---
title: "A Sandisk SD card lists at 6,500 pesos, nine times its 2023 price, as Nanya posts an 85.7% margin"
description: "Nanya's record quarter came from rolling off cheap DRAM contracts, and the bill has already reached the shelf, where one SD card lists at more than nine times its 2023 price. Sandisk's October 29 report prices the risk."
publisher: "The Inference"
section: "Silicon"
published: 2026-10-12T13:22:53.894Z
modified: 2026-10-12T13:22:53.894Z
canonical: https://theinference.org/article/a-sandisk-sd-card-lists-at-6-500-pesos-nine-times-its-2023-price-as-nanya-posts-an-85-7-margin
language: en
keywords: "Memory, DRAM, NAND, Pricing, Sandisk"
---

# A Sandisk SD card lists at 6,500 pesos, nine times its 2023 price, as Nanya posts an 85.7% margin

> Nanya's record quarter came from rolling off cheap DRAM contracts, and the bill has already reached the shelf, where one SD card lists at more than nine times its 2023 price. Sandisk's October 29 report prices the risk.

## One SD card now lists at nine times its 2023 price

A 64GB [Sandisk](https://theinference.org/markets/companies/sandisk) Extreme Pro SD card sold for under 700 Philippine pesos in 2023 [1]. The same card, identical specs, [now lists at 6,500 pesos on Sandisk's own Philippine store](https://unbox.ph/news/did-sandisk-sd-card-price-hike/), which still runs an older listing near 2,000 pesos [1]. Two camera retailers sit between the poles, at 2,375 and 2,675 pesos [1]. The cheap listing shows thin stock, which suggests the old batch is being run down before a pricier one arrives [1].

*Chart: **One 64GB card, five prices: Sandisk's new official listing is more than triple its old one** Five bars showing prices for one 64GB Sandisk Extreme Pro SD card in Philippine pesos, from under 700 in 2023 to 6,500 on the official store's new listing.*

*List prices in Philippine pesos for one 64GB Sandisk Extreme Pro, October 2026. The 2023 bar is a recollection of street prices (under 700 pesos); the old official listing is approximate. Source: Unbox.ph. [1]*

## Cheap contracts expired and Nanya's margin jumped six points

The other end of the chain reported on October 12 [2][3]. [Nanya Technology](https://theinference.org/markets/companies/nanya-technology) [posted record third-quarter results](https://www.digitimes.com/news/a20261012PD236/nanya-technology-low-priced-dram-gross-margin-2026.html): revenue of NT$133.65 billion, up 61.9% from the second quarter [3][4], and gross margin of 85.7%, against 79.5% three months earlier [2][3]. September revenue alone was up 576.62% year over year [4]. The mechanism sits in the disclosure: cheap long-term contracts expired, and DRAM average selling prices rose more than 60% sequentially [2]. Institutional estimates put third-quarter shipments up only about 5% and prices up about 50%, so price, not volume, carried the quarter [4].

## The link between the two is inference, not citation

No source fetched for this story connects them: Nanya's margin comes from DRAM contracts, the card stores NAND flash, and the two markets price separately [2][5]. Reading both as [one AI-driven shortage](https://theinference.org/article/ai-s-power-bill-lands-on-the-cheapest-chips-in-your-car) running from contract renewals to the retail shelf is this piece's read, held as an inference. The provable version is narrower: NAND wafer prices have reached historical highs that [retail channels increasingly cannot absorb](https://theinference.org/article/the-galaxy-s26-s-100-hike-is-a-memory-invoice-with-the-buyer-s-name-on-it) [5], in the same quarter the 6,500-peso listing appeared [1].

