Sandisk Is Still Down 23% in the Past Month. Did Today Just Mark the Bottom for SNDK Stock?

Few stocks have climbed harder in 2026 than Sandisk (NASDAQ:SNDK | SNDK Price Prediction). It’s bouncing sharply, but it still trades well below where it sat a month ago, and investors are asking whether the selloff is over. Sandisk stock has fallen 23% over the past month, recently changing hands at $1,395.33.

Storage peers slid, too. Western Digital (NASDAQ:WDC) stock is down 14% over the past month to $393.92, while Seagate Technology (NASDAQ:STX) fell 25% to $686.50, deeper than Sandisk’s drop.

Why Sandisk Slid Before Seagate Sparked a Rebound

Sandisk traded at $1,778 on September 25, so the past month’s slide has erased a big piece of a historic run. The company still holds substantial gains despite the drop, which left it with plenty of room to give some back. Worries about AI spending weighed on memory and storage stocks generally over the stretch, and Sandisk sold off with the group.

The tone changed after Seagate reported its September-quarter results on October 27, with its revenue up 61% year over year. Seagate CEO Dave Mosley stated on the call that most of the company’s nearline supply is allocated under long-term agreements through 2028. This includes some cloud deals running through 2030. Mosley’s summary of demand was frank: “Absolutely everything we can make above and beyond our plans is being spoken for.”

That read-through has Sandisk stock up 6% from the prior close, as traders take Seagate’s outlook as confirmation that AI and data center storage demand remains strong. Memory maker SK Hynix gave the group another lift this week with its view that a memory shortage will last into 2030.

The Federal Reserve held its benchmark rate in a range of 3.75% to 4% on October 28 in a 10-2 vote, with two officials preferring a quarter-point hike. A split like that matters for richly valued growth names such as Sandisk, since higher rates shrink the present value of future earnings.

Has Sandisk Found Its Bottom? Weighing Both Sides

The bulls can point to a sharp rebound built on fresh evidence of strong storage demand, along with tight supply across memory. On August 5, Sandisk set its Q1 FY2027 revenue outlook at $10.3 billion to $10.8 billion, which shows how much pricing power NAND flash makers have regained. With supply tight, Sandisk’s pricing strength could carry into the next several quarters.

Bears have their own case. A run this large leaves room for more profit-taking, and a one-day bounce is thin evidence of a lasting trend. Sandisk’s upcoming report also has to justify the climb, and expectations have risen after the company exceeded earnings estimates for five straight quarters.

Meanwhile, memory maker Micron Technology (NASDAQ:MU) stock is down 11% over the past month, the smallest decline of the group, and it’s up 4% from the prior close. Business models explain part of the spread, since Sandisk makes flash memory and storage products while Seagate and Western Digital build hard drives. All four companies share the AI storage theme. We covered seven more AI infrastructure suppliers, from power to cooling, in a free report you can grab here, though each one’s earnings follow a different pricing cycle.

What to Watch

Sandisk’s upcoming quarterly report could show whether pricing and demand are strong enough to support its 2026 run. A clean beat paired with firm guidance could frame the past month as a reset, while any hint of softer NAND flash pricing could revive the selling. Big Tech’s earnings reports this week will offer another read on AI spending, since hyperscaler budgets drive much of the demand for storage.

Sandisk’s rebound also needs to hold beyond a single session before it carries much weight. With two Federal Reserve officials already favoring a hike, a more hawkish path could pressure richly valued growth names, while a steadier one could help the storage rally extend. A conservative approach may be warranted until Sandisk’s earnings test resolves.

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