Buy, Sell, or Hold: SanDisk at $2,184 and Micron at $1,134

1 hour ago 3

Vandita Jadeja

Tue, June 23, 2026 astatine 9:27 AM CDT 4 min read

Quick Read

SanDisk surged 4,586% and Micron 833% implicit the past twelvemonth connected AI representation demand, yet some stocks commercialized importantly supra expert statement targets.
Micron's guardant P/E of 10, a 30% dividend hike, and 81% guided gross margins connection a much defensible valuation level than SanDisk's 35x book.
Gross margins supra 78% historically awesome late-cycle conditions, and a azygous anemic pricing usher connected NAND oregon DRAM could rapidly compress some multiples.
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At $2,184 for SanDisk (NASDAQ:SNDK) and $1,134 for Micron Technology (NASDAQ:MU), some warrant scrutiny. Each has rerated truthful violently connected the AI representation supercycle that fundamentals, nevertheless strong, present person to drawback up to the rally.

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SanDisk is the standalone NAND flash axenic play spun retired of Western Digital successful February 2025. Micron is the lone U.S.-based DRAM and HBM manufacturer, with HBM present the binding constraint connected AI server builds.

SanDisk has climbed 4,586% implicit the past year, portion Micron is up 833%. Both study fiscal quarters that work similar rocket telemetry.

Why the Bulls Keep Adding

Micron conscionable printed $23.86 cardinal successful fiscal Q2 revenue, beating statement by 22.28%, with non-GAAP EPS of $12.20 and a 74.4% GAAP gross margin. Q3 guidance points to $33.5 cardinal successful gross and astir 81% gross margin. The committee lifted the dividend 30%. Forward P/E sits astatine 10 connected those numbers.

SanDisk's communicative is sharper. Q3 FY26 gross grew 251% twelvemonth implicit twelvemonth to $5.95 billion, gross borderline expanded to 78.4% from 22.5%, and the institution retired $650 cardinal of indebtedness to scope zero semipermanent debt. Datacenter gross surged 645% twelvemonth implicit year. Q4 guidance calls for EPS of $30 to $33.

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Why the Bears Are Sharpening Knives

Both stocks commercialized supra sell-side targets. Micron's statement people of $879.10 sits astir 39% beneath spot. SanDisk's $1,751.32 statement implies meaningful downside. Memory is the astir cyclical country of semis, and gross margins supra 78% historically people the late, not early, innings.

Micron's beta of 2.17 and 102 caller insider transactions skewed nett selling hint that those closest to the books are trimming. SanDisk's user conception fell 10% sequentially, a reminder that request extracurricular hyperscalers is uneven, and reliance connected the Kioxia Flash Ventures concern remains a structural risk.

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