Sandisk (SNDK) Mizuho Technology Conference 2026 summary

Market performance and growth

• Stock price surged from $60 to $1,800 in a year, reflecting a 30x increase.

• Revenue grew from $7 billion in fiscal 2025 to $20 billion in fiscal 2026, with consensus for $45 billion next year.

• Data center is now the largest NAND market, with 14 upward revisions in data center CapEx.

• Sustained mid to high teens bit growth expected, driven by AI and data center demand.

• Management emphasizes transparency, innovation, and a long-term view for continued growth.

Technology and product roadmap

• Enterprise SSD revenue grew 7x year-over-year, now representing 25% of total revenues.

• Portfolio includes performance-based TLC NAND and capacity-based products like the Stargate Project.

• First quarter recognizing revenue from Stargate Project, with further data center mix growth expected.

• High-bandwidth flash (HBF) technology targets DRAM-like bandwidth at a fraction of the cost, with product launches expected in late 2026 and 2027.

• Ongoing innovation in NAND design to address inference use cases and system-level integration.

Business model and customer relationships

• New business models feature long-term agreements (LTAs) with floor and ceiling pricing to reduce volatility.

• Five major NVM deals signed, with ongoing negotiations across data center and edge customers.

• Focus on balanced portfolio allocation to maximize long-term profitability and sustainability.

• Emphasis on continuity of supply and fair pricing, not trading duration for price.

• Customer relationships described as win-win, with strong engagement and repeat business.