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Sandisk (SNDK) has quickly emerged as one of the biggest beneficiaries of the artificial intelligence (AI) infrastructure boom. As hyperscalers and enterprises race to build out AI data centers, demand for NAND flash memory has surged, tightening supply and sending prices sharply higher. That powerful pricing environment has already translated into explosive earnings growth for memory producers—and now at least one analyst believes the upside may be far from over.
Lynx Equity Strategies analyst KC Rajkumar is making a bold call: he sees Sandisk generating between $90 and $100 in earnings per share (EPS) in 2026. But is this truly realistic, or is this another example of peak-cycle optimism in a historically volatile industry? Let's break down the supply-demand dynamics in the NAND market, examine pricing trends, and assess whether Sandisk can realistically deliver triple-digit earnings per share this year.
