Sandisk Stock Is Up 720% in 2026. Is the Rally Still Worth Chasing?

Sandisk, spun off from Western Digital in February 2025, has surged over 5,200% since its separation and 720% in 2026 alone. The company has transformed from a slow-growth memory chipmaker into a high-growth AI play, driven by data center upgrades and its 256TB enterprise SSDs for AI workloads. Despite the massive rally, analysts expect 167% revenue growth and 2,089% EPS growth in fiscal 2026, with the stock trading at only 10-11x forward earnings—suggesting further upside potential if the market rerates it as a high-growth AI chipmaker rather than a legacy memory producer.