## The fourth quarter is already 60% sold at higher prices

More than 60% of Nanya's fourth-quarter supply is already under contract, at prices expected to rise about 10% again, and the company can meet only 50% to 60% of customer demand, with some large customers unable to secure allocations [3][4]. [TrendForce](https://www.trendforce.com/news/2026/10/06/news-nanya-dram-asp-seen-rising-10-in-4q26-winbond-also-sees-further-price-gains-as-memory-supply-stays-tight/) sees [conventional DRAM contract prices up another 10 to 15% this quarter, and NAND contract prices up 15 to 20%](https://www.techpowerup.com/353292/ai-server-demand-sustains-memory-contract-price-increases-in-4q26-while-consumer-side-pressure-persists) [4][5].

## Sandisk's own guide already flattens

Sandisk's July quarter carried the same signature: revenue up 51% sequentially to $8.97 billion, about two-thirds of the gain from higher prices, with gross margin climbing from 50.9% to 84.6% in two quarters [6]. The shares have since fallen 8% in three sessions [7]. [The guide for the quarter it reports on October 29 holds margin flat, at 83% to 85%](https://www.fool.com/investing/2026/10/12/sandisk-s-sales-fell-38-in-the-last-flash-memory-downturn-and-its-oct-29-report-is-the-next-test/) [6][8]. The last downturn explains the nerves: in fiscal 2023 revenue fell 38% and gross margin went from 33.3% to 7.1%, below zero within two quarters of prices turning [6].

*Chart: **Sandisk's gross margin round trip: minus 12.3% at the 2023 trough to 84.6%, and the new guide is flat** Line chart of Sandisk's quarterly gross margin, falling to minus 12.3 percent in the September 2023 quarter, recovering through 2024 and 2025, then jumping to 50.9, 78.4 and 84.6 percent over the last three quarters, with the guide for the October 2026 quarter flat at 83 to 85 percent.*

*Quarterly gross margin, percent of revenue, from Sandisk's SEC filings, fiscal quarters labeled by calendar quarter. The final point is the company's guide for the quarter it reports on October 29, an estimate with an 83% to 85% range. Source: Sandisk quarterly figures from its SEC filings, retrieved 12 October 2026 [13]. [13]*

## Sellside targets sit far above the tape

Consensus on Sandisk stood at $2,113.92 against a $1,709.88 price on October 5; the shares were near $1,640 by October 12, so the slide has only widened the gap [9][6]. Rosenblatt holds $2,400 and Bernstein $3,000 after a 628% year-to-date run [9][10]. Daiwa, the Japanese brokerage, [lifted Nanya to NT$700 from NT$650 on October 8](https://www.ad-hoc-news.de/boerse/news/corporate-news/daiwa-hebt-ziel-auf-700-twd-an-und-bestaetigt-kaufen-fuer-nanya-tech-aktie/70298865), citing rising DRAM prices and expected DDR4 scarcity; the stock trades at NT$527, near the top of a 52-week range of NT$85 to NT$569 [3]. The protections are real, including price floors under $93.9 billion of contracted Sandisk revenue [6][10]. No downturn has tested those floors yet [6].

## The run ends with new supply or with buyers who stop paying

CXMT, China's ChangXin Memory Technologies, has moved from consumer memory toward servers and [plans DDR5 RDIMMs, the registered modules servers use, by year-end](https://www.trendforce.com/news/2026/10/12/news-cxmt-accelerates-4f%c2%b2-dram-push-eyes-year-end-server-ddr5-rdimm-launch/) on its 4F² process, a smaller cell that lifts density 30–50% in the same area [11][12]. It already ranks fourth in global DRAM revenue at 9.5% share, behind Samsung, [SK hynix](https://theinference.org/markets/companies/sk-hynix) and [Micron](https://theinference.org/markets/companies/micron) [11]. Two gauges now matter: whether pricing still adds to Sandisk's sequential growth on October 29 [6], and whether the 6,500-peso card still moves [1]. If buyers stop paying before CXMT's modules ship in volume, the cycle will have ended on demand rather than supply.

## Takeaway

Nanya's 85.7% margin shows what rolling off cheap DRAM contracts is worth, the 6,500-peso SD card shows where it lands, and Sandisk's flat-margin guide on October 29 is the first hard test of whether buyers keep paying.

