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Recent price action
Pullback from the high: The recent high was around $2,354. On November 5, the price briefly fell to around $800 intraday, a decline of about 65%[1].
Weekly decline: From October 29 to November 5, the stock lost about a third over five trading days.
November 6: It closed regular trading at $806.43, down 22.26%; after hours, it rose to $842.80, up 4.51%.
Why it fell
Concerns that AI demand has peaked: The market believes demand for storage from AI servers has topped out and the storage cycle is nearing its end.
Expectations of tighter regulation: Data center construction could face stricter regulation after the midterm elections.
Pre-split sell-off: The 1-for-8 split is scheduled for November 19. Some analysts believe forced liquidations by leveraged ETFs amplified the decline.
What to watch next
Support: Holding around $778–$800 could help stabilize the stock in the short term; below that, there is no clear support.
Rebound resistance: First watch the area around $883; reclaiming that level would signal that the decline has stopped.
Split window: Volatility could increase around the November 19 split, while short covering could provide some rebound momentum.
The company's underlying earnings are not bad: Revenue is expected to rise by around 10% next quarter.
So this sell-off is mainly driven by sentiment and capital pricing in a “cycle peak,” not a sudden deterioration in earnings.$SNDK