---
title: "Sandisk's 8-for-1 split trades Nov. 20 at about $110 a share, but its price floors have never met a downturn"
description: "Sandisk's shares have more than halved since June; on November 20 an 8-for-1 split cuts the $885 ticket to roughly $110 and widens who can take either side of the flash-cycle bet. What the new holders actually buy is a contract book whose price floors have never met a downturn."
publisher: "The Inference"
section: "Chips"
published: 2026-11-14T15:05:15.593Z
modified: 2026-11-14T15:05:15.593Z
canonical: https://theinference.org/article/sandisk-s-8-for-1-split-trades-nov-20-at-about-110-a-share-but-its-price-floors-have-never-met-a-downturn
language: en
keywords: "Sandisk, Memory, NAND Flash, Stock Splits, Chips"
---

# Sandisk's 8-for-1 split trades Nov. 20 at about $110 a share, but its price floors have never met a downturn

> Sandisk's shares have more than halved since June; on November 20 an 8-for-1 split cuts the $885 ticket to roughly $110 and widens who can take either side of the flash-cycle bet. What the new holders actually buy is a contract book whose price floors have never met a downturn.

[Sandisk](https://theinference.org/markets/companies/sandisk), the flash-memory maker [Western Digital](https://theinference.org/markets/companies/western-digital) spun off in early 2025 [1], distributes the shares of its 8-for-1 stock split after the close on November 19, and split-adjusted trading begins on the 20th [2]. The split lands at the end of the stock's worst quarter since the spinoff: it peaked in June, has lost more than half since [1], and fell 22% in a single session on November 5 [3].

The selling has run underneath the split since the day it was announced. Sandisk [unveiled it with results on October 29](https://financefeeds.com/sandisk-sndk-stock-falls-17-8-to-853-two-weeks-before-8-for-1-split/), when the stock closed at $1,330 [4]. The day after [Nvidia](https://theinference.org/markets/companies/nvidia) said [Jensen Huang](https://theinference.org/markets/people/jensen-huang) had resigned as chief executive, with finance chief [Colette Kress](https://theinference.org/markets/people/colette-kress) holding the job in the interim [5], it closed Friday at $885 [6]. A split cuts the price eight ways and changes nothing about the business [1]; one new share costs about $110, and what it buys is a position on where flash-memory prices go next.

## The record quarter is not what the sellers are selling

The reported business has never been stronger: revenue reached $11 billion in the fiscal first quarter at an 85% gross margin, and management guided the next quarter higher again [2]. We charted that quarter the day it crashed the stock on [November 2](https://theinference.org/article/sandisk-s-record-quarter-crashed-anyway-the-flash-pricing-engine-that-drove-it-just-stalled) [2].

*Chart: **Quarterly revenue went from under $2 billion to $11 billion in two years** Column chart of Sandisk quarterly revenue rising from $1.9 billion to $11 billion over eight quarters, with the latest quarter highlighted*

*Sandisk quarterly revenue in US dollar billions by calendar quarter, from its SEC filings. [7]*

The sellers are not disputing the quarter. They are selling the year after it. Bernstein, a stock research firm, expects memory prices to normalize from the second half of 2027 into 2028 [3], and [October reports of progress at CXMT](https://finance.yahoo.com/markets/stocks/articles/sandisk-stock-937-why-cheap-121251961.html), a Chinese memory-chip maker, knocked the stock down [3]. [Intel](https://theinference.org/markets/companies/intel)'s chief executive, Lip-Bu Tan, says memory prices have already risen "six, seven times," and expects the shortage to worsen in 2027 [8]; some phone makers are already redesigning around cheaper memory [8].

## What a $110 share buys is the contract book

[Evercore](https://theinference.org/markets/companies/evercore) ISI, a stock research firm, met Sandisk's management and [kept its Outperform rating, with a target of $312.50 a share once split-adjusted](https://finance.yahoo.com/markets/stocks/articles/evercore-doubled-down-sandisk-stock-140433683.html) [9]. The case is a deal book rather than a forecast: about half of this fiscal year's bit volume, the quantity of memory chips sold, and 67% of fiscal 2028's are already sold under multiyear agreements with price floors, price ceilings, and nearly $16.5 billion in financial guarantees [9]. Floors cushion a glut; ceilings cap a shortage.

