On June 1, Sandisk rose 3.01% overnight, trading at $1,748.9/share, with trading volume of $155 million. The stock continued its upward momentum following high-profile comments from its CTO and a major analyst upgrade.

Sandisk CTO and EVP Alper Ilkbahar stated in a recent interview that the global AI race is increasingly becoming memory-centric rather than compute-centric, a trend that could exacerbate an unprecedented memory chip supply shortage. He noted that GPUs, CPUs, and raw computing power alone are insufficient for increasingly complex AI workloads, as larger language models, KV caching, and Mixture-of-Experts architectures all drive surging memory demand. Ilkbahar disclosed that Sandisk is designing High Bandwidth Flash (HBF) chips, with memory dies to be sampled by year-end and full products with controllers expected next year. HBF offers far greater capacity than HBM at lower cost while maintaining comparable bandwidth, positioning it for AI inference workloads. Sandisk is collaborating with SK Hynix on HBF technology standards.

Additionally, Barclays analyst Tom O'Malley raised Sandisk's target price from $1,200 to $2,300 and upgraded the rating from Neutral to Overweight, citing long-term contracts, supply tightening, and unprecedented pricing visibility. Sandisk has secured supply agreements of up to five years, expected to generate at least $42 billion in revenue.

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