Is Micron or Sandisk Better Poised For Upside Through The End of September?

12 hours ago 1

Alex Sirois

Fri, August 14, 2026 astatine 9:57 AM CDT 3 min read

Quick Read

Micron (MU) leads connected HBM AI request with 84.9% gross margins, portion Sandisk (SNDK) jumped 21% aft NAND pricing drove 103% sequential information halfway growth.
CEO Sanjay Mehrotra locked successful level gross margins good beyond anterior rhythm peaks done ~$100B successful contracted gross crossed 16 Strategic Customer Agreements.
Micron's late-September fiscal Q4 report, backed by an 8-quarter bushed streak and a 6x guardant P/E, makes it the higher-conviction clasp arsenic hyperscaler CapEx rises.
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Micron Technology (NASDAQ:MU) and Sandisk (NASDAQ:SNDK) some conscionable posted blowout representation quarters, but for precise antithetic reasons. Micron delivered $41.5 cardinal successful fiscal Q3 gross connected the backmost of HBM and DRAM. Sandisk followed weeks aboriginal with a NAND-only 4th that reset expectations. With Micron reporting again successful precocious September, the near-term setup betwixt the 2 looks sharply different.

Micron Technology Inc.

HBM Carries Micron. NAND Pricing Carries Sandisk.

Micron's 4th was defined by AI memory. Data halfway gross exceeded $25 cardinal successful fiscal Q3, an annualized tally complaint supra $100 billion, and HBM4 shipments already topped $1 billion. CEO Sanjay Mehrotra called representation "a strategical asset" successful the AI era, and the numbers backmost him up: gross borderline deed 84.9% and operating borderline 81.2%.

Sandisk's Q4 was arsenic striking, conscionable narrower successful scope. Revenue reached $8,965 million, driven astir one-third by measurement and two-thirds by pricing. Data halfway gross jumped 103% sequentially. CEO David Goeckeler framed the displacement bluntly: "We closed fiscal 2026 with a starring exertion portfolio, established datacenter arsenic a cardinal maturation pillar, and deepened our lawsuit partnerships."

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Two Contracted Revenue Playbooks, Two Different Ceilings

Lens	Micron	Sandisk
Core Bet	DRAM and HBM4 for AI accelerators	NAND flash for information halfway and borderline
Contracted Revenue	~$100B crossed 16 SCAs	$93.9B minimum crossed 10 NBMs
Next Q Revenue Guide	$50B ± $1B	$10.3B–$10.8B
Key Vulnerability	Heavy capex, lawsuit attraction	NAND pricing cyclicality

Micron's Strategic Customer Agreements present screen astir 20% of DRAM measurement and one-third of NAND volume, with level gross margins Mehrotra says volition tally "well beyond the peaks that we experienced" successful anterior cycles. Sandisk's exemplary rhymes but leans lighter, with $16.5 cardinal successful fiscal guarantees and gross margins targeted "around 80%". The structural difference: Micron controls the DRAM and HBM bottleneck that hyperscaler AI clusters cannot substitute around.

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