No Bottom in Sight for the S&P 500: Why Sandisk Stock Has Staged a Major Rally While the Rest of the Index Is Down Bad

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However, the stock market did bounce on April 1, largely due to hopes of deescalation in the Middle East. This has lifted sentiment, even if it does not take away from what has been a tough quarter. Therefore, while the stock market may be green today, overall sentiment has remained difficult. But that makes Sandisk (SNDK) one of the most interesting and strongest plays this year.Sandisk has been one of the top-performing stocks in the S&P 500 in 2026 despite the broader market, gaining around 196% year-to-date (YTD) even after a sharp decline from its 52-week high in late March. SNDK stock has not performed like other names in the market, with investors seeing a play in a tech industry segment where prices are likely to improve instead of decline.Nvidia Still Looks Cheap - Shorting Out-of-the-Money NVDA Put Options Is AttractiveTrade Strait of Hormuz Headlines and Profit with Unusual Options Activity in Royal Caribbean StockThe Next Big AI Winner Might Not Be a Tech CompanyTired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now!Separated from Western Digital (WDC) in February 2025 and headquartered in Milpitas, California, Sandisk mainly focuses on flash and advanced memory technologies. No longer part of a larger conglomerate, investors are increasingly looking to Sandisk as a pure play on NAND prices, enterprise SSD demand, and AI infrastructure storage.That kind of pure-play model is a huge part of the appeal. Sandisk currently has a market capitalization of around $103.5 billion. The stock now trades near $701, up more than 2,400% from its 52-week low of $27.89 and only 10% off its 52-week high of $777.60.But even after such a monster move, the underlying numbers are a bit more complicated.www.barchart.comThe trailing price-to-earnings (P/E) ratio is 112.6 times, which is certainly rich, but the forward P/E is closer to 18 times. That is a huge difference. While Sandisk's trailing P/E is certainly high, the forward P/E actually discounts a huge step-up in earnings instead of being a wild multiple based on steady-state earnings. This is a pattern often seen when a cyclical business experiences a huge move into the sweet spot of the business cycle.The recent earnings release is arguably the biggest reason that SNDK stock is still working. For Q2 2026, Sandisk reported revenue of $3.03 billion and non-GAAP EPS of $6.20, beating consensus estimates. Revenue was up 61% year-over-year (YOY), and the company saw significant margin expansion and improved cash flows.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoTrending tickersBTC-USD Bitcoin USD 67,074.13 +239.32 (+0.36%)ETH-USD Ethereum USD 2,057.12 +6.37 (+0.31%)XRP-USD XRP USD 1.31 -0.00 (-0.14%)SOL-USD Solana USD 80.53 +0.41 (+0.51%)BTC-CAD Bitcoin CAD 93,551.65 +333.80 (+0.36%)PortfolioSign in to access your portfolioSign inTop gainersAAOI Applied Optoelectronics, Inc. 103.91 +17.56 (+20.34%)SBAC SBA Communications Corporation 204.04 +32.48 (+18.93%)YSS York Space Systems, Inc. 28.03 +4.43 (+18.77%)VSAT Viasat, Inc. 53.69 +8.46 (+18.70%)LUNR Intuitive Machines, Inc. 23.99 +3.75 (+18.53%)Top losersKNF Knife River Corporation 73.91 -8.20 (-9.99%)WIX Wix.com Ltd. 81.95 -8.55 (-9.45%)PBH Prestige Consumer Healthcare Inc. 52.48 -5.20 (-9.02%)ENPH Enphase Energy, Inc. 34.92 -3.36 (-8.78%)RGC Regencell Bioscience Holdings Limited 30.80 -2.92 (-8.66%)Most activeNVDA NVIDIA Corporation 177.39 +1.64 (+0.93%)INTC Intel Corporation 50.38 +2.35 (+4.89%)NOK Nokia Oyj 8.82 +0.55 (+6.65%)PLUG Plug Power Inc. 2.4100 +0.1600 (+7.11%)TSLA Tesla, Inc. 360.59 -20.67 (-5.42%)Top economic eventsEarnings eventsMy earnings eventsEarnings events