SanDisk Soars 14% at Investor Day as Micron Raises US Spending Pledge and Tapestry Tumbles on Guidance

SanDisk shares surged roughly 14% on Thursday after the flash memory maker held its In Focus 2026 Investor Day and laid out a multi-year financial framework covering fiscal years 2028 through 2030. The company projected mid-to-high teens annual revenue growth consistent with bit growth, non-GAAP gross margins sustained at approximately 80% and non-GAAP operating margins at approximately 75%. SanDisk also highlighted momentum in its HBF (High Bandwidth Flash) technology, positioning it as a solution for the growing AI inference market, and said New Business Model agreements support more predictable revenue and improved cash flow visibility.

Evercore ISI analyst Amit Daryanani reiterated his Outperform rating and $2,800 price target on the stock. Micron Technology also rallied on Thursday after announcing it would raise its planned US investment to $250 billion through 2035, an increase of roughly $50 billion, citing soaring memory demand tied to the AI buildout. As part of that plan, Micron committed $500 million to help Taiwan-headquartered GlobalWafers expand wafer development and manufacturing in Texas.

Fellow chip names including Applied Materials, KLA Corp, and Lam Research also moved higher on the session. Tapestry was the day's notable loser in the S&P 500, blamed on guidance that disappointed investors even as the company reported fiscal full-year 2026 net sales of $8.00 billion, up 14%, and Q4 non-GAAP diluted EPS of $1.32, a 28% year-over-year increase. Options activity was elevated across the sector, with unusual call volume noted in SMCI and unusual put volume in Applied Materials and Micron.