Sndk is back in focus after a new Wall Street bull put a fresh number on the rally and a major index change added more fuel. For investors watching the stock’s explosive run, the latest move is less about a single day’s pop than about a bigger question: how long can demand for data storage stay this strong?
Why is Sndk moving now?
The immediate catalyst is a new note from Amit Daryanani, a longtime tech analyst at Evercore ISI, who initiated coverage on Sndk with an Outperform rating and a $1, 200 price target. That target places him among the highest on Wall Street for the stock and implies at least 27% upside from current levels.
His thesis is rooted in artificial intelligence infrastructure. Daryanani wrote that Sndk is tied to one of the most attractive parts of the AI infrastructure stack: data storage. He said demand is accelerating while supply remains constrained at minimum through 2028, if not beyond. In his view, the current cycle is structurally tighter and more durable than older memory-chip upswings, supported by AI-driven demand and disciplined supply.
That argument lands after an extraordinary run. Sndk has climbed 246% in 2026 and more than 2, 700% over the past year, making it one of the market’s hottest names. The latest support from Wall Street adds another layer to a stock already powered by strong momentum.
How does the AI boom connect to Sndk?
The link is simple and powerful: as hyperscalers build AI systems, they need more memory chips to store and move the large volumes of data that AI models require. That demand has flowed down to Sndk and rival Micron, turning memory into one of the tightest parts of the AI supply chain.
That tightness matters because pricing power can reshape earnings expectations quickly. Analysts are looking for Sndk to report fiscal 2027 earnings growth of about 133%, far above the 16% growth expected for the S& P 500. Earnings estimates for the company’s fiscal year and next have risen more than five times in the past 90 days, showing how sharply sentiment has changed.
Daryanani also pointed to a mix shift toward enterprise SSD and a higher valuation multiple as reasons he still sees room for more gains. In his note, he said that despite strong stock performance, further upside could come from earnings revisions, product mix, and multiple re-rating.
What is driving the latest stock pop?
The stock’s latest jump also reflects a separate market event: Nasdaq is adding Sndk to the Nasdaq-100 and removing Atlassian. Funds that track the index will need to sell Atlassian and buy Sndk, creating forced buying pressure that can lift shares in the short term.
Another analyst move arrived at the same time. Citi analyst Asiya Merchant raised her price target on Sndk to $980 and said demand for computer memory remains solid while prices keep climbing, which is supporting revenue and profits. She tied that strength to persistent demand for artificial intelligence services.
Still, the market knows index buying and analyst upgrades do not last forever. The real test comes when Sndk reports fiscal Q3 2026 earnings on April 30. Forecasts call for a swing from a $0. 30 per share loss in the same quarter a year earlier to $14. 23 per share in profit. That is a high bar, and investors are watching closely to see whether the company can meet it.
What should investors watch next?
For now, Sndk sits at the intersection of three forces: AI demand, constrained supply, and index-driven buying. Each has helped the stock, but each also comes with a question mark. AI spending can cool, supply discipline can loosen, and market enthusiasm can fade if earnings do not keep up.
What keeps Sndk in focus is that the business story and the market story are reinforcing each other. The company’s role in data storage gives it a direct link to AI infrastructure, and the stock’s inclusion in the Nasdaq-100 adds another layer of visibility. Whether the rally stretches further will depend less on the headlines than on whether Sndk can turn this cycle into durable profits.
For now, the stock’s rise is a reminder that the AI boom is not only lifting software and chips used to train models. It is also reaching the storage systems that make those models work, and Sndk is one of the clearest examples of that shift.
