AI enthusiasm got another boost this week after Anthropic and OpenAI reported strong financial updates and Nvidia pledged support for data center construction. The rebound lifted U.S. storage stocks and pushed the Philadelphia Semiconductor Index back into a technical bull market. Micron, SanDisk, SK Hynix, Western Digital and Seagate all moved higher, while Kioxia ADR jumped on gains in Japan. Analysts said the latest revenue disclosures from Anthropic and OpenAI, along with Nvidia’s financing role in AI infrastructure, are the main near-term catalysts for chips and memory names.

SanDisk’s 2026 investor day gave the storage sector a fresh catalyst after a recent pullback in memory names. The company laid out a long-term financial model for fiscal 2028 through fiscal 2030, forecasting annual revenue growth of 15% to 19% over the next several years and gross margin of about 80%. Those figures alone drew attention, but the sharper market reaction centered on a shift in business structure. SanDisk said it has signed New Business Model, or NBM, agreements with eight customers. According to the article, those contracts include committed purchase volumes, binding frameworks, minimum financial safeguards, and structured pricing terms. Existing NBM deals already cover about half of FY2027 bit shipments and roughly two-thirds of FY2028 bit shipments. Shares responded quickly. SanDisk closed up nearly 14%, while Micron rose 4% and SK hynix gained 7%. The article also linked that response to a broader reassessment of bearish calls on AI hardware demand. It cited firm renewal pricing for older GPUs in Neocloud earnings and added a separate signal from Nvidia CEO Jensen Huang: the company said a recently signed A100 contract will run through 2029. Since A100 launched in 2020, the article argues that such a contract supports the idea that older AI hardware can still be rented out, generate cash flow, and potentially be treated more like an asset than a short-lived expense.

SanDisk laid out an aggressive long-term financial model at its 2026 investor day, telling investors it expects mid- to high-double-digit revenue growth from fiscal 2028 through fiscal 2030, alongside roughly 80% non-GAAP gross margin and about 75% operating margin. The company also said it would manage sellable bit output based on profitability rather than volume alone, and return 100% of excess cash to shareholders after funding business investment needs. The market reacted quickly. SanDisk rose as much as 17.6% intraday on Thursday and finished up nearly 14%. Other storage names moved higher as well, with SK Hynix and Western Digital up more than 7%, Seagate Technology up nearly 5%, and Micron Technology gaining more than 4%. Management also pointed to a shift in the NAND business model. SanDisk said it has signed new business model agreements with eight customers, covering about 50% of fiscal 2027 bit shipments and about two-thirds of fiscal 2028 bit shipments. The company tied its confidence to AI inference demand, projected enterprise data center flash TAM at 1.2 zettabytes by 2030, and highlighted work on high-bandwidth flash and newer BiCS technologies.

SanDisk reported a blockbuster fourth quarter and full fiscal 2026, yet the stock still fell sharply after the numbers landed. The company said fourth-quarter revenue reached $8.97 billion, ahead of the $8.48 billion market expectation, while adjusted EPS came in at $39.25 and adjusted gross margin rose to 84.6%. For the full year, revenue hit $20.25 billion and GAAP net income totaled $11.43 billion, a major swing from the prior year’s $1.64 billion loss. The market reaction pointed elsewhere. SanDisk had already fallen 5.4% before the release, then dropped nearly 8% in after-hours trading, with the stock quoted at $1,243 as of 11:00. Investors appeared to focus on first-quarter fiscal 2027 guidance of $10.3 billion to $10.8 billion in revenue, with a midpoint of $10.55 billion, below the prior market expectation of $11.16 billion. Gross margin guidance of 83% to 85% and EPS guidance of $44 to $46 also did little to raise expectations. The quarter showed a clear shift in business mix. Data center revenue surged to $2.98 billion and accounted for 33% of sales, while consumer revenue fell to $556 million and missed expectations. Management also highlighted five additional NBM long-term agreements and announced a new $14 billion buyback plan, bringing total remaining repurchase authorization to $15.5 billion.

SanDisk reported stronger-than-expected results for fiscal Q4 2026, posting revenue of $8.97 billion, record GAAP gross margin of 84.6%, and earnings that topped market consensus. Full-year results were also strong, with fiscal 2026 revenue reaching $20.25 billion, up 175% year over year, and GAAP net income at $11.43 billion. Data center demand remained the company’s main growth driver, with segment revenue up 103% quarter over quarter and 437% from a year earlier. The stock still sold off after the report. SanDisk guided fiscal Q1 2027 revenue to $10.3 billion to $10.8 billion, below Wall Street’s $11.16 billion expectation. The company also set a 2027 gross margin guide of 83% to 85%, even after reporting 84.6% in the latest quarter. Shares fell 5.4% to $1,350.50 after the release and dropped further to $1,243 in after-hours trading. Citrini analyst Jukan argued that investors are focusing too heavily on margin levels and not enough on shipment growth. He said long-term agreements and new business model deals provide downside protection for profits. SanDisk also said it signed five additional NBM agreements, including three with new customers, and its board approved an extra $14 billion share repurchase program.

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