Overnight, leading U.S. flash memory company SanDisk saw its stock price surge again, rising approximately 12% for the day. Since 2026, SanDisk's share price has accumulated a staggering increase of nearly 500%. Under non-GAAP measures, SanDisk reported revenue of $5.95 billion for the third fiscal quarter of fiscal year 2026, representing a 97% increase quarter-over-quarter. The company achieved a gross margin of 78.4% during the period, up 27.3 percentage points from the previous quarter, and net profit reached $3.675 billion, a massive 280% increase sequentially.
Industry experts point out that AI training and inference require massive amounts of high-bandwidth memory and high-capacity storage. AI chip giants, led by Nvidia, have almost entirely absorbed the advanced production capacity of major memory manufacturers. This structural shortage has triggered a sharp rise in prices for traditional memory chips, with some models seeing increases exceeding 200% over just six months. Cost pressures are being transmitted along the supply chain, directly driving up prices for end products such as smartphones and automobiles.
Galaxy Securities believes that, influenced by the earnings season, upstream computing infrastructure, particularly domestic computing power, has delivered results that significantly exceeded expectations. Capital is also showing greater preference for sectors and companies with strong earnings certainty and high growth prospects. In the short term, structural divergence is expected to persist, and it is advisable to focus on upstream computing infrastructure with high景气度, especially the domestic computing power industry chain.
In market trading, potentially reflecting the surge in overseas chip stocks, the Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence ETF, which focuses on the domestic AI industry chain, saw its on-exchange price surge another 6% on the first trading day of May, following a strong gain of 6.12% in the previous session, approaching its historical high.
Among its constituent stocks, Montage Technology led the gains, rising 16% to hit a new record high. Ucloud Technology Co., Ltd. rose over 13%, Transwarp Technology rose over 11%, and heavyweight constituent Cambricon Technologies Corporation Limited gained over 9%, continuing to refresh its post-IPO highs. Stocks such as Anlogic Technology and Zhongke Xingtu also followed with gains.
The Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence ETF and its feeder funds focus on the domestic AI industry chain. Its constituents include leading domestic GPU companies, leading domestic ASIC companies, and leading AI application firms. The semiconductor industry accounts for nearly half of its weighting, giving it strong offensive characteristics. The software industry accounts for over thirty percent of the weighting, positioning it to potentially benefit from catch-up rallies in AI applications. Furthermore, this ETF is a margin trading标的, making it an efficient tool for a one-stop allocation to domestic computing power.
Risk Disclosure: The Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence ETF passively tracks the SSE Science and Technology Innovation Board Artificial Intelligence Index. The base date for this index is December 30, 2022, and it was published on July 25, 2024. The index's annual gains/losses for 2023 and 2024 were 12.68% and 32.36% respectively. The composition of the index's constituent stocks is adjusted according to the index compilation rules, and its backtested historical performance is not indicative of future index performance. Individual stocks and index constituents mentioned herein are for illustrative purposes only; descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses the risk level of the Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence ETF as R4 - Medium-High Risk, suitable for aggressive investors and above. Suitability matching opinions should be based on the sales institution. Any information appearing in this article is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to the reader, and no responsibility is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks; the past performance of a fund is not indicative of its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest in funds with caution.
A MACD golden cross signal has formed, indicating positive momentum for these stocks.
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