HBM shortages drive up chip prices: Is the memory supercycle continuing?
SanDisk 2026 Investor Day
Click to reserve the live stream so you don't miss the broadcast reminder~
At 9:00 PM Beijing time on August 13, SanDisk will hold its 2026 Investor Day.This event represents a critical window for management to rebuild market confidence following the recent share price pullback, and will be livestreamed simultaneously on NiuNiu Circle!
Recent reports from multiple institutions indicate that SanDisk’s upcoming Investor Day could deliver multiple positive catalysts for the stock, including further disclosure of details regarding its nearly $100 billion New Business Model (NBM) agreements and the unveiling of a commercialization roadmap for HBF (High-Bandwidth Flash). This could demonstrate that SanDisk is not merely a cyclical stock benefiting from rising NAND prices, but rather a company capable of sustaining high profitability and strong cash flow through long-term contracts and AI memory products.
Analysts expect the upcoming conference to showcase SanDisk's technology and financial roadmap, with the market widely anticipating management to further clarify that the gross margin on the NBM contract can remain stable at approximately 80%—even if NAND prices decline in the future, the earnings floor would still be maintained.
If realized, SanDisk’s valuation narrative could shift from a 'low-multiple cyclical stock' to a 'high-cash-flow AI infrastructure company.'
Additionally, institutions are optimistic about SanDisk’s free cash flow and share repurchase cycle: since its spin-off, the company has received approval for $20 billion in repurchase authorization, of which $15.5 billion remains unused. If management announces a clearer repurchase cadence during Investor Day, the substantial ongoing free cash flow could become a key driver of earnings per share growth.
Analysts note that the BiCS10 process upgrade and HBF mass production timeline are key focal points for the market. HBF, which fills the memory tier between HBM and traditional enterprise SSDs, offers differentiated advantages in capacity and cost for AI inference scenarios. The market is eager for management to disclose more details on sampling, customer validation, and mass production milestones.
Fellow investors, please mark your calendars and tune in to SanDisk’s 2026 Investor Day!
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
Comments (9)
to post a comment
51
64