SanDisk Corp. (NASDAQ:SNDK) rallied for a third consecutive day on Friday, jumping 11.9 percent to close at $1,740 apiece as investors gobbled up shares ahead of its addition to the S&P 100 index later this month.
As part of its latest quarterly index rebalancing, the S&P Dow Jones Indices announced that SanDisk Corp. will join theS&P 100 beginning September 21, alongside Dell Technologies, Palo Alto Networks, and Arista Networks.
They are set to replace Honeywell Aerospace, Nike Inc., Simon Property Group, and Colgate-Palmolive, which will be dropped from the index on the same date.
The inclusion marks a significant milestone for the memory maker as it could provide greater visibility among institutional and global investors, and potentially propel demand for its shares, as funds that track the S&P 100 would have to reposition their portfolios to mirror its composition.
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Participation in Citi, Goldman Conferences
Index membership aside, the rally can also be attributed to portfolio-positioning ahead of its participation in two symposiums next week.
According to management, SanDisk Corp. is set to take part in the Citi 2026 Global TMT Conference on Tuesday, September 8, and Goldman Sachs’ Communacopia + Technology Conference 2026 on Wednesday, September 9.
The Citi conference is aimed at tackling a number of key topics surrounding AI innovation, including how the broadening enterprise AI adoption is driving infrastructure demand; whether AI is moving beyond pilot projects and becoming embedded in everyday business operations; debates on Edge Computing and Physical AI; its impact on online advertising; and internet usage trends and the rise of agentic commerce, among others.
Hedge Fund Holdings Soar 125%
Institutional investors turned highly optimistic about the stock in the second quarter of the year, as evidenced by the surge in their exposure in the second quarter of the year.
Data from Insider Monkey showed that 128 hedge funds held positions in the stock during the period, up from 114 in the first quarter of the year.
More notably, their combined holdings soared by 125 percent to $25.6 billion from $11.3 billion quarter-on-quarter.
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