Twelve stocks in the S&P 500 index have more than doubled in value so far this year. SanDisk isn’t just doubling down. It’s up 558% since the beginning of the year, making it the index’s dominant force and one of the most dramatic individual stock gains in recent memory.
The company trades on the Nasdaq under the ticker SNDK, and its shares have soared to around $990, with some consensus forecasts for the stock to rise further. For context, a 558% return means that every $10,000 you invested at the beginning of the year is worth about $65,800.
What is actually driving this?
SanDisk reported second quarter fiscal 2026 revenue of $3.03 billion, an increase of 61% compared to the same period last year. The company’s full-year sales for fiscal 2026 are expected to be $10.45 billion, an increase of 42% from the previous year.
The wave in this case is NAND flash memory. As AI models become larger and require more data, the demand for high-capacity, high-performance storage has skyrocketed. BofA analyst Mohan cited tight NAND supplies as a key factor in whether SanDisk can capitalize on AI-driven storage demand. When supply is constrained and demand explodes, pricing power follows, leading directly to expanded profit margins.
Nasdaq 100 Catalyst
On April 20, 2026, SanDisk was added to the Nasdaq 100 Index. When a stock joins a major index, all funds that track that index have to buy the stock in line with the benchmark, creating a wave of forced buying that drives up prices.
SanDisk’s trailing 12-month return is approximately 2,500%. Its inclusion in the Nasdaq 100 index poured gasoline on an already burning fire.
Analysts forecast the future
Bank of America has a price target of $1,080, suggesting significant upside from the stock’s recent trading levels of around $990. MarketBeat’s consensus target is more aggressive, at $1,562, suggesting the stock still has about 58% upside potential from current levels.