Evercore's argument is that the deal desk has turned a hot spot market into two years of booked volume, and that prices locked in advance deserve a premium over prices left to the cycle [9]. But those floors were signed into a shortage and have never met a downturn, and Sandisk and its peers are [building the capacity that ends one](https://theinference.org/article/wall-street-prices-nand-scarcity-through-2028-while-ymtc-builds-toward-samsung-s-scale) [1].

*Chart: **Gross margin fell to 22.5% and then more than tripled to 85%, the swing the new price floors have never met** Line chart of Sandisk gross margin by quarter from 36.1% in Q2 2024 falling to 22.5% in Q1 2025 and rising to 85% in Q3 2026*

*Sandisk gross margin as a percent of revenue by calendar quarter, from its SEC filings. Over the same ten quarters revenue went from $1.76 billion to $11.03 billion. [10]*

## Nvidia reports before the split trades, and it is the first test

Nvidia reports on November 17, [its first results under interim leadership](https://financefeeds.com/micron-mu-stock-798-friday-after-nvidia-ceo-exit-bull-877-bear-725/), days before the split trades [5]. Whoever buys near $110 is not buying the record quarter [5]. They are lending their capital to the proposition that a floor written in a shortage still pays in a glut.

## Takeaway

The 8-for-1 split cuts the ticket to about $110 a share, but what buyers inherit is a contract book whose price floors were written in a shortage and have never been tested by a glut.

## Sources

1. [Yahoo Finance (The Motley Fool), "Sandisk Stock Has Collapsed by 65%, but It's Still Undergoing an 8-for-1 Stock Split on Nov. 19", 10 November 2026](https://finance.yahoo.com/markets/stocks/articles/sandisk-stock-collapsed-65-still-124000377.html)
2. [Yahoo Finance (GuruFocus), "Sandisk Stocks Fall 7.2% as Chip Selloff Hits Days Before 8-for-1 Split", 13 November 2026](https://finance.yahoo.com/markets/stocks/articles/sandisk-stocks-fall-7-2-173439245.html)
3. [Yahoo Finance (Trefis), "SanDisk Stock At $937: Why So Cheap?", 13 November 2026](https://finance.yahoo.com/markets/stocks/articles/sandisk-stock-937-why-cheap-121251961.html)
4. [FinanceFeeds, "Sandisk (SNDK) Stock Falls 17.8% to $853 Two Weeks Before 8-for-1 Split", 5 November 2026](https://financefeeds.com/sandisk-sndk-stock-falls-17-8-to-853-two-weeks-before-8-for-1-split/)
5. [FinanceFeeds, "Micron (MU) Stock: $798 Friday After the Nvidia CEO Exit, Bull $877, Bear $725", 13 November 2026](https://financefeeds.com/micron-mu-stock-798-friday-after-nvidia-ceo-exit-bull-877-bear-725/)
6. [Sandisk Investor Relations, stock quote and news releases, accessed 14 November 2026](https://investor.sandisk.com/)
7. [Sandisk, quarterly revenue from its SEC filings, retrieved 14 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002023554)
8. [Yahoo Finance (TheStreet), "Intel CEO's warning offers a 2027 signal for Micron investors", 13 November 2026](https://finance.yahoo.com/markets/stocks/articles/intel-ceo-warning-offers-2027-210646877.html)
9. [Yahoo Finance (GuruFocus), "Evercore Doubled Down On Sandisk Stock Target Despite Slide", 13 November 2026](https://finance.yahoo.com/markets/stocks/articles/evercore-doubled-down-sandisk-stock-140433683.html)
10. [Sandisk, quarterly figures from its SEC filings, retrieved 14 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002023554)


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Sandisk's 8-for-1 split trades Nov. 20 at about $110 a share, but its price floors have never met a downturn — The Inference. Canonical: https://theinference.org/article/sandisk-s-8-for-1-split-trades-nov-20-at-about-110-a-share-but-its-price-floors-have-never-met-a-downturn