Sandisk’s (NASDAQ: SNDK) stock price has had a sensational run over the last 12 months, climbing over 3,100%.
For anyone who invested recently, however, the period from July 13 to July 17 was jarring
Several issues pushed the Sandisk stock price lower. Broadly, geopolitical uncertainty seemingly drove a rotation out of tech stocks. But specifically on July 17, a new artificial intelligence (AI) model out of China rattled U.S. chip stocks hard.
From July 13 to July 17, Sandisk shares dropped 24.5%. That said, it’s not time to press the panic button. Sandisk is turning unprecedented demand for its memory and storage solutions into massive revenue growth, it’s locking in long-term deals, and a $2,500-per-share price target projection suggests the stock still has plenty of room to run higher from today’s prices.