2. Sandisk Corporation (NASDAQ:SNDK)
Having reached its all-time high of $1,153.00 on May 1, 2026, Sandisk Corporation (NASDAQ:SNDK) secured a spot on our list of the 7 tech stocks that just hit new all-time highs. The company had been making important strategic moves in the background before that surge, taking the stock 558.16% higher in 2026 so far, as of May 8, 2026.
The year began with Sandisk and Kioxia agreeing to continue their Yokkaichi and Kitakami plant joint ventures in Japan for five additional years through 2034. Sandisk Corporation (NASDAQ:SNDK) pledged over $1.165 billion in manufacturing payments through 2029 to get 3D flash supply ready in advance for the next decade.
Meanwhile, February saw the company strengthen its presence in high-performance consumer storage with the launch of a new lineup of portable SSD products. The portfolio is led by the Extreme PRO, the highest-end model, which delivers up to 4,000 MB/s. These products are designed to serve demanding users like AI creators and professionals.
In the same month, SanDisk Corporation (NASDAQ:SNDK) and SK Hynix announced plans to develop and standardize a new memory technology, High Bandwidth Flash, that bridges HBM and SSD technologies. The initiative will be carried out through a consortium launched under the Open Compute Project, with initial samples of this technology expected in the second half of this year, and early device integration targeted for early 2027.
That backdrop set the stage for a strong earnings beat and guidance, released on April 30, 2026.
For the third quarter of 2026, the company’s reported revenue of $5.95 billion (+251% YoY) surpassed management guidance of $4.4 to $4.8 billion. Datacenter revenue, up 645% YoY to $1.47 billion, contributed heavily to that top-line growth, further driving non-GAAP gross margin to 78.4% and non-GAAP EPS to $23.41. Management had guided for EPS of $12 to $14 per share.
With the balance sheet remaining debt-free and free cash flow reaching $2.99 billion, management looks ahead with optimism, guiding Q4 revenue to $7.75 to $8.25 billion and non-GAAP EPS to $30 to $33.
As management signaled the acceleration is far from over, Bernstein drew confidence from the company’s stronger-than-expected performance, raising its price target on SanDisk Corporation (NASDAQ:SNDK) from $1,250 to $1,700. Further citing the robust near-term pricing strength, the firm keeps an “Outperform” rating as of May 4, 2026.
Sandisk Corporation (NASDAQ:SNDK) is a semiconductor and flash storage hardware company.
