD SASS Concentrated ValueJune 2026
“We also initiated smaller positions in Entegris (ENTG), Qnity Electronics (Q), and Sandisk (SNDK), each of which represent less than 3% of the portfolio.”
SanDisk - June 2026
“NVIDIA, Micron, Broadcom, AMD, Applied Materials, Seagate, Western Digital, Corning, SiTime, TSMC, ASML, and Sandisk were among the positions that contributed to the quarter’s technology-led gains.”
SanDisk - New positionAristotle Atlantic Focus Growth StrategyJune 2026
“Sandisk We initiated Sandisk as a complementary picks-and-shovels investment opportunity tied to the AI memory bottleneck, with hard disk drives and flash memory now capacity-constrained inputs for AI data center expansion.”
SanDisk - June 2026
“Contributors: Memory, long the most brutally cyclical corner of technology, has become its tightest bottleneck, and that reversal defined the quarter. SK Hynix (+230%) and SanDisk (+164%) together contributed more than six percentage points to returns. Inference does not just consume logic: every agentic query drags high bandwidth memory and storage with it, and two years of supply discipline have collided with a step change in demand. We wrote last quarter that companies sitting on the most acute bottlenecks reap outsized rewards; memory is now the clearest 3 expression, with SK Hynix the leader in the high bandwidth memory feeding AI accelerators and SanDisk a prime beneficiary of NAND pricing power. We banked the gains, exiting both before the quarter closed.”
SanDisk - June 2026
“Discipline matters after 3 moves of this scale: triple digit re-ratings narrow the gap between price and value, and we acted, cutting our unit holdings in SanDisk by roughly three quarters and in Micron, SK Hynix and Kioxia by more than half, banking substantial profits while keeping meaningful exposure.”
SanDisk - New positionParnassus Investments Growth Equity FundJune 2026
“We continue to maintain a portfolio balanced between offense and defense. We have taken advantage of ongoing market volatility to selectively participate in secular trends at attractive valuations in AI beneficiaries including hyperscalers, semiconductors and data center and energy infrastructure. Due to the market concentration in mega-cap technology companies, the portfolio’s largest absolute weight continues to be the Information Technology sector, where we have an underweight position relative to the Russell 1000 Growth Index. The portfolio’s largest active weights relative to the Russell 1000 Growth are in Health Care, Communication Services and Materials. The portfolio has no exposure to Energy or Real Estate. We made several position changes during the quarter, selling six positions and adding five new ones. We also adjusted several position sizes in response to the Russell 1000 Growth Index reconstitution. In the Health Care sector, we see compelling long-term idiosyncratic growth opportunities in drug discovery, diagnostics and medical innovation. During the quarter, we added Twist Bioscience, a biotechnology company with a proprietary silicon-based DNA synthesis platform, and Revolution Medicines, developer of a promising new drug for pancreatic cancer. Other positions added during the quarter included Sandisk, a leader in flash memory solutions; Comfort Systems, a mechanical, electrical and plumbing contractor, which provides key labor for AI infrastructure build-out; and Lumentum, which makes optical products used in AI data center networking.”
SanDisk - June 2026
“Discipline matters after moves of this scale: triple digit re-ratings narrow the gap between price and value, and we acted, cutting our unit holdings in SanDisk by roughly three quarters and in Micron, SK Hynix and Kioxia by more than half, banking substantial profits while keeping meaningful exposure.”
SanDisk - June 2026
“Contributors: Memory, long the most brutally cyclical corner of technology, has become its tightest bottleneck, and that reversal defined the quarter. SK Hynix (+230%) and SanDisk (+164%) together contributed more than six percentage points to returns. Inference does not just consume logic: every agentic query drags high bandwidth memory and storage with it, and two years of supply discipline have collided with a step change in demand. We wrote last quarter that companies sitting on the most acute bottlenecks reap outsized rewards; memory is now the clearest expression, with SK Hynix the leader in the high bandwidth memory feeding AI accelerators and SanDisk a prime beneficiary of NAND pricing power. We banked the gains, exiting both before the quarter closed.”
SanDisk - New positionAristotle Atlantic Large Cap Growth StrategyJune 2026
“Sandisk We initiated Sandisk as a complementary picks-and-shovels investment opportunity tied to the AI memory bottleneck, with hard disk drives and flash memory now capacity-constrained inputs for AI data center expansion.”
