SanDisk, a memory chip company, has risen nearly 295% year to date, riding a NAND pricing supercycle into territory that would have seemed impossible a year ago. Morgan Stanley has revised its forecast on SanDisk to $1,100 from $690, an 11% premium to the current market price. The firm now models SanDisk earning $127.92 per share in calendar 2026, 65% above Wall Street consensus of $77.55, and for 2027, Morgan Stanley's $149.68 estimate sits 42% above the Street’s $105.03. The company's success is attributed to a structural mismatch between AI-related demand and constrained supply of NAND flash, driven by a structural imbalance of demand and supply. The move comes ahead of SanDisk's fiscal Q3 2026 earnings announcement. NAND ASP forecast is expected to rise 90% in Q1 2026 and 70-75% in 2026.