SanDisk Corp. (SNDK) soared 5.01% in intraday trading on Tuesday, extending gains from pre-market sessions.

The surge follows Citi raising its target price on SanDisk from $1,300 to $2,025, implying over 50% upside potential, citing an unprecedented AI-driven storage super cycle. Citi forecasts NAND average selling prices to surge 186% in 2026, with enterprise SSD prices climbing approximately 265%, fueled by insatiable AI training and inference demand from hyperscalers.

Additionally, SanDisk CEO David Goeckeler told investors that the flash memory market will remain undersupplied for a very long time, as the company shifts toward multi-year agreements to stabilize pricing and visibility. SanDisk reported strong Q3 fiscal 2026 results with revenue up 252% year-over-year, gross margins reaching 78.4%, and AI data center business accounting for over 60% of revenue. The company also authorized $6 billion in share buybacks, while the broader storage sector rallied on the emergence of long-term supply agreements.