SanDisk - June 2026
“YTD Attribution4 1. Our underweight position in Information Technology was the primary detractor to performance in the quarter as it has been the best performing sector within the Russell Midcap® Value benchmark, up more than 80 percent year to date. In particular, the Technology Hardware, Storage & Peripherals industry was up more than 260 percent through the end of the second quarter of 2026, led by strong price appreciation in Sandisk Corporation (SNDK), Western Digital Corporation (WDC), and Hewlett Packard Enterprise Co. (HPE), none of which we owned.”
SanDisk - June 2026
“The top contributors to relative performance in the period were Bloom Energy, Sandisk Corp, and DigitalOcean Holdings.”
SanDisk - March 2026
“Results and guidance from memory supplier SanDisk came in significantly ahead of expectations as demand from data centres pushed prices for NAND memory sharply higher. The NAND industry was loss making just a few quarters back, so plans to increase capacity were scrapped. As a result, memory supplies are now very tight. We initiated our holding last year after meeting the company in the US. Whilst we have been taken some profits following the substantial appreciation in its share price, we expect demand for NAND memory, which is vital to the AI buildout, to remain strong.”
SanDisk - New positionParnassus Mid Cap Growth FundMarch 2025
“Bought (Spun-off) SanDisk Corp. SNDK Information Technology SanDisk is a global leader in data storage solutions using flash memory technology.”
SanDisk
Also mentioned · 33
These funds discuss SanDisk as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedBristlemoon Global FundSeptember 2026
“The Bristlemoon Global Fund returned -8.4 percent for the September 2026 quarter, with a -5.9 percent return for the month of September 2026, net of fees. Key performance contributors in the month of September included ASML, Sandisk, and Lam Research.”
SanDisk - September 2026
“Over the last few years, we have observed a number of stocks on multiple occasions with meaningful weight in the Russell Midcap® Value Index that bear little resemblance to the classic value businesses we have bought and sold over time. Recent examples include Robinhood Markets, Inc. (HOOD), Strategy Inc (MSTR) (formerly MicroStrategy Inc.), Coinbase Global, Inc. (COIN), Western Digital Corporation (WDC), and Sandisk Corporation (SNDK), among others.”
SanDisk - September 2026
“1. Our underweight position in Information Technology was the primary detractor to performance as it was the best-performing sector this in the first half of the year within the Russell 3000® Value benchmark, up almost 90 percent year to date. In particular, the Technology Hardware, Storage & Peripherals industry was up more than 315 percent through the end of the third quarter and the Semiconductors & Semiconductor Equipment industry was up almost 140 percent. This has been led by strong price appreciation in Sandisk Corporation (SNDK), Western Digital Corporation (WDC), Micron Technology, Inc. (MU), and Intel Corporation (INTC), none of which we owned.”
SanDisk - September 2026
“The One Hit Wonder One name in particular, Sandisk Corporation (SNDK), single-handedly drove up the small/mid and mid cap value benchmarks—returning an astonishing +780.7% in the first half of the year before being jettisoned by these same indices during the reconstitution on June 26, 2026. Sandisk’s stunning move contributed +5.59% of the Russell 2500 Value Index’s +24.16% year-to-date (YTD) gain through June 30, 2026. This one name accounts for 523 basis points of the Ariel Small/Mid Cap Value portfolio’s 1,025 basis point shortfall YTD as of June 30, 2026 (gross of fees) against the Russell 2500 Value Index; and 265 basis points of the Ariel Mid Cap Value portfolio’s 234 basis point miss YTD as of June 30, 2026 (gross of fees) versus the Russell Midcap Value Index. Given the high obsolescence risk, we would never own this name. Additionally, its deep cyclical, commodity-like characteristics lack the consistency we seek. In addition, Sandisk’s size sits well beyond our small, small/mid and mid cap value guidelines. At the end of 2025, Sandisk had a $35 billion market cap. In six short months, this number ballooned to a staggering $337 billion before it graduated out of the small/mid and midcap benchmarks altogether on June 26, 2026. Adding insult to injury, soon after outgrowing the smaller company indices, Sandisk shares plummeted -47% in July which means the distorted index results caused by its meteoric rise were never impacted by its fall. Moreover, with its now modest weight and market cap relative to its mega cap counterparts, the stock’s subsequent drop barely put a dent in the large-cap index. Even before Sandisk’s surge, the benchmark makers had acknowledged the unintended effect of these unusual circumstances. Starting this December, Russell will reconstitute its indices twice a year to shorten the window in which a name can outgrow its benchmark while still dominating it.3 For illustrative purposes only. Stock presented is not currently held in the portfolio but is shown as an example of how quickly a stock can rise in market capitalization and be reclassified into a larger benchmark.”
