Sandisk (NASDAQ: SNDK) has been the top-performing S&P 500 stock so far this year.
It’s up by around 600%, easily outperforming the second-place performer, Dell, which is up by around 240%
So unless another stock emerges with a massive new tailwind or something catastrophic happens to Sandisk’s business, I think it may have already locked up the title of 2026’s best-performing stock. Moreover, I don’t think it’s done yet. Despite a jaw-dropping run over the past year, the stock still looks pretty cheap.
The question is, does it deserve to be? The memory chip market is cyclical Sandisk makes NAND memory, which is non-volatile memory often used for storing information long term in solid-state drives (SSDs). AI data centers use a lot of SSDs, and the rapid infrastructure build-out has boosted Sandisk’s business over the past year.