SanDisk shares fell 1.54% to $1,542.61 on Tuesday as investors balanced reports of possible semiconductor tariffs with Mizuho’s positive long-term view of the memory-chip maker. Mizuho lowered its price forecast to $1,875 from $1,900 but retained an Outperform rating, forecasting fivefold earnings growth between fiscal 2026 and fiscal 2028 as tight memory supply supports the industry. The firm also estimates SanDisk could repurchase 25% to 30% of its outstanding shares using $30 billion to $50 billion in free cash flow during 2027 and 2028. Potential tariffs on chips and products containing them, including laptops, gaming consoles and data-center servers, have raised concerns about costs and AI infrastructure supply chains. SanDisk also has significant exposure in three ETFs, meaning fund flows can trigger automatic stock purchases or sales.