這是甚麼東西
01-30 12:40

SanDisk (SNDK) and Western Digital (WDC) have both reported blowout Q2 2026 earnings and strong Q3 guidance, suggesting a robust market cycle, likely driven by AI infrastructure demand. SanDisk was spun off from Western Digital in February 2025 as an independent public company. 

Financial Overview

Both companies exceeded analyst expectations significantly for Q2 and provided blockbuster guidance for Q3. 

SanDisk (SNDK): Reported Q2 revenue of $3.03B and adjusted EPS of $6.20, crushing estimates of $2.67B and $3.49 respectively. It guided for Q3 revenue between $4.4B-$4.8B and EPS of $12-$14, far above consensus estimates of $2.98B revenue and $5.11 EPS. The stock is up significantly after hours.

Western Digital (WDC): Reported Q2 revenue of $3.02B and adjusted EPS of $2.13, beating estimates of $2.93B and $1.93 respectively. It guided for Q3 revenue around $3.2B (midpoint) and adjusted EPS of $2.30, also above analyst expectations. The stock is trading around $278.41 in regular trading as of market close on January 29, 2026. 

Key Insights

Supercycle in Early Innings: The massive beats and exceptional forward guidance from both WDC and SNDK suggest the memory and storage market is experiencing an unexpectedly strong business cycle, with strong demand for high-capacity drives and enterprise SSDs driven by AI infrastructure needs.

WDC vs. SNDK Play: SanDisk's Q3 EPS guidance is significantly higher than WDC's. While both are benefiting from the AI tailwind, the market is aggressively pricing in the strong NAND dynamics for SanDisk. For AI infrastructure exposure now, many analysts have a "Buy" or "Strong Buy" rating on Western Digital, viewing it as potentially undervalued with significant growth potential, though some indicators suggest it may be overvalued. The decision to add exposure now or wait for a pullback depends on an investor's risk tolerance, as technical indicators suggest SanDisk might be in overbought territory.

NAND Market Dynamics: SanDisk's significant margin improvements (non-GAAP gross margin hit 51.1% in Q2, guided to 65-67% for Q3) highlight the tight supply-demand dynamics in the NAND flash memory industry. Western Digital also saw gross margins improve to 46.1%.

SanDisk Independence: SanDisk became an independent, publicly traded company in February 2025, which may provide more focused exposure to the flash memory market compared to WDC's combined HDD and flash business structure (though WDC will monetize its remaining SNDK shares). 

Ultimately, both companies are strong plays in the current AI data-driven economy. SanDisk offers higher potential upside based on current guidance, while Western Digital may offer a safer rerating for investors looking for exposure to enterprise storage broadly. 

SanDisk Jumps 20%! Are We Still Early or Near a Crowded Trade?
SanDisk surged nearly 20% after hours after crushing expectations: Q2 revenue $3.03B vs $2.67B est., adjusted EPS $6.20, and a blockbuster Q3 guide of $4.4–4.8B revenue, $12–14 EPS. Western Digital also beat and raised, with improving margins and strong cash flow. Do blowout beats and strong guides signal the supercycle is still in early innings? After the after-hours spike, is SanDisk still the better upside play—or does WDC offer a safer rerating? In AI infrastructure, would you add storage exposure now or wait for a pullback?
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