What Is Behind The Move In SanDisk Stock?
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Shares of SanDisk (SNDK) fell 22.3% on Thursday, November 5, 2026, while the S&P 500 lost 4.4%. The company issued no announcements, earnings reports or filings on the day of the move or the day before. Instead, SanDisk, Micron and other AI stocks fell hard that day as Wall Street weighed the prospect of a slower AI buildout after the midterm election results. So what ties a flash memory maker like SanDisk to AI spending?
SanDisk’s Fastest-Growing Business Sells Into AI Data Centers
Data centers accounted for $4.8 billion of SanDisk’s $11 billion in revenue during fiscal Q1 2027, which ended October 2, 2026. This data center revenue grew 61% from the previous quarter, compared with a 7% increase for the company’s Edge business. During its October 29 call, management said data center would again be the engine of growth in its market in calendar 2027, enabled by higher AI-driven capital spending.
The midterm elections put Democrats in control of both the Senate and the House, and Wall Street took the result as a sign of more regulation of AI in 2027. For SanDisk, a slower AI buildout could hold back the business that grew fastest in fiscal Q1 2027.
Did SanDisk Fall More Than Similar Companies?
SanDisk declined alongside similar companies and fell further than all of them. Micron Technology dropped 17.5% during the same session, while Seagate Technology, Western Digital, NetApp and Hewlett Packard Enterprise also fell.
Technology stocks broadly struggled. The SPDR technology sector fund (XLK) lost 8.0%, compared with 5.5% for the Nasdaq Composite. SanDisk’s fall was almost three times as large as the technology fund’s.
Days this rough have come 21 times before. See what the market did next.
How Far Has SanDisk Stock Come Down?
SanDisk had not fallen this much in a single session in the previous 365 days. Its last move of this size was a 26.0% rise on July 30, 2026. The stock reached its 52-week closing high of $2,335 on June 25, 2026, compared with a low of $194.38 on December 3, 2025. Following the drop, its close of $806.43 sat about 65% below that high.
SanDisk lost 52.4% over the past month alone, compared with 5.7% for the S&P 500. If you bought a year ago, though, you are still up 314.5%, against 9.9% for the index. After the fall, you pay 4.1 times SanDisk’s sales over the last twelve months, compared with 3.2 for the S&P 500.
SanDisk’s next report for fiscal Q2 2027 is expected in February 2027, and its data center revenue is the number to watch.
Still Holding SanDisk After The Drop?
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