SanDisk Jumps 4% on SK Hynix Earnings Halo as AI Memory Demand Reignites

SanDisk shares rose roughly 4% on October 28, 2026, lifted by a powerful earnings report from South Korean memory rival SK Hynix, whose US-listed shares surged 8% in premarket trading to $156.78 while Korea-listed shares gained 11%. SK Hynix posted a 632% profit surge in its third quarter and announced a $45 billion shareholder pledge, signaling robust demand for AI-linked memory that buoyed the broader sector. Micron also gained about 4.3% on the day, with memory chip stocks broadly recovering after a difficult recent stretch.

The rally came ahead of major tech earnings from Alphabet, Microsoft, and Amazon, with investors betting that strong AI infrastructure spending would sustain demand for flash memory and storage hardware of the kind SanDisk produces. Despite the single-day gain, SanDisk remains down roughly 23% over the past month and approximately 45% from its all-time high, leaving open the question of whether Tuesday marked a durable bottom for the stock.

On a separate front, SanDisk was among seven companies added to a growing list of issuers objecting to having their shares tokenized on a planned exchange operated by OKX and Intercontinental Exchange. The total number of objecting companies reached 33 as of October 27, representing more than half of the 62 firms initially named by OKX and ICE, with JPMorgan, AMD, Applied Materials, Coca-Cola, Adobe, and Dell also filing objections in the latest wave.

BlackRock's latest disclosed holdings update also put SanDisk in the spotlight alongside a range of other positions, though no specific change in the size of BlackRock's stake was detailed in the available reports.