TradingKey - SanDisk stock price surges past the $1,700 mark as memory bulls step up their rally, with expectations of hitting new highs within the year.

On August 17 ET, SanDisk (SNDK) stock extended its rally, strongly breaching the $1,700 mark. In overnight trading, SanDisk shares jumped over 6%, rising above $1,740 to set a new one-month high.

Meanwhile, memory chipmakers such as Samsung Electronics (KRX:005930), SK Hynix (KRX:000660), and Kioxia (TSE:285A) all saw sharp gains during Asian trading hours, while Changxin Technology (688825) stock surged 10% to a record high, releasing a strong bullish signal. However, can this memory frenzy propel SNDK to a new all-time high?

Last Thursday (August 13), at its Investor Day, SanDisk not only released positive signals such as financial models and tens of billions in long-term contract backlogs, but also proved to Wall Street that NAND memory has been reshaped into an indispensable, rigid strategic asset for AI data centers. This presentation directly sparked strong investor confidence, boosting SanDisk's stock price by nearly 14% that day and triggering a full-scale rally across the entire memory sector, including Micron (MU) and SK Hynix (SKHY).

Currently, major top Wall Street institutions generally expect SanDisk's stock price to hit new record highs, with Bernstein setting a price target of $3,000 and Cantor targeting $2,900. Three main drivers underpin this optimism: physical supply being completely consumed by HBM, AI inference strongly boosting high-capacity eSSD / HBF demand, and NBM long-term contracts offering extremely high earnings visibility.

The memory surge is not merely short-term speculation, but rather a structural supply-demand imbalance resulting from the expansion of AI computing infrastructure. Supported by an 80% gross margin and solid fundamentals, once SNDK consolidates above $1,700, returning to and breaking through its historical ceiling of $2,354 in the second half of the year—and even challenging the $2,500–$3,000 mark—remains a highly probable base-case scenario.

Currently, SanDisk's stock price has broken through the first resistance level in its rebound. Next, it faces a second barrier at $2,000, which is not only a psychological round-number level but also the first rebound high during its previous decline. As a high-volume consolidation zone, the hidden potential selling pressure here could be even greater than at $1,700. Therefore, a sizable pullback after reaching this level cannot be ruled out, with shares potentially building a defense line in the $1,800–$1,900 range and consolidating for a period before making a push toward all-time highs.

SanDisk stock price chart, Source: TradingView

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