SanDisk Reports Record AI Storage Backlog Despite Stock Volatility

SanDisk Corporation reported a contracted backlog between $41.6 billion and $42 billion, noting that its entire enterprise AI storage capacity for 2026 is sold out under long-term agreements. The company saw fiscal Q3 2026 revenue rise to $5.95 billion, a 251% year-over-year increase.

Following its February 2025 spinoff from Western Digital Inc., the company became the best-performing stock in the S&P 500, peaking in late June 2026. However, shares fell 39% from those record highs in mid-July during a general valuation adjustment across the semiconductor industry.

Goldman Sachs Private Wealth Management responded to this volatility on July 5 by raising its price objective for the company to $2,200. The financial institution cited doubled earnings per share projections and forecasted $7.6 trillion in total AI infrastructure spending through 2031. SanDisk is scheduled to release its next earnings report on August 5.