Sandisk plunges as hyperscaler capex fears grip memory sectorSandisk CorporationBATS:SNDKinkicho_exnessSNDK | 4H Technical Analysis — Jul 3, 2026 Reports that Meta is planning to monetize excess computing power by offering it externally as a cloud service have raised concerns that hyperscalers may reduce future capex commitments, hitting memory and semiconductor equipment names hardest. Apple's reported preliminary talks with Chinese memory makers CXMT and YMTC, both on the US defense blacklist, added another layer of negative sentiment for Western memory suppliers. Positioning dynamics are amplifying the move, with heavy concentration of leveraged funds in semiconductor names, meaning even small position shifts generate outsized volatility. SNDK has been in a powerful ascending channel since the April low near 600, with price advancing to the 2355 high before reversing sharply. Price is currently trading around 1,740, with EMA21 (2,013.81) well above EMA78 (1,746.25). The bullish cross remains intact but is being tested by today's sharp breakdown below the channel's lower bound. The channel advance was clean and sustained, clearing 1,270, 1,600, and 1,860 in sequence before topping at 2,355. Today's gap down is the most significant technical event since the channel began; the price has broken decisively below the channel’s lower bound and the 1,860 support level in a single session, landing near the EMA21. RSI has dropped to 40.54, the lowest reading since the channel's inception in April, though not yet oversold. The severity of today's move raises the question of whether this is a channel breakdown or a deep flush within the broader uptrend. EMA78 at 1,746 will be the key test if selling continues. Key levels to watch: Resistance: 1,860 (broken support/channel lower bound) / 2,000 / 2,355 (cycle high) Support: 1,746 (EMA78) / 1,600 / 1,270 Bear case: Failure to reclaim 1,860 and a close below EMA21 confirms the channel breakdown. A test of EMA78 at 1,746 becomes the next target, and a break below that level would mark a full structural reversal of the April-June advance, opening 1,600 and below. Bull case: A hold at EMA21 near 2,000 and a reclaim of 1,860 with volume would suggest the channel breakdown is a news-driven overreaction being absorbed. EMA78 at 1,746 provides a deeper but still structurally valid support floor for the broader uptrend to remain intact. Bias shifts to cautiously bearish following the channel breakdown — the magnitude of today's move and the fundamental headwinds from capex uncertainty and Apple's China memory sourcing talks represent a meaningful change in the risk backdrop for memory name