SanDisk Stock Surges 6% to One-Month High as Memory Chip Stocks Spark Another Bullish Frenzy
SanDisk stock surged 6% to a one-month high of $1,700, leading a broader rally in memory chip stocks including Micron and Western Digital. This momentum follows positive news from SanDisk's Investor Day on August 13, where management outlined a target of 80% Non-GAAP gross margins by fiscal year 2030 and disclosed nearly $94 billion in long-term strategic contracts.
TradingKey - Memory concept stocks continue their strong rally, with SanDisk leading gains by surging 6% to break through the $1,700 mark, hitting a one-month high.
On August 17 Eastern Time, memory chip stocks rose across the board in pre-market trading, with SanDisk (SNDK) performing the strongest, soaring about 6% to break through the $1,700 mark and set a new high since July 15. Meanwhile, Micron Technology (MU), SK Hynix (SKHY), and Western Digital (WDC) all rose about 4%, while Seagate Technology (STX) gained over 3%.
SanDisk stock price chart, Source: TradingView
Last Thursday (August 13), SanDisk released major positive news at its Investor Day, where management unveiled a financial blueprint targeting Non-GAAP gross margins of up to 80% by fiscal year 2030 and disclosed nearly $94 billion in long-term strategic NBM contracts. This stimulated a surge of nearly 14% in its stock price that day, while driving a collective rally in the memory chip sector, which has now logged gains for three consecutive trading days.
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