SanDisk - MentionedBronte Capital Amalthea FundJuly 2026
“Year to date Micron has tripled. Sandisk is up 850%.”
SanDisk - MentionedMontaka Global (Montaka Global FundJune 2026
“The most significant characteristic of this annual performance was an extreme, narrow contribution from a small group of historically cyclical stocks. Metals & mining stocks rose 60%1 on average, while semiconductor stocks rose 170%2 on average. One stock, Sandisk, rose more than 4,900% over the 12 months!”
SanDisk - MentionedGuinness Global Equity Income FundJune 2026
“Memory stocks are not only leading the sector but doing so in a way that has been overwhelmingly earnings-driven rather than reliant on multiple expansion. SK Hynix, Samsung, Micron, Kioxia and Sandisk have seen some of the largest positive earnings upgrades across the sector, reflecting a much more favourable profitability outlook.”
SanDisk - MentionedGuinness Global Quality Mid Cap FundJune 2026
“• Whilst IT was the best-performing sector, providing a positive contribution to the fund from an allocation perspective, this was somewhat offset by what we didn’t own. Not owning the memory chip producer SanDisk (+54.6% in the month) was a drag, while relative weakness from our IT holdings after some very strong performances so far this year also created a drag.”
SanDisk - June 2026
“For example, SanDisk, a manufacturer of flash memory storage products, gained more than 200% during the quarter and contributed more than two percentage points to the index's return,”
SanDisk - MentionedHosking PartnersJune 2026
“We are experiencing one of the biggest momentum markets in the modern history of equities. AI spending beneficiaries have produced 85% of the market's return this year. Based on analysts' expectations, they will generate nearly half the S&P 500's earnings growth this year, and four stocks - Nvidia, Micron, Broadcom, and Sandisk - will account for 40 percentage points of that.”
SanDisk - June 2026
“Many semiconductor stocks, and other parts of the AI complex, such as hardware and storage, recorded returns in excess of 100%. Micron, Intel, and SanDisk—which together comprised a Russell 1000 Value weight of more than 4%—each more than tripled during the quarter.”
SanDisk - June 2026
“The company also remains closely tied to SanDisk through long-running NAND manufacturing partnerships, including the Yokkaichi joint venture.”
SanDisk - MentionedAntipodes Global SMID Active ETFJune 2026
“Not owning SanDisk (+257%) cost the Fund approximately 0.9% of alpha, an example of the cost of opportunities missed within these industries.”
SanDisk - MentionedHosking Partners StrategyJune 2026
“We are experiencing one of the biggest momentum markets in the modern history of equities. AI spending beneficiaries have produced 85% of the market’s return this year. Based on analysts’ expectations, they will generate nearly half the S&P 500’s earnings growth this year, and four stocks – Nvidia, Micron, Broadcom, and Sandisk – will account for 40 percentage points of that. (1) In this environment, the strategy underperformed”
SanDisk - MentionedBlue Whale Growth FundJune 2026
“Company: Sandisk Sector: Technology Company Size: $337bn Capturing the AI era’s explosive content boom The arrival of the AI era has unleashed an unprecedented wave of content creation. As generative AI produces massive volumes of high-fidelity video, imagery, code, and text at lightning speed, the demand for reliable, high-capacity data storage has skyrocketed. Solid-state memory is the essential infrastructure capturing and retaining this digital explosion. SanDisk holds a premier position in advanced flash memory, providing the robust, high-density storage solutions required to house the staggering output of modern AI applications.”
