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Sandisk Corp. (NASDAQ:SNDK) stock fell Monday in premarket trading as investors weighed broader weakness in artificial intelligence stocks, regulatory uncertainty and growing competition in the memory chip market.
The stock declined despite gains in broader market futures. Nasdaq futures rose 0.36%, while S&P 500 futures gained 0.53%.
Sandisk faces pressure from a broader selloff in AI infrastructure and semiconductor stocks.
Investors are also watching potential regulatory changes following the U.S. midterm elections. Tighter oversight of data center development could affect demand for NAND flash memory.
Meanwhile, competition concerns have intensified as Chinese memory chipmaker ChangXin Memory Technologies expands production.
According to Counterpoint Research, Sandisk's global NAND flash memory revenue share fell to 11% in the second quarter of 2026 from 13% in the previous quarter.
Meanwhile, Chinese rival YMTC held a 14% share, up from 12% in the fourth quarter of 2025. The shift highlights growing competition despite a 70% quarterly surge in the overall NAND market.
Recent analyst downgrades and lower price forecasts have added to the pressure despite Sandisk's strong earnings performance.
Sandisk shares remain in a steep downtrend, trading 34.4% below their 20-day simple moving average (SMA).
The stock also trades 45.5% below its 50-day SMA and 47.4% below its 100-day SMA.
Its relative strength index (RSI) stands at 26.16, signaling oversold conditions. While this could attract bargain hunters, it does not guarantee a rebound.
The stock faces resistance near $965.
Despite the recent decline, Sandisk has gained 211.65% over the past 12 months.
Sandisk carries a consensus Buy rating, with an average price forecast of $2,176.43.
Fox Advisors downgraded the stock to Equal-Weight on Nov. 2.
Rosenblatt maintained its Buy rating and $2,400 price forecast on Oct. 30. Wells Fargo maintained an Equal-Weight rating but lowered its price forecast to $1,300.
Sandisk shares fell 1.36% to $823.72 in Monday's premarket trading, according to market data.
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