$SNDK is at 8.1x forward. $MU is at 6.2x. both are among the cheapest names in the nasdaq 100 and i think neither one is cheap. micron traded at 4.5x forward at the 2018 peak then fell 57% while revenue dropped 23% the year after. the multiple compresses before the earnings do, because the market discounts the derate ahead of the print. nand prices rose over 100% in the first half and trendforce has q3 at plus 10 to 15%. cannot be bullish on $sndk atm
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