A memory maker that wasn't even public two years ago has just accomplished in 14 months what Bitcoin (BTC) took nearly a decade to deliver — and become one of the AI era's most explosive stocks.

SanDisk Corp. (SNDK) is up 5,636% since it split from Western Digital Corp. (WDC) in February 2025. Bitcoin has gained 5,572% over the last nine years.

Most of SanDisk's run came after the stock bottomed at $27.89 in April 2025 — barely 14 months ago.

Wall Street Is Now In Love With Memory Stocks

SanDisk rose as much as 6% Monday to a record near $2,100, after Western Digital surged 14% to its own all-time high. A wave of Wall Street target increases on Western Digital — JPMorgan to $650 from $530, Wells Fargo to $575, Bank of America to $610 — lit up the entire storage complex.

SanDisk has rallied 28% over the past three sessions, its sharpest three-day run since early January.

The rally rests on a physical shortage.

Most people know SanDisk from memory cards and USB sticks. The same flash technology now fills the storage racks inside AI data centers, where SanDisk is among the largest suppliers of enterprise solid-state drives.

NAND flash is the memory that stores data inside phones, laptops and AI servers. Training and running artificial-intelligence models consumes enormous amounts of it, and supply has not kept pace.

Bank of America expects no meaningful new capacity before 2028.

SanDisk has locked in long-term supply deals it calls new business models, fixing prices for an initial period to steady earnings.

The three signed in the latest quarter alone lock in $42 billion of minimum revenue, and the five agreements together carry financial guarantees above $11 billion.

SanDisk's Stock Still Cheap Compared To Fundamentals

The numbers underneath have moved even faster than the share price.

Revenue jumped 251% in the quarter ended in March, and gross margin widened to 78% — meaning that for every $100 of sales, just $22 went to costs.

Last week, Bank of America lifted its fiscal 2027 revenue estimate to $44 billion from $37.7 billion and now models earnings of $188 a share, up from $154.

BofA analyst Wamsi Mohan reiterated a Buy rating and raised his price objective from $1,550 on June 8 to $2,100. The same day Mizuho moved to $2,200 and Cantor Fitzgerald went to a Street-high $2,900.

Even after the run, SanDisk trades at roughly 10 times its projected 2027 earnings — the same multiple Bank of America used to set its $2,100 target.

The rally has effectively carried the stock all the way to that target.

What's Next For SanDisk?

Bitcoin's nine-year climb was powered by belief in digital assets. SanDisk's 14-month version is anchored to contracts, memory shortages and rising earnings.

Yet, memory is a cyclical business.

Demand and pricing are red-hot now, but when new capacity arrives — or Chinese producers such as Yangtze Memory Technologies Corp. ramp up production — prices can fall as quickly as they rose.

Bank of America names oversupply and Chinese competition as the main risks to its call.

Whether a memory maker can keep compounding like a crypto asset, without the crash that usually follows a parabola, is the question the record price now leaves open.