SanDisk Corp. (SNDK) saw its stock price plummet 5.73% during intraday trading on Monday, marking a significant decline for the storage technology company.

The sharp drop extends a pattern of selling pressure across the storage and semiconductor sectors. After surging over 500% year-to-date on the back of an AI-driven storage super cycle, SanDisk has faced persistent profit-taking as investors reassess stretched valuations. The broader Technology Hardware, Storage & Peripherals sector experienced widespread losses alongside SanDisk's decline.

Concerns over the sustainability of the storage upcycle and shifting Federal Reserve rate expectations have weighed on market sentiment. Despite analysts raising SanDisk's fiscal 2027 adjusted EPS estimates significantly over the past year, near-term momentum remains under pressure as macro headwinds and sector rotation persist in the market.