SanDisk Corp.'s stock plummeted 5.03% during intraday trading on Thursday, extending a downward trend as investors locked in gains following the company's recent milestone and amid broader market pressures.

The decline is attributed to continued profit-taking after SanDisk's formal inclusion into the Nasdaq 100 Index on April 20, which capped an extraordinary year-to-date rally of approximately 288% to 300%. Additionally, escalating geopolitical tensions, particularly U.S.-Iran conflicts in the Middle East, have heightened risk aversion across high-flying technology stocks, pressuring the sector.

Further contributing to the volatility, Tradr ETFs launched a 2x inverse exchange-traded fund tied specifically to SanDisk shares, providing amplified short exposure. This new financial product is designed to attract short-term traders and could lead to increased daily downside swings in the stock, adding to the selling pressure observed during the session.