SanDisk reported fiscal fourth-quarter 2026 revenue of $8.96 billion, up 51% sequentially and 372% year over year, as it shifted further toward enterprise SSDs and AI infrastructure, with minimum contracted revenue under multi-year agreements totaling $93.9 billion at floor pricing. The contracts are expected to account for more than half of bits shipped in fiscal 2027 and about two-thirds in fiscal 2028; non-GAAP diluted EPS was $39.25, GAAP net income was $6.90 billion, and the board approved an additional $14 billion share repurchase program, lifting remaining authorization to $15.5 billion. After the results, shares fell on guidance below market expectations, leaving the stock about 47% below its June 25 record high of $2,335, after which Argus Research analyst Jim Kelleher upgraded the stock to buy from hold on August 10 with a 12-month target price of $1,600, citing continued AI-led storage demand despite the pullback.