Shares of SanDisk Corp. soared more than 27% to $349.63 on Tuesday as investors continued to pour money into the flash memory company.
Sandisk began trading at $36 a share last February after spinning off from Western Digital. The stock has since joined the S&P 500 and surged more than 800% from the spinoff, with artificial intelligence boosting demand and prices for solid state drives, or SSDs.
Tuesday was Sandisk's largest single-day jump since Feb. 18, according to Dow Jones Market Data. The stock was the top performer in the S&P 500 on the day.
It wasn't clear exactly what sparked the jump, though Morningstar analyst William Kerwin said that Nvidia's keynote at the CES conference Monday night likely was the main driver. Nvidia discussed a new memory storage platform for its Rubin chip.
"Essentially this would add more SSD storage to AI infrastructure to improve model speed," Kerwin said in emailed comments. "More SSD demand for these systems would imply even tighter supply than we have right now, further boosting SNDK's pricing."
Susquehanna analyst Mehdi Hosseini agreed that Nvidia's commentary was the cause.
Whether Sandisk can sustain its price increases over the long term is another question, though. Kerwin is the lone Wall Street analyst polled by FactSet with a Sell-equivalent rating on Sandisk stock.
Morningstar expects pricing to normalize some time in the next three years, Kerwin said, "which would bring profitability and growth back down to earth."
Sandisk wasn't the only stock in the space making double-digit moves Tuesday. Shares of Sandisk's former parent company Western Digital rose 16.8%, a record closing high and its biggest percentage gain since 2020, according to Dow Jones Market Data. Stock in Seagate Technology PLC Holdings also jumped 14%, to a record close of $330.42.
Western Digital and Seagate make hard disk drives, a type of non-flash data storage. They were two of the biggest winners of the AI boom in 2025.
Upcoming earnings reports from Korean memory peers Samsung Electronics and SK Hynix may also be on investors' minds this week.
The pair are seeking to raise prices for dynamic random-access memory chips, or DRAM, in the current quarter, Korea Economic Daily reported Monday. While Sandisk doesn't make DRAM, the report points to memory suppliers' pricing power. Samsung stock rose 7.5% on Monday and another 0.6% on Tuesday. SK Hynix rose 2.8% on Monday and gained nearly 8% on Tuesday.
"Rising memory semiconductor prices are a global issue and are expected to have some form of impact across the entire industry, not only on Samsung," a Samsung spokesperson told Barron's, declining to confirm Monday's report.
SK Hynix didn't immediately respond to a request for comment.
Samsung reports preliminary fourth-quarter results on Thursday. Revenue and income are expected to surge, partly because of demand for memory. Analysts polled by FactSet expect 25.5% growth in DRAM prices from the third quarter and 14.9% growth in flash memory prices.
SK Hynix reports quarterly results on Jan. 22.
Taiwanese memory supplier Nanya Technology, meanwhile, posted blockbuster December results on Tuesday. Revenue climbed 445% from the prior year. Shares rose 9.9%.
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