SanDisk Pops on a Reported Multi-Year Meta NAND Supply Deal

The Meta Deal

The catalyst is a genuine customer, not a rating change. Reuters reported, citing an internal Meta memo, that Meta signed a multi-year deal to buy NAND flash from SanDisk as part of its AI compute buildout — the same memo has Meta sourcing DRAM from Samsung and fiber optics from Sumitomo Electric. Per the reporting, Meta is planning to spend as much as $145 billion on AI infrastructure this year, scaling toward roughly 7 gigawatts of compute in 2026 and double that in 2027. On the underlying, SanDisk shares rose about 8.3% to $1,870.49 by 10:30 a.m. ET on the report.

The caveat is that neither company has confirmed terms. SanDisk declined to comment and Meta didn't respond, so the dollar value is unknown. But the market's read is straightforward: when a hyperscaler locks in multi-year NAND supply, it validates the tight-supply thesis that has driven this stock all year — and does it with an order book instead of a note.

Coming Off a Samsung Scare

This pop is also a reversal. Earlier in the week Samsung posted preliminary Q2 operating profit of ~89.4 trillion won (about $58.4 billion), up roughly 1,800% year over year — a number so strong it triggered a sell-the-news reaction across the memory complex. SanDisk, Micron and Western Digital each sank around 7% as traders questioned whether current pricing survives new capacity.

By July 9 that fear had unwound. Western Digital and Seagate climbed about 7% while Micron and SanDisk added roughly 6% as the selloff reversed, and the Meta headline gave SanDisk a stock-specific reason to lead the group higher rather than just tracking the sector bounce.

What the Street Has Already Baked In

The tension here is that a lot of good news is already in the price. SanDisk was up more than 600% year to date before this week's chop, and the sell side has been chasing it: Bernstein raised its target to $3,000 from $1,700, Wedbush lifted its target to $2,000 and now models blended NAND bit ASPs up roughly 30% quarter over quarter, and Bank of America and Citi both sit at $2,500. HIPERWIRE already covered the Bernstein hike separately today; the Meta deal is the newer, harder data point underneath those targets.

On Hyperliquid, the SNDK perp turned over about $301 million in 24-hour volume, so there's real two-way interest in expressing this with leverage. The forward risk is the same one that comes with any name up this much this fast: a rumored contract with undisclosed terms is a thin foundation if it isn't formalized, and a stock this extended can give back a single day's gain just as quickly on profit-taking or a rotation out of AI-memory.