Sandisk secured $42 billion in contractual obligations, covering over one-third of its FY27 bit volume with financial guarantees. In Q3, the company posted a non-GAAP gross margin of 78.4%, up from 51.1%, and revenue of $5.95 billion, exceeding guidance. Data center revenue surged 233% quarter-over-quarter to $1.467 billion, highlighting strong growth driven by AI infrastructure demand. Sandisk also authorized a $6 billion share buyback after achieving net cash status, signaling confidence in its long-term cash flow. However, the stock trades at a high forward EV/Sales ratio, which could pose downside risk if AI demand or execution falters.
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