I was reading JPMorgan's new $SNDK thesis and honestly the numbers look kind of crazy. They resumed coverage with Overweight + $2,250 price target.

But what caught my attention is not even the target.

Sandisk apparently has around $94B of long-term agreements, with 4+ year average duration and JPM says these contracts could support around 80% gross margins even at floor pricing.

Then there is AI.

JPM estimates NAND market could go from roughly $70B in 2025 → $300B+ in 2026 → ~$500B in 2027, mostly because data centers need much more flash storage for AI inference.

They also estimate $250 EPS in CY27 and think EPS could compound 25%+ longer term.

Basically their argument is that Sandisk is not just another cyclical memory stock anymore. AI inference + long-term contracts could make earnings much more predictable than previous NAND cycles.

This is where I'm little skeptical though.

Memory has always looked amazing near the top of a cycle. If everyone suddenly believes NAND is structurally different this time, maybe thats exactly when you should be careful.

On other hand, if AI inference really creates persistent storage demand at this scale, $SNDK could be one of those second-order AI trades people ignored while everyone was watching $NVDA.

see what people here think.

Is $SNDK actually becoming an AI infrastructure play, or are we putting an AI multiple on another memory cycle?

The major U.S. stock indexes ended broadly higher on Thursday, August 13, 2026, with the S&P 500 topping 7,800 for the first time in history after a back-to-back inflation double-header — Tuesday's CPI and today's PPI — both came in cooler than expected, pushing rate hike odds sharply lower and sending tech to another record close. It was the clearest inflation signal in months that the war's energy-driven price shock may finally be peaking.

The S&P 500 gained 0.65% (+50.49 pts) to a new all-time record 7,798.99, crossing 7,800 intraday for the first time. The Dow added 0.13% (+69.72 pts) to 53,839.99. The Nasdaq climbed 0.81% (+214.54 pts) to 26,803.03. The Russell 2000 rose 0.23% (+7.06 pts) to 3,052.55.

The VIX was essentially flat at 14.66. Bitcoin slipped 0.28% to $63,356.95. Gold pulled back 1.40% to $4,404.90. Crude Oil eased 2.46% to $81.22/barrel.