SanDisk is one of the first companies to implement price hikes and flag NAND supply constraints. The company earlier forecasted NAND demand 'very low double-digits' and mid-to-high double-digits in 2026, outpacing supply. The sustained undersupply will drive price increases. FY26 capital intensity will be slightly above the mid-teens model, driven by BICS 8 ramp. Despite higher bits per wafer on new nodes, cost per bit is growing, forcing SanDisk to look for capital-efficient ways. Lam is either way a winner given its outsized presence in NAND WFE upgrades.
Source: Sravan Kundojjala
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