Sandisk Corp. (Sandisk (SNDK)) stock surged nearly 16% in Thursday's premarket trading after Micron Technology Inc. (Micron (MU)) delivered stronger-than-expected quarterly results and a bullish outlook that strengthened confidence in the AI memory market. The broader market also provided support, with S&P 500 futures rising 0.7% before the opening bell.

Micron's Results Lift Memory Stocks

Micron reported fiscal third-quarter adjusted earnings of $25.11 per share on revenue of $41.46 billion, with an adjusted gross margin of 84.9%. For the fiscal fourth quarter, the company forecast adjusted earnings of about $31 per share on revenue of approximately $50 billion.

Following the earnings release, Susquehanna analyst Mehdi Hosseini told CNBC that Micron's results highlight the premium customers are willing to pay for memory used in AI servers. Hosseini said Micron's fourth-quarter earnings forecast of about $31 per share was well above the Wall Street consensus of roughly $25 per share, reflecting continued pricing strength driven by what he called the "memory wall."

He said customers "have no choice but to pay a premium" and expects that trend to continue despite concerns that the current memory cycle may be nearing its peak. Hosseini also said this cycle differs from previous memory upcycles because Micron continues to generate positive free cash flow despite elevated capital spending.

The upbeat commentary reinforced expectations that tight memory supply and strong AI demand will continue supporting pricing across the sector, helping lift shares of NAND suppliers such as Sandisk.

Technical Picture Remains Bullish

Sandisk continues to trade in a strong long-term uptrend. The stock sits 20.8% above its 20-day simple moving average of $1,837.15, 51% above its 50-day SMA of $1,469.77 and 245.1% above its 200-day SMA of $643.10. The moving averages remain positively aligned, suggesting buyers continue to control the broader trend.

However, momentum has begun to soften. The MACD remains below its signal line while the histogram is negative, indicating bullish momentum has weakened even as the stock trades near record highs. The next key resistance level is the 52-week high of $2,354.39. Initial support sits near the 20-day SMA at $1,837.15, an area traders often watch during pullbacks.

Sandisk Earnings And Analyst Outlook

Wall Street expects Sandisk to report quarterly results on Aug. 13, 2026. Analysts currently forecast earnings of $33.34 per share, compared with 29 cents a year earlier, on revenue of $8.24 billion, up from $1.90 billion. The stock trades at about 65.4 times earnings.

The consensus rating remains Buy, with an average analyst price forecast of $1,619.81. Recent analyst actions include Mizuho reaffirming its Outperform rating and raising its price forecast to $2,200 on June 8, Bank of America Securities maintaining its Buy rating and increasing its price forecast to $2,100, and Cantor Fitzgerald reiterating its Overweight rating while lifting its price forecast to $2,900.

ETF Exposure

Sandisk is a significant holding in several exchange-traded funds, including the Roundhill Memory ETF (DRAM), where it represents 5.42% of assets, the Invesco S&P 500 Pure Growth ETF (RPG) at 7.29%, and the First Trust US Equity Opportunities ETF (FPX) at 7.74%. Large inflows or outflows from these funds can create additional buying or selling pressure for the stock.

Sandisk Price Action

Sandisk shares were up 15.75% at $2,216.00 during premarket trading on Thursday, according to market data.