Sandisk stock (SNDK) has soared over 3,000% since its IPO a year and a half ago.
As Yahoo Finance’s Julie Hyman pointed out on this fourth anniversary of the bull market, Sandisk has had the best performance of any S&P 500 (^GSPC) stock, outrunning Palantir (No. 2, up 2,490%), Vertiv (No. 3, up 2,125%), Nvidia (No. 4, up 1,894%), and Micron (No. 5, up 1,851%).
There’s one caveat to that title: Sandisk’s incredible run is purely a 2025-2026 story. In February 2025, Western Digital (WDC) spun off its flash memory unit, and Sandisk began trading as its own entity at $52 per share, according to Yahoo Finance data.
As of 2 p.m. ET, shares of Sandisk are trading at $1,479, and the company boasts a market cap of over $200 billion. (Sandisk and other chip names are falling on Monday after a memory innovation from a Chinese company.)
1,455.87 -31.46 (-2.11%)
As of 10:26:47 AM EDT. Market Open.
Following Sandisk’s listing, the company benefited from surging demand for NAND data storage technology, driven by the AI data center build-out and companies training generative AI models.
In recent quarters, Sandisk’s data center business has accounted for a quarter to a third of its overall revenue as the AI memory supply bottleneck has given memory makers like Sandisk enormous pricing power.
At the company’s investor day in August, Sandisk’s management shared a bullish outlook for annual revenue growth in the mid-to-high teens between 2028 and 2030. The company also forecast non-GAAP gross margins at about 80%.
Even among other memory stocks, like Micron (MU), Sandisk emerges as a highflier, though Micron’s comparable 979% gain since Sandisk’s IPO date is nothing to sneeze at. Micron produces DRAM and high-bandwidth memory, as well as NAND.
The overwhelming takeaway from this bull market is that the AI build-out is minting the next wave of stock winners.
From Nvidia, which designs the chips and hardware that go into data centers, to Palantir, which produces the software that runs the application layer, to Vertiv, which creates the technology to regulate data centers’ power and temperatures, artificial intelligence has powered this bull market — which coincided with the release of OpenAI’s (OPAI.PVT) ChatGPT.
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