SanDisk Shares Jump 16% as Evercore Sees Steadier NAND Demand
SanDisk shares rallied about 16%, on track for their best day in nearly four months, as Evercore ISI backed NAND and CoreWeave lifted AI stocks.
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what happened
SanDisk (SNDK) shares climbed roughly 16% on Wednesday and were on course for their strongest session in nearly four months, according to Stocktwits. The move followed a note from Evercore ISI that reinforced its positive stance on the NAND flash market, while CoreWeave's upbeat outlook also supported the wider AI sector.
Evercore said supply discipline, long-term customer contracts and strong AI-driven demand make the NAND market steadier than in earlier cycles. Analyst Amit Daryani argued this lays the groundwork for more durable profitability and free cash flow. Evercore kept its Outperform rating with a $2,500 price target, which it said implied 191% upside from Tuesday's close.
Western Digital (WDC) and SK Hynix (SKHY) gained between 10% and 12%, and the Roundhill Memory ETF (DRAM) rose about 13%. CoreWeave (CRWV) reported record third-quarter revenue of $3.66 billion, up 168% year over year, raised its full-year revenue outlook to $13 billion to $13.3 billion, and cited a backlog above $130 billion.
why it matters
Chip stocks had been under pressure for weeks. The iShares Semiconductor ETF (SOXX) closed its fifth weekly decline on November 6 amid worries about heavy capex and whether AI spending would produce revenue. CoreWeave's results eased some of those fears, which is why the rebound spread across the sector. Investors will now watch whether memory demand holds up. According to the report, SanDisk has risen about 313% so far this year.
market impact
Memory and chip stocks: support from AI demand and the CoreWeave report
- SanDisk shares pressure up — rally driven by Evercore ISI's positive view of the NAND market
- Semiconductor stocks (SOXX) pressure up — sector rebound after CoreWeave's report eased AI spending concerns
tags
instruments
sources
- SNDK Stock Set For Best Day In Nearly Four Months: Evercore ISI Forecasts Stable Demand For NAND Storage Amid AI Spending — Stocktwits, 11 November 2026 at 18:18 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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