SanDisk Corporation Eyes Massive Buybacks Amid AI Memory Demand

CEO David Goeckeler is transitioning SanDisk Corporation toward a more predictable business model to capitalize on the artificial intelligence boom. The company has secured New Business Model agreements with eight data center and edge customers, including Google and Microsoft, which guarantee minimum revenue of $93.9 billion over a weighted-average duration of more than four years.

Following a company analyst day, Ben Reitzes, head of technology at Melius Research, raised his price target for SanDisk Corporation shares to $3,600. Reitzes predicts the company could repurchase approximately $100 billion of its own stock over the next three years, arguing that AI has transformed memory from a commodity into a predictable business. This projection significantly exceeds the sell-side consensus target of $2,053.50.

SanDisk Corporation's financial position supports these projections, with a fiscal 2026 net income of $11.43 billion and low debt levels. Goeckeler has stated that returning cash to investors via share buybacks is currently the best use of capital for the semiconductor firm.