## Sources

1. [Unbox.ph, Did Sandisk dramatically increase the price of its SD cards?, 12 October 2026](https://unbox.ph/news/did-sandisk-sd-card-price-hike/)
2. [DIGITIMES, Nanya gross margin hits 85.7% as low-priced DRAM contracts roll off, 12 October 2026](https://www.digitimes.com/news/a20261012PD236/nanya-technology-low-priced-dram-gross-margin-2026.html)
3. [AD HOC NEWS, Daiwa hebt Ziel auf 700 TWD an und bestätigt Kaufen für Nanya-Tech-Aktie, 12 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/daiwa-hebt-ziel-auf-700-twd-an-und-bestaetigt-kaufen-fuer-nanya-tech-aktie/70298865)
4. [TrendForce, Nanya DRAM ASP Seen Rising 10% in 4Q26; Winbond Also Sees Further Price Gains as Memory Supply Stays Tight, 6 October 2026](https://www.trendforce.com/news/2026/10/06/news-nanya-dram-asp-seen-rising-10-in-4q26-winbond-also-sees-further-price-gains-as-memory-supply-stays-tight/)
5. [TechPowerUp, AI Server Demand Sustains Memory Contract Price Increases in 4Q26, While Consumer-Side Pressure Persists (TrendForce), 1 October 2026](https://www.techpowerup.com/353292/ai-server-demand-sustains-memory-contract-price-increases-in-4q26-while-consumer-side-pressure-persists)
6. [The Motley Fool, Sandisk's Sales Fell 38% in the Last Flash Memory Downturn, and Its Oct. 29 Report Is the Next Test, 12 October 2026](https://www.fool.com/investing/2026/10/12/sandisk-s-sales-fell-38-in-the-last-flash-memory-downturn-and-its-oct-29-report-is-the-next-test/)
7. [Invezz, SanDisk stock is down 8% in three sessions: why are traders selling before earnings?, 12 October 2026](https://invezz.com/news/2026/10/12/sandisk-stock-is-down-8-in-three-sessions-why-are-traders-selling-before-earnings/)
8. [Business Wire via Yahoo Finance, Sandisk to Report First Quarter Fiscal Year 2027 Results on October 29, 2026, 29 September 2026](https://finance.yahoo.com/markets/stocks/articles/sandisk-report-first-quarter-fiscal-213000799.html)
9. [AD HOC NEWS, Sandisk stock heads into October 29 earnings after more than 600 percent gain, 5 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/sandisk-stock-heads-into-october-29-earnings-after-more-than-600-percent-gain/70235304)
10. [CoinCentral, SanDisk (SNDK) Stock Drops 17% in Q3 as Bernstein Sees 73% Upside, 1 October 2026](https://coincentral.com/sandisk-sndk-stock-drops-17-in-q3-as-bernstein-sees-73-upside/)
11. [TrendForce, CXMT Accelerates 4F² DRAM Push, Eyes Year-End Server DDR5 RDIMM Launch, 12 October 2026](https://www.trendforce.com/news/2026/10/12/news-cxmt-accelerates-4f%c2%b2-dram-push-eyes-year-end-server-ddr5-rdimm-launch/)
12. [DIGITIMES, CXMT targets 2026 debut of 4F² DDR5 RDIMM in bid to challenge server DRAM rivals, 12 October 2026](https://www.digitimes.com/news/a20261012VL204/cxmt-dram-ddr5-2026-manufacturing.html)
13. [Sandisk, quarterly figures from its SEC filings, retrieved 12 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002023554)


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A Sandisk SD card lists at 6,500 pesos, nine times its 2023 price, as Nanya posts an 85.7% margin — The Inference. Canonical: https://theinference.org/article/a-sandisk-sd-card-lists-at-6-500-pesos-nine-times-its-2023-price-as-nanya-posts-an-85-7-margin