Tradr 2X Long SNDK Daily ETF (SNXX) surged 5.01% during pre-market trading, extending a significant rally for the storage-related leveraged asset.

The sharp rise was primarily driven by bullish analyst actions targeting its underlying stock, SanDisk. Citi significantly raised its price target for SanDisk from $1,300 to $2,025, maintaining a Buy rating and citing a structural NAND flash memory shortage potentially lasting through 2030. This optimistic outlook is fueled by explosive demand from generative AI training and inference workloads, with Citi forecasting NAND average selling prices to rise 186% year-over-year in 2026.

Adding fundamental strength to the bullish narrative, SanDisk reported strong quarterly results featuring a 252% year-over-year revenue jump and a 69% operating margin. The company also announced a new $6 billion share buyback program. The movement aligns with broader strength in the semiconductor sector, where memory chip stocks like Micron Technology also posted substantial gains.