SanDisk Falls to $1,347 as SK Hynix's Profit Cut Re-Rates the Memory Stack

The Selloff Was Made in Seoul

The clean way to read this leg is that it did not start in SanDisk's book at all. On July 13, SK Hynix fell 15.4% in Seoul — its worst single session on record — after Korea Investment & Securities cut the stock, projecting Q2 operating profit roughly 8% below consensus and trimming its full-year 2026 and 2027 profit forecasts by 9% and 11%. That reset rippled straight through every memory name, SanDisk included. There is no SanDisk-specific tell behind the move: no guidance change, no lost customer, no product problem. SNDK is now down 9.73% over the last 20 hours to $1,347, about 43% under the $2,354.39 high it printed on June 22. This is a sentiment de-rate imported from a Korean broker note, not a demand datapoint.

Prices Rose. The Multiple Didn't Care.

Here is the paradox sitting at the center of the tape: KIS's own numbers show NAND average selling prices rose roughly 50% quarter-over-quarter and DRAM about 30%. What spooked SK Hynix was not falling prices — it was fixed, multi-year HBM long-term contracts capping how much of that upside reaches blended margins. Traders extrapolated that into a memory-has-peaked call and re-rated the whole group down. The sell-side has refused to follow the print: Evercore ISI's Amit Daryanani raised his target to $3,100 from $1,400, Bernstein sits at $3,000, and the Street average is about $2,112 across 22 analysts, 18 of them at Buy or Strong Buy. With SNDK still up close to 600% year-to-date and now ~43% off the high, the gap between price and published targets is the widest it has been this cycle — and WallStreetBets flow has made the swings violent in both directions.

August 5 Is the Real Test

Strip it down and this de-rate is a bet that memory pricing tops before SanDisk's fundamentals show it. The company reports fiscal Q4 and full-year 2026 results on August 5, with an Investor Day on August 13, where CEO David Goeckeler and CFO Luis Visoso lay out the forward outlook. Fiscal Q3 already showed revenue of $5.95 billion, up 97% sequentially — a demand backdrop that does not, yet, look like a rollover. If August 5 guidance confirms NAND pricing is turning, this de-rate was early and correct. If it does not, this is a sentiment air-pocket in a name the Street still values north of $2,000. Everything between now and then is positioning.