SNDK eyes $2,650 as Gemini AI projects year-end target

Google Gemini AI projects a $2,650 price target for Sandisk (SNDK) by the end of 2026, building on a year that has already taken the stock from roughly $200 last October to a recent intraday high above $2,300. As of the daily chart snapshot, SNDK trades at $2,050.39, sitting on round-number support near $2,000 after a textbook-parabolic climb from April onward.

Why it matters

The thesis behind the high target is structural, not momentum. Sandisk has spent the year pitching its high-margin flash and enterprise memory products as indispensable alongside leading GPUs in the AI buildout. With memory shifting from commoditized afterthought to genuine bottleneck constraining how fast AI infrastructure can scale, the model sees valuation multiples expanding further if supply deficits persist and a software-like multiyear subscription model takes hold across Sandisk's customer base.

Market impact

The bear case is grounded in valuation mechanics. SNDK's normalized price-to-earnings ratio sits near 66x, leaving the stock technically overbought and vulnerable to a downside scenario where cyclical memory supply finally catches up to demand. A cooling macro environment that triggers capex cuts among hyperscalers, the same customer set driving the AI infrastructure spend, would hit Sandisk particularly hard. Under that path Gemini's model lands at $1,750 instead.

For now, daily candles remain firmly bullish with resistance at the recent $2,354 high. The pullback from that level looks more like post-earnings digestion than trend reversal, with momentum intact as long as $2,000 holds.