SanDisk - MentionedBaillie Gifford US Equity GrowthJune 2026
“Performance The portfolio delivered strong low-double-digit absolute returns this quarter but lagged the S&P 500 and Russell Growth indices. The attribution shows that the market has shifted from one form of narrow leadership to another: from the Magnificent Seven in 2023 and 2024 to semiconductors and memory today. Not owning memory companies such as Micron and Sandisk, whose share prices rose sharply (in the range of 200 percent plus in just three months), detracted from relative performance.”
SanDisk - June 2026
“Market Overview After a challenging first quarter that saw the S&P 500 Index decline 4.3%, markets rebounded sharply in the second quarter. The S&P 500 climbed 15.2%, driven by a surge in information technology (IT) stocks, particularly semiconductor stocks, which soared 44.0%. The ClearBridge Dividend Strategy rose nicely but lagged the exuberant gains of S&P 500 mainly due to our lower technology exposure. While no one likes to trail in sharp market rallies, diversified dividend growth portfolios tend to lag in these narrow, momentum driven markets. Our research shows, however, that these periods tend to be followed by periods of broader market participation in which diversified dividend-growth portfolios shine. Semiconductor memory stocks were the standout performers. Shares of Micron, the largest producer of storage chips, skyrocketed 240%, adding over $900 billion of market cap — more than the entire market capitalization of Exxon Mobil, Johnson & Johnson or JPMorgan Chase. Our underweight to Micron and a select group of other non-dividend- paying data center plays, like Advanced Micro Devices, Intel and SanDisk, were the largest drivers of our relative underperformance.”
SanDisk - June 2026
“The Midcap Value portfolio underperformed the Russell Midcap Value Index in the second quarter of 2026 (gross and net of fees). Technology and energy explain all of the underperformance. The strategy did not own the technology hardware and semiconductors that led the index: the hardware and storage group, a roughly 10% benchmark weight, returned +84% and the semiconductor group, a 3% weight, returned +51%. Our overweight in energy detracted as oil retreated sharply. Stock selection in healthcare was the largest positive contributor in the quarter. LARGEST INDIVIDUAL DETRACTORS – 2Q26 SanDisk was among the largest detractors because we did not own it and returned well over +100% as a constituent of our benchmark.”
SanDisk “Information technology led the global rally, with the Technology Hardware sub-sector within the MSCI Smaller Companies Index delivering a remarkable 900% return - though this was driven overwhelmingly by a single stock, SanDisk (SNDK.US), which rose roughly 4,900% over the period, underscoring just how narrow that reported return really was.”
SanDisk- June 2026
“Information technology led the global rally, with the Technology Hardware sub-sector within the MSCI Smaller Companies Index delivering a remarkable 900% return - though this was driven overwhelmingly by a single stock, SanDisk (SNDK.US), which rose roughly 4,900% over the period, underscoring just how narrow that reported return really was.”
SanDisk - June 2026
“The single largest detractor from relative performance was a stock we did not own: SanDisk, a large benchmark constituent that sits outside our market-capitalization range, rallied sharply over the quarter, and our lack of exposure weighed on results.”
SanDisk - June 2026
“SanDisk (not owned in the portfolio)”
SanDisk - MentionedOakmark FundJune 2026
Named in a table in Oakmark Fund’s letter.
SanDisk - June 2026
“Intellectual honesty requires us to address the primary driver of Russell 2500 Value performance in 2026 that was absent from our portfolio: SanDisk (SNDK). Spun off from Western Digital in February 2025, this NAND flash memory company appreciated approximately 720% year-to-date and roughly 4,000% over the trailing twelve months. At its peak, SanDisk comprised nearly 5% of the Russell 2500 Value Index and accounted for an estimated 6% of the index's year-to-date 2026 return. All driven by a single stock. The fundamental story is real. AI data centers require enormous quantities of high-performance NAND flash storage. We did not own SanDisk.”
