Sandisk (SNDK) UBS’s 2025 Global Technology and AI Conference summary

Market strategy and supply management

• Managing supply for mid-teens growth rate, moving away from historical cost-down focus due to changing economics in the NAND market.

• Market now operates efficiently with supply and demand equalizing rapidly through price, following inventory normalization.

• Large market size ($90B TAM) limits the ability of any single supplier to distort supply-demand dynamics.

• Investment decisions are based on long-term (10-year) returns, while customer commitments are typically much shorter.

• Future supply growth depends on greater demand-side commitment, potentially through long-term agreements (LTAs).

Customer engagement and long-term agreements

• Early discussions underway with a few large customers about LTAs extending into 2026 and beyond.

• Most customer commitments remain short-term, with only a small number engaging in longer-term agreements.

• Greater alignment between supplier investment horizons and customer commitments is needed for faster market growth.

Geographic and market opportunities

• China market is largely supplied by a strong domestic player, but incremental opportunities remain for others.

• Participation in China continues, with a significant consumer franchise and ongoing engagement with local customers.