SanDisk Shares Jump Over 8% as Chip Sector Gains $400B
SNDK•SanDisk shares surged more than 8% after-hours following Micron’s forecast of quarterly earnings above analyst estimates and Qualcomm’s projection of $15 billion in AI data center sales by 2029. Those outlooks fueled a $400 billion increase in semiconductor sector market value and lifted the PHLX chip index to a 90% year-to-date gain.
1. Forecasts Spark Sector Rally
On June 24 Micron forecast quarterly earnings above analyst estimates, prompting a 12% extended-session gain, while Qualcomm projected $15 billion in AI data center sales by 2029. These outlooks generated a $400 billion increase in semiconductor sector market value.
2. SanDisk's Performance
SanDisk shares surged over 8% in extended trading following sector-wide gains driven by AI chip demand expectations. The rally contributed to the PHLX chip index advancing 90% year-to-date despite an 8% drop earlier in the week.
3. Wider Chip Market Impact
Competitors Western Digital and Seagate also climbed more than 8%, while equipment suppliers Applied Materials and ASML rose over 4%. The broad rally underscores investor confidence in AI infrastructure spending driving memory and storage demand growth.