SanDisk - MentionedBrown Advisory U.S. Value FundJune 2026
“No two quarters are ever the same in the market, but the second quarter of 2026 was one of the most unique three-month periods we can remember. During the first quarter investor fears around the potential long-term disruption from artificial intelligence (AI) rippled across various sectors of the market and called into question the terminal value of some business models. Fast forward to the second quarter, and many of those fears reversed course with investor excitement around accelerated capex spending tied to artificial intelligence driving some of the biggest sector and individual large cap moves we can ever remember witnessing. Just three months ago we wrote about the strength of the Energy sector, with a 38% total return during the first quarter vs a 2% return for the Russell 1000® Value Index overall. Amazingly those energy numbers seem almost ordinary after the Information Technology sector saw a return >80% during the second quarter vs a 13.8% return for the Index. In what is typically reserved for speculative small cap stocks during bouts of market euphoria, large cap companies such as Micron, Intel and Sandisk all saw returns of >210% in the 90-day period, adding hundreds of billions of dollars of collective market cap.”
SanDisk - MentionedHamlin Capital Management Equity and High Yield Municipal Bond StrategiesJune 2026
“Stocks exposed to the AI-driven surge in demand for memory and CPUs rose significantly, with Micron, Intel, and SanDisk all up over 200% in the quarter and accounting for nearly 5% of Value's quarterly return.”
SanDisk - MentionedCopeland Capital Management Dividend Growth StrategyJune 2026
“The three stocks mentioned are SanDisk, Bloom Energy, and Ciena Corp.”
SanDisk - June 2026
“• SanDisk (SNDK), engages in the development, manufacture, and provision of storage devices and solutions based on NAND flash technology. Its products include solid state drives, memory cards, and USB flash drives. The stock rallied during the quarter on improving memory cycle sentiment and AI‑driven storage demand. The portfolio did not own the position which resulted in a drag on relative performance versus the benchmark.”
SanDisk - June 2026
“Similar to recent quarters, the Fund’s technology exposure— companies we do not own, and to a lesser extent, companies we do own—continued to be the most notable detractor from relative performance. However, the magnitude was even greater with the sector driving a majority of the Fund’s underperformance in 2Q26. Not having exposure to a wide range of technology companies benefiting from AI-related capital expenditures, such as Micron, Sandisk, Western Digital and many others, was a very meaningful headwind to relative performance.”
SanDisk - MentionedDiamond Hill Large Cap FundJune 2026
“Similar to recent quarters, the Fund’s technology exposure— companies we do not own, and to a lesser extent, companies we do own—continued to be the most notable detractor from relative performance. However, the magnitude was even greater with the sector driving nearly all the Fund’s underperformance in 2Q26. Not having exposure to a wide range of technology companies benefiting from AI-related capital expenditures, such as Micron, Sandisk, Western Digital and many others, was a very meaningful headwind to relative performance.”
SanDisk - MentionedScharf Investments Quality Value StrategyJune 2026
“The earnings trajectories for other leading semiconductor companies including Samsung, SK Hynix, Sandisk, and AMD are similar.”
SanDisk - June 2026
“The sound of bagpipes in Boston from Scotland’s Tartan Army will live long in the memory. Unfortunately, Scotland’s campaign is just that: a memory. And memory defined the quarter in US equities. High-bandwidth memory became the market’s hottest bottleneck. AI compute demand overwhelmed fixed supply, prices surged and sent companies like Micron and Sandisk up to 200% and beyond.”
SanDisk - MentionedHL Global Small Companies EquityMarch 2026
Named in a table in HL Global Small Companies Equity’s letter.
SanDisk
Fund coverage · 6 theses
- Malborough US Focus FundOctober 2026
SanDisk is seen as an AI beneficiary thanks to growing NAND flash demand from inferencing, with more predictable demand and margin improvement potential.
Read the full thesis - Liontrust GF Global Technology FundSeptember 2026
Sandisk's NAND business saw revenue surge 372% with 84.6% gross margins and long-term contracts providing multiyear visibility.
Read the full thesis - Aristotle Atlantic Core Equity StrategySeptember 2026
SanDisk is positioned as an AI storage and NAND picks-and-shovels beneficiary with pricing power, durable margins, and valuation upside.
Read the full thesis - Blue Whale Growth FundJune 2026
Sandisk is positioned to benefit from surging AI-driven demand for high-capacity, durable flash storage.
Read the full thesis Sandisk is a picks-and-shovels play on the AI memory bottleneck, with constrained supply, pricing power, and customer contracts supporting upside.
Read the full thesis- Liontrust Global Technology FundJune 2026
SanDisk benefits from AI-driven NAND demand, explosive margin expansion, and the return of multiyear supply contracts with strategic customers.
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