Western Digital (WD -1.61%) spun off Sandisk (SNDK +2.27%), one of the world’s largest flash memory chipmakers, in Feb. 2025. Sandisk’s stock started trading independently at $36 per share, but it eventually soared to a record high of $2,335 per share on June 25, 2026.

That rally was driven by the explosive growth of the AI market, which forced data centers to upgrade their servers with faster solid-state drives (SSDs). But as of this writing, Sandisk’s stock trades at $835. Let’s see why its stock was cut in half — and if it’s becoming too cheap to ignore.

Image source: Getty Images.

How fast is Sandisk growing?

For years, Sandisk was a cyclical producer of NAND chips, which are used as flash memory in SD cards, USB drives, and…