Sandisk posted $11B in Q1 2027 revenue and software-like 85% gross margins, yet the stock still dropped ~9% after hours when management reminded Wall Street about 120-day wafer physics and Q3 seasonality.
In ~10 minutes:
- Datacenter revenue surges 61% in 90 days, crowding out retail consumers 💾
- Why hyperscalers are testing SLC flash to replace DRAM at 20x-40x lower cost
- The 3:1 to 4:1 bit cannibalization math that could further tighten global supply
- A $513M equity gain discrepancy: CFO says Kioxia on the call, 10-K points to Nanya
- $5B in single-quarter buybacks, an 8-for-1 split, and charging for test samples
With AI hyperscalers returning for a "second round" of multi-year supply deals, Sandisk has so much leverage it stopped giving away free qualification units and now makes customers buy them. We unpack the Q2 guide ($12.4B midpoint) and why the CFO's warning on March-quarter seasonality spooked traders.
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