SNDK has dropped to 1,380, falling nearly 30% in one month and more than 40% from its 52-week high—but its core strengths remain intact! Don’t be scared off by the flood of headlines claiming “AI capital expenditures have peaked”—the logic behind them is fundamentally flawed. The sell-off is driven by institutional concerns over AI’s high spending under tighter credit conditions, but the underlying fundamentals of NAND demand have not collapsed: the surge in agent-based complex workflows and token consumption is firmly supporting demand for inference-side storage. The real backbone? The company holds at least $93.9 billion in long-term supply agreements (NBM), with management expecting this segment to exceed 50% of total revenue by 2027. This means cyclical price fluctuations are effectively locked in advance, and the current forward P/E of 6.4 already fully discounts this pessimistic outlook. At today’s price of 1,380, there’s nearly 60% upside to the institutional average target price of $2,173. The Q1 earnings report on October 29 will reveal whether this is a crash or a turning point—stay tuned. #Sandisk #SNDK $SNDK