SanDisk To Join Nasdaq-100: Retail Traders Debate Whether Red-Hot Rally Has More Room To Run

• SanDisk will join the index on April 20, replacing Atlassian Corp.
• Surging demand for memory chips and higher prices have boosted sales and stock levels at key producers, with analysts saying the upside would continue.
• Stocktwits sentiment for SNDK shifted to ‘extremely bullish,’ although certain traders were also eying short positions.

SanDisk Corp. will gain a spot in the coveted Nasdaq-100 index next week, the index operator announced on Friday, triggering fresh interest in SNDK stock even as retail traders debated over the potential upside after its incredible run.

SanDisk will replace Atlassian Corp., which is about 76% below its 52-week high, and the rebalancing will happen prior to the market opening on April 20. 

Memory chip stocks have had a stellar run over the past year, as surging demand from AI data centers drove shortages and pushed up prices. Analysts are calling it a “supercycle,” rather than the industry’s typical cyclical pattern, with expectations that demand will remain strong for the next few years.

SanDisk, in particular, has left investors stunned. The stock is up over 2,800% in the last year and 2,263% since February 2025, when it started trading independently after its spin-off from Western Digital.

Peers Western Digital, Seagate, and Micron have also posted sharp gains, while Roundhill recently launched a sector-focused fund—the Roundhill Memory ETF (DRAM)—to capitalize on the surging interest in the space.

Retail Traders Skeptical Of Further Upside

SanDisk shares gained 21.4% last week to another record high, their best showing in a month. On Stocktwits, the retail sentiment climbed in the past few days and was ‘extremely bullish’ as of late Sunday.

However, debate intensified among traders over whether the parabolic growth could hit a structural top or if the cycle remains strong.

“The ‘memory stock’ hype feels overdone. If a single breakthrough in AI makes memory usage more efficient, these valuations could come down fast—potentially back toward $200 or lower,” a trader said. “There’s already evidence that some Chinese AI firms are optimizing memory much better, so it may just be a matter of time before that pressure hits.” 

Another wrote: “I’ve been resistant to this stock because it’s gone up so much so fast. They had a breakout profitable quarter and amazing guidance. But I want see them repeat it a second time before buying in now at this level. Just one more to confirm.”

Meanwhile, several traders were eying short positions on SNDK. $SNDK short short! going to be back $700 next week,” said one, while another posted, “$SNDK shorting it! Rug, back to $550 next week.”

Short interest in the stock has climbed to 5.5% since the start of this year, per Koyfin.

Analysts Raise SNDK Price Target

On Friday, Jefferies raised its price target to $1,000 from $700 (17% upside from current levels), while keeping a ‘Buy’ rating, arguing that ongoing long-term agreement negotiations and relentless AI demand would drive further NAND price increases and positive revisions for SanDisk in the earnings print on April 30.

Bernstein and Cantor Fitzgerald similarly increased targets earlier this month.  

SanDisk shares are up 258% year-to-date.

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