$SNDK

Sandisk is down more than 15% today, but the selloff isn’t coming from a collapse in its operating performance.
The market is repricing the memory cycle after CXMT’s explosive IPO and reports that China has started producing domestic immersion DUV tools.
The immediate threat remains limited, but investors are already discounting the risk of additional Chinese capacity and future pressure on memory pricing.
That creates a sharp disconnect with Sandisk’s latest results.
Q3 revenue reached $5.95 billion, up 97% sequentially, while Datacenter revenue increased 233%.
Management also guided Q4 revenue to $7.75–$8.25 billion and non-GAAP EPS to $30–$33.
Technically, the 4H structure remains bearish.
Price is now testing the $1,000–$1,100 decision zone.
A reclaim of $1,200–$1,280 followed by a higher low would provide the first credible evidence of demand absorbing the selloff, opening $1,350–$1,450 and potentially $1,550–$1,650.
A confirmed loss of $1,000 keeps the downside open.
$880–$950 may produce a reaction, but the stronger structural levels sit at $700–$780 and $520–$650.
With earnings on August 5, this is not a setup to anticipate.
The last reported fundamentals were accelerating.
The chart is pricing in the end of the cycle.
Earnings will show which side is early.