SanDisk Shares Fall 3.6% on Regulatory Concerns and NAND Price-Cycle Fears

Key Facts

SanDisk shares fell 3.6% in morning trading on November 10, touching an intraday low of $839.41, according to Investing.com. The site linked the pressure on the stock to growing regulatory uncertainty and deeper concerns about the NAND memory price cycle. The move followed a day when the stock rose 6.2% on November 9, alongside a rebound in technology shares, while the S&P 500 rose 2.3% in the same session, according to Trefis. Trefis said the company issued no announcements, earnings results or disclosures about the stock’s move that day. The stock’s mixed moves over two days put sector concerns in focus, but the available market-share data are for the second quarter and do not by themselves establish that they caused the November 10 decline.

In the NAND market, SanDisk had an 11% share of global revenue in the second quarter of 2026, compared with 13% in the first quarter, according to Counterpoint Research data. In the same period, Yangtze Memory Technologies, known as YMTC, had a 14% share, the same as in the first quarter. The Chinese company’s share was therefore higher than SanDisk’s in the second quarter, while its share remained unchanged between the quarters, according to the published figures. This ranking measures quarterly shares of NAND market revenue, not production-unit share or shipment volumes. Counterpoint published the second-quarter data on September 3 in its memory market tracker and forecast report, before the stock move in November.

SanDisk’s quarterly share decline coincided with strong growth in the value of the NAND market: Counterpoint said the market grew 70% in the second quarter of 2026, following growth of 90% in the first quarter. Prices also rose 55% quarter over quarter in the second quarter. The figures depict a sector whose revenue expanded and prices rose while SanDisk’s share of revenue fell between the quarters. The comparison helps put the market-share loss in context, but does not by itself identify the cause of the stock’s move on any given day. The price-cycle concerns cited by Investing.com relate to the outlook for NAND, while Counterpoint’s figures describe market performance in a prior quarter.

Against the backdrop of demand, SanDisk linked growth in demand for high-performance storage products to the expansion of AI infrastructure in its quarterly disclosure, saying adoption of AI applications is driving the need for NAND storage. The company estimated that global NAND market revenue would exceed $300 billion in 2026, a 3-fold increase year over year, and reach $500 billion in 2027. It also said customer demand is growing faster than supply, and that allocation may continue beyond 2027. These estimates set out SanDisk’s expectations for market size, demand and supply, while the quarterly market-share data show that market growth does not prevent revenue shares from shifting among companies. That backdrop comes as investors weigh regulatory concerns against the NAND price outlook, according to Investing.com.

On its financial outlook, SanDisk said it expects revenue of between $12.2 billion and $12.6 billion in the second fiscal quarter of 2027. It also forecast non-GAAP diluted net income of between $55 and $57 per share before the split adjustment. These are forward-looking figures for the coming period, according to the company’s statement, and do not represent realized results. In the stock’s broader performance, Investing.com said it was down about 65% from its record high of $2,354.39 set in June 2026. That trajectory places November’s decline within a broader fall from the peak, as the market weighs regulatory risks and NAND memory pricing.

In Chinese trade data released Tuesday, exports rose 35.2% year over year in October 2026, while imports increased 41.6%, according to the Associated Press. China posted a trade surplus of $105.3 billion in October, down from $133.5 billion in September, while the surplus reached $1.04 trillion from January to October. These indicators concern Chinese trade in October and do not establish a direct link to SanDisk’s stock move on November 10. The figures remain relevant to the broader context of Chinese competition, while YMTC’s share in Counterpoint’s data remains a specific measure of its share of NAND market revenue. The cited sources did not include a specific later date for an update to the market-share data.