Key Highlights

● Sandisk sank on Friday, October 30, 2026, despite a Blowout quarter.

● Fiscal first-quarter EPS of $49.51 beat the $46.41 estimate.

● Second-quarter EPS guidance of $55 to $57 topped the $53.35 consensus.

● It announced an 8-for-1 stock split.

Sandisk (NASDAQ:SNDK), the flash-memory and storage company, delivered a fiscal first-quarter report that beat expectations across the board. Earnings came in at $49.51 a share, above the $46.41 analysts expected, and Revenue reached $11.0 billion, ahead of the $10.70 billion forecast.

The company also raised the bar for the coming quarter. It guided fiscal second-quarter earnings to $55 to $57 a share, above the $53.35 consensus. Data Center revenue rose. And it announced an 8-for-1 stock split, effective November 20.

A steep decline anyway

None of that stopped the stock from falling. Sandisk shares sank sharply on Friday, October 30, 2026, after a steep drop in premarket trading. Reports differed on the size of the move.

The selling reflected fears that memory pricing is peaking, combined with the broader chip rout, according to market data and other market reports. When investors believe prices for memory chips are near a high, they may sell even strong results, expecting future quarters to be weaker.

Memory prices have been a major theme this week. Intel (NASDAQ:INTC), in its own warning on Thursday, said a weak PC market was tied to higher memory prices and availability. Chief Executive Lip-Bu Tan said, "In recent weeks, our customers began signaling a PC slowdown based on the memory prices and availability."

High memory prices are good for companies that sell memory, like Sandisk, but they can hurt Demand from PC makers and other buyers. Intel's warning raised the possibility that customers will pull back, which could eventually pressure prices.

The rest of the sector

Other memory and storage stocks also fell. Micron Technology (NASDAQ:MU) dropped with the sector, as did Seagate Technology (NASDAQ:STX) and Western Digital (NASDAQ:WDC). Dennis Follmer of Montis Financial said Micron is now "making very good AI chips," according to market data. Penguin Solutions also fell with the semiconductor and memory selloff.

The broader chip sector was hit hard. The Philadelphia Semiconductor index plunged to 10,688.80 after Intel's cash-burn warning. Intel shares fell to $65.76, in what market reports called the steepest one-day drop on record. Advanced Micro Devices (NASDAQ:AMD), Qualcomm (NASDAQ:QCOM) and Nvidia (NASDAQ:NVDA) also fell.

The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average dropped 572.25 points to 51,770.31 and the Nasdaq Composite lost 747.73 points to 25,437.00, its worst day since June. Technology was the worst-performing sector, while energy, consumer staples, utilities and health care rose.

"The message from investors is becoming clearer: strong AI demand is no longer enough on its own," said a senior market analyst, according to market data.

About the split

A Stock Split increases the number of shares outstanding and lowers the price of each share by the same ratio, without changing the company's total market value. In an 8-for-1 split, each existing share becomes eight. Companies often split shares to make them more accessible to individual investors.

What to watch

The split takes effect on November 20, and investors will watch how the shares trade around that date. More broadly, the key question for Sandisk is whether memory prices hold up or begin to ease, as Intel's comments suggested PC demand could soften.

Upcoming reports from other technology companies, including Apple (NASDAQ:AAPL) on Monday, November 2, and Super Micro Computer (NASDAQ:SMCI) on November 3, will offer more clues about hardware demand. The October jobs report on Friday, November 6, and the Federal Reserve's December meeting will shape the broader backdrop.