$SNDK data center revenue has grown 15x in five quarters as QLC NAND becomes the capacity layer needed to support rapidly expanding AI inference workloads. That demand is now backed by ~$94B in contracted revenue, more than four years of visibility, substantial financial guarantees and significant FY27 and FY28 supply already committed. Pricing gains should obviously moderate near term but New Business Model agreements, mid-teens bit growth and rising data center content mean Sandisk can still create value without another margin surge while continuing to reduce its share count.
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