Memory stocks got a much-needed breather on April 1 after a rough stretch. SanDisk (SNDK) climbed roughly 11.3% to around $692.73 by midday, with Micron (MU) close behind at +11.4%.
The catalyst? A bullish note from Cantor Fitzgerald on Micron that spilled over into the broader memory sector.
The memory space had been under pressure after Alphabet revealed its TurboQuant algorithm — a compression tool that could theoretically cut storage requirements and hurt demand for memory chips. That news hit the sector hard in the days leading up to the bounce.
Cantor pushed back on that narrative. The firm argued that TurboQuant isn’t the threat it appears to be, pointing to Jevons paradox: when something becomes more efficient, people tend to use more of it, not less. If Cantor is right, the TurboQuant sell-off may have been an overreaction.
Cantor reiterated Micron as a top pick with a $700 price target following a meeting with Micron’s management team. That vote of confidence was enough to lift the whole sector.
SanDisk isn’t just tagging along for the ride, though. The company raised its fiscal Q3 guidance, now calling for revenue and earnings well above what Wall Street had penciled in. That’s a real fundamental catalyst on top of the sector tailwind.
Citi analyst Asiya Merchant also reiterated a positive view on the stock, backing the idea that earnings growth has more room to run.
Cantor also flagged a geopolitical angle. The ongoing Iran war is creating an energy shortage in South Korea, which is pushing up costs for Korean memory makers. That could give SanDisk and Micron an edge over key competitors like SK Hynix and Samsung.
SanDisk’s manufacturing is based in Asian markets that rely on oil and natural gas from the Strait of Hormuz, so there’s some exposure there too. But the net read is that Korean rivals may be dealing with a bigger headwind.
SanDisk only became an independent company after spinning off from Western Digital in 2025. Since then, the stock is up roughly 168% year-to-date — a run fueled by tight NAND supply, AI-driven storage demand, and rising memory prices.
The NAND market remains tight. AI infrastructure buildouts are eating up storage capacity, and supply hasn’t caught up. That backdrop has been a tailwind for SanDisk’s margins and cash flow.
Traders are watching whether this guidance raise signals that SanDisk is capturing more of the AI and data-center opportunity than the market had assumed.
With the stock at $692.73 and a market cap around $102 billion, SanDisk’s fiscal Q3 guidance update and the fresh analyst support are the most immediate factors in today’s move.
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