September 22, Rosenblatt first initiated coverage of $SNDKB with a Buy rating and a target price of $2,400. That day the stock rose 6.8% to $1,887, and so far this year it has climbed by about 650%.
The logic is that NAND’s role has changed: Analyst Kevin Cassidy believes that as AI models get larger and inference workloads heavier, buyers are less focused on the lowest price and instead look at storage density, performance, and supply certainty. The support comes from the BiCS8 and BiCS10 3D NAND platforms, as well as “new business model” agreements with eight major customers—covering about 65% of FY2028 production capacity.
The industry backdrop is also helping: Wall Street expects the average prices of storage chips in Q3 2026 to rise quarter over quarter by more than 20%, and the DRAM and NAND shortages may persist into 2027.
I tend to think: long-term supply contracts locking in capacity are the biggest difference in this cycle and compared with the past. NAND for the first time has a bit of “anti-cyclical” flavor. But after it has risen sixfold, can you really trust that long-term contracts will change the cyclicality of memory storage?
The logic is that NAND’s role has changed: Analyst Kevin Cassidy believes that as AI models get larger and inference workloads heavier, buyers are less focused on the lowest price and instead look at storage density, performance, and supply certainty. The support comes from the BiCS8 and BiCS10 3D NAND platforms, as well as “new business model” agreements with eight major customers—covering about 65% of FY2028 production capacity.
The industry backdrop is also helping: Wall Street expects the average prices of storage chips in Q3 2026 to rise quarter over quarter by more than 20%, and the DRAM and NAND shortages may persist into 2027.
I tend to think: long-term supply contracts locking in capacity are the biggest difference in this cycle and compared with the past. NAND for the first time has a bit of “anti-cyclical” flavor. But after it has risen sixfold, can you really trust that long-term contracts will change the cyclicality of memory storage?