**What happened: **Sandisk (SNDK) stock declined slightly ahead of the flash memory and storage manufacturer's fiscal fourth quarter earnings on Wednesday.
**What's behind the move: **The stock was little changed as investors awaited quarterly results for clues about continued momentum in the AI trade.
Wall Street expects Sandisk to continue benefiting from AI infrastructure spend, particularly demand for storage and memory products used in data centers.
The company is expected to deliver adjusted earnings per share of $34.37 on revenue of $8.64 billion, according to Bloomberg consensus estimates. Adjusted gross margin is forecast at 81.5%.
For the company's fiscal first quarter guidance, analysts expect revenue of $11.16 billion, adjusted earnings per share of $45.58, and gross margin of 83.6%. **What else you need to know: **Yahoo Finance AlphaSpace data shows that the company's fiscal third quarter revenue nearly doubled from the previous three-month period, driven by a sharp increase in demand for memory and storage as AI demand has surged.
"You have a 12 times demand curve increase in memory to keep up with the speed of compute at this point in time. I think that this is a durable trade that lasts for the next 12 to 18 months," Brian Mulberry, Zacks Investment Management chief market strategist, told Yahoo Finance earlier this week.
Sandisk, which spun off from Western Digital (WDC) in February 2025, has been one of the biggest winners this year as memory and storage have emerged as key bottlenecks in the AI infrastructure build-out.
The stock is up nearly 490% year to date and has been the best performer in the S&P 500 (^GSPC) since the start of 2026.
Wall Street has 25 Buy ratings on the stock, 5 Holds, and no Sells, with the average price target just north of $2,400.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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