Sandisk (SNDK) is higher as investors continue to reprice the company after its fiscal third-quarter 2026 earnings beat and a newly authorized $6 billion share repurchase program. The rally is being reinforced by the company’s shift toward long-term, contract-backed datacenter demand tied to AI infrastructure buildouts, which the market is treating as a structural improvement to what has historically been a highly cyclical memory business. (investor.sandisk.com)

For fiscal Q3 2026 (quarter ended April 3, 2026), Sandisk reported revenue of $5.95 billion and GAAP net income of about $3.62 billion. The magnitude of the upside surprise, plus commentary around accelerating datacenter exposure, has driven a wave of higher price targets and incremental buying even after initial post-earnings volatility. (investor.sandisk.com)

The $6 billion repurchase authorization is a major signal of balance-sheet confidence and creates a direct bid for shares, especially if funded by operating cash flow as indicated in the related filing. More importantly for valuation, Sandisk has been emphasizing multiyear “New Business Model” agreements with hyperscale/datacenter customers, including revenue commitments and financial guarantees that increase forward visibility and can dampen cycle risk; industry reporting also points to storage supply agreements stretching as long as five years amid tight supply. (stocktitan.net)

The next catalyst is follow-through in guidance and any updates on contracted volumes/pricing and the pace of repurchases. Sandisk guided fiscal Q4 2026 revenue of $7.75–$8.25 billion and non-GAAP EPS of $30–$33, which keeps expectations elevated and raises the bar for execution as the stock extends its run. (stocktitan.net)