With shares up by 508% so far in 2026, Sandisk (NASDAQ: SNDK) has been one of the best-performing stocks on the market.
Its gains have been significantly higher than the 35% appreciation in the Nasdaq-100 Technology Sector index this year
However, Sandisk stock has been under pressure lately. Its shares are down 28% from the 52-week high it reached just last month. The stock is now trading at just under $1,700 as of this writing, while its 52-week high was just above $2,350.
The recent sell-off in this tech stock seems quite surprising, as there has been no company-specific news that should have ideally impacted Sandisk. The pullback can be attributed to profit-taking by investors. After all, Sandisk has delivered stunning gains since its spin-off from Western Digital in February last year, and the recent sell-off in AI stocks has probably encouraged investors to book profits to preserve capital.