Key Highlights

● Sandisk traded at $977.69 during the session as memory stocks rebounded.

● Evercore ISI reiterated Outperform with a $2,500 price target.

● Sandisk had shed more than a third of its value over the prior month.

● An 8-for-1 Stock Split takes effect on November 19.

Sandisk (NASDAQ:SNDK) surged on Wednesday, trading at $977.69 during the session as memory and storage stocks led a powerful rebound across the semiconductor sector. It ranked among the best performers in the S&P 500.

Sandisk makes NAND flash memory, the chips that store data in solid-state drives, smartphones and, increasingly, the giant storage arrays that feed AI data centers. Memory had been among the hardest-hit corners of the market during last week's AI-spending scare. Before Wednesday, Sandisk had shed more than a third of its value over the prior month.

The bounce was broad. Micron (NASDAQ:MU), Seagate (NASDAQ:STX) and Western Digital (NASDAQ:WDC) all jumped, and South Korea's SK Hynix also posted a double-digit gain. Dell (NYSE:DELL), another major beneficiary of AI hardware spending, rocketed too.

Evercore ISI holds the line

Adding fuel, Evercore ISI reiterated its Outperform rating on Sandisk with a $2,500 price target. The firm pushed back on the gloom that had built up around the stock. "We think investors remain overly focused on how long NAND pricing can stay elevated," Evercore ISI wrote in its note.

The company also has a stock split on the calendar. Sandisk's 8-for-1 split is set to take effect November 19, a move that will lower the per-share price without changing the overall value of the company. Splits are often made to make shares more accessible to individual investors.

CoreWeave reignites the AI trade

The wider spark came from CoreWeave (NASDAQ:CRWV), the AI cloud provider. It reported third-quarter Revenue of $3.66 billion, more than double a year earlier and ahead of estimates, and raised its 2026 revenue forecast to $13.0 billion to $13.3 billion. Its Backlog sits at about $132.5 billion. For memory makers, that was a reassuring sign that the data centers buying their chips are still expanding.

Technology was the best-performing S&P 500 sector by a wide margin. The S&P 500 climbed 98.45 points to 7,619.38, the Nasdaq Composite rose 400.31 points to 25,466.19 and the Dow Jones Industrial Average gained 254.60 points to 52,486.49. The Russell 2000 added 24.88 points to 2,846.26, while the VIX dropped to 17.49.

The Bond Market was closed for Veterans Day, so Treasury trading paused. Investors are still digesting Tuesday's hotter-than-expected October consumer price report, which left a December Federal Reserve rate hike seen as nearly fully priced. Notably, Tuesday's Inflation data showed a record monthly increase in smartphone prices and higher prices for computers.

Stock Split and Nvidia Earnings Come Next

The rally faces an immediate test. After the bell, Nvidia (NASDAQ:NVDA) shares fell in after-hours trading following newspaper reports about the company's leadership, and Nasdaq-100 futures slipped in the evening. Memory stocks have been closely tied to sentiment around AI leaders, so Thursday's open will show whether Wednesday's buying holds.

On the calendar, Applied Materials (NASDAQ:AMAT) and Cisco (NASDAQ:CSCO) report after the bell on Thursday, offering more insight into semiconductor and networking demand. Nebius (NASDAQ:NBIS) reports before the open. Weekly jobless claims are due Thursday morning and October producer prices on Friday.

For Sandisk specifically, the November 19 stock split is the next company milestone. Nvidia's earnings on November 17 will also be closely watched for read-throughs on memory Demand from AI servers, and the Fed's December 8 and 9 meeting looms over the entire market.