SanDisk (SNDK) Stock Jumps 10% as Meta Locks In Multi-Year Flash Deal

TLDR

• Reuters reported Meta signed a multi-year deal to buy NAND flash memory from SanDisk
• SanDisk stock jumped over 10% Thursday on the news
• Meta’s memo outlines plans to deploy 7 gigawatts of computing capacity in 2026, doubling to 14 gigawatts in 2027
• Neither Meta nor SanDisk has officially confirmed the financial terms of the deal
• SanDisk has already disclosed ~$42 billion in minimum contracted revenue from multi-year supply deals

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SanDisk (SNDK) stock surged more than 10% on Thursday after Reuters reported that Meta Platforms has signed a multi-year deal making SanDisk its flash storage supplier as part of a sweeping AI infrastructure expansion.

Sandisk Corporation, SNDK

The report, citing an internal Meta memo, sent SNDK climbing from around $1,727 to as high as $1,907.79 during Thursday’s session. The stock was trading up roughly 10.27% at $1,904.52 at time of writing.

Meta’s supply push isn’t limited to SanDisk. The memo also names Samsung Electronics for DRAM and Sumitomo Electric for fiber-optic equipment. But SanDisk is the only one of the three with a U.S. stock listing, making it the most direct play for investors.

The Reuters report also got a boost from related names moving higher. Broadcom (AVGO) — which is helping Meta design its in-house “Iris” AI chip — was up 3.74%. Taiwan Semiconductor Manufacturing (TSM), which will manufacture the chip, rose 1.32%. Meta itself (META) was up slightly at around 1.51-1.59%.

Neither Meta nor SanDisk officially confirmed the deal. SanDisk declined to comment to Reuters, and Meta did not respond.

Meta’s Infrastructure Push

The internal memo paints an ambitious picture. Meta plans to deploy seven gigawatts of computing capacity in 2026 and double that to 14 gigawatts by 2027.

Central to the build-out is “Iris,” Meta’s next-generation AI chip. It’s the fourth generation of the company’s MTIA project — a long-running effort to reduce reliance on Nvidia and AMD hardware. Iris is reportedly on track to enter production in September 2026 after completing bug testing with no major issues.

Meta is expected to spend up to $145 billion on AI infrastructure this year alone. That figure actually exceeds the $136.6 billion in cash from operations it’s projected to generate in 2026, according to S&P Global Market Intelligence data.

SanDisk’s Run Has Been Hard to Ignore

SanDisk was spun out of Western Digital in February 2025 at roughly $38.50 per share. It has since risen more than 800% year-to-date, making it the S&P 500’s top-performing stock in the first half of 2026.

The company’s most recent earnings reflected that momentum. Revenue in its fiscal third quarter nearly doubled to $5.95 billion. Non-GAAP gross margin hit 78.4%, driven by a tight supply environment in the NAND flash market.

SanDisk also disclosed it had secured multi-year supply agreements totaling roughly $42 billion in minimum contracted revenue — before today’s report about Meta.

Memory sector peers moved higher as well. Micron (MU) rose nearly 8%, Western Digital (WDC) gained about 6.9%, and Seagate (STX) added close to 6%.

Thursday’s jump extends what has already been a historic run for the NAND flash memory maker, now sitting at a market cap of $256 billion.