{"date":"2026-06-17T00:00","headerImageUrl":"https://structuredproducts-ch.leonteq.com/product-news/product-homepage-banner/sandisk_leonteq-structured-products_product+homepage+banner.jpg","subTitle":"A Comeback in the Shadows","windowTitle":"SanDisk","category":"coupon-giant","title":"SanDisk","body":"<p>The ticker symbol \u201cSNDK\u201d is more than 30 years old. SanDisk made its debut on the Nasdaq stock exchange under this symbol in 1995. In 2016, the flash memory specialist and co-inventor of the SD card was acquired by Western Digital (WD). In February 2025, SanDisk returned to Wall Street after being spun off from its parent company. Overshadowed by U.S. stock market giants such as Nvidia, Alphabet and, more recently, SpaceX, SanDisk staged a spectacular comeback. On 13 February 2025, the stock opened at USD 35.06. Roughly 16 months later, it is trading above USD 2,100. As a result, the company\u2019s market capitalization has expanded by a factor of approximately 60 in a remarkably short period of time.<\/p>\n\n<div><generic-chart title=\"SanDisk Shareprice (in USD)\"> \n    <chart-line title=\"SanDisk\" path=\"Chart_SNDK.csv\" format=\"date, number\"><\/chart-line> \n    <x-axis type=\"datetime\"><\/x-axis> <\/generic-chart><\/div>\n<footer>Source: Refinitiv, as of: 16.06.2026<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n<h3>A Critical Component<\/h3>\n<p>This extraordinary performance is directly linked to the rise of Artificial Intelligence (AI). SanDisk has consistently aligned its NAND flash-based storage solutions with this megatrend. The company is now benefiting from increasingly sophisticated AI models, which require vast amounts of data storage and processing capacity. \u201cNAND has become a critical component of the underlying infrastructure,\u201d said SanDisk CEO David Goeckeler during the company\u2019s latest earnings presentation. A look at the interim report supports this assessment: in the third quarter of fiscal 2026 (ended April 30), the California-based company reported revenue growth of 233% in its data center business, reaching USD 1.5 billion. Its core storage business for PCs and smartphones also performed strongly, with revenue rising 118% to USD 3.7 billion.<\/p>\n\n<div>\n<generic-chart title=\"Revenue (in USD billion) and Gross margin (in %)\">\n  <x-axis categories=\"Q2/2025, Q3/2025, Q4/2025, Q1/2026, Q2/2026, Q3/2026, Q4/2026e\"/>\n      <chart-column title=\"Revenue (in USD billion)\" data=\"1876,1695,1901,2308,3025,5950,8000\" format=\"number\"/>\n      <chart-line title=\"Gross margin (in %)\" data=\"32.5,22.7,26.4,29.9,51.1,78.4,80\" format=\"number\" yAxisRight=\"true\"/>\n<\/generic-chart> \n<\/div>\n<footer>Source: SanDisk, as of: June 2026, e = expected<br />Historical data is not a reliable indicator of future performance.<\/footer>\n\n\n<h3>Long-Term Partnerships<\/h3>\n<p>Higher volumes and rising prices are expected to drive further revenue growth. For the fourth quarter, management forecasts consolidated revenue growth of approximately one-third compared with the previous quarter. At the same time, gross margin is projected to climb to an impressive 80% (see chart). To secure its success over the long term, SanDisk is focusing on multi-year supply agreements. During the most recent quarter, the company signed five new long-term partnerships. \u201cWith a debt-free balance sheet, strong cash generation, and a recently authorized share repurchase program, we are well positioned to deliver substantial long-term value creation for our shareholders,\u201d the CEO stated, addressing investors who have already enjoyed significant gains.<\/p>\n\n<h3>Volatility and Yield<\/h3>\n<p>It is clear that SanDisk\u2019s rally has been accompanied by exceptionally high volatility. Over the past month, the stock has exhibited a historical volatility of nearly 75%, placing it among the ten most volatile constituents of the Nasdaq-100 Index. This environment can be attractive for investors using Barrier Reverse Convertibles (BRCs). The reason is that volatility is one of the key pricing parameters of these popular structured products. As a general rule, the greater the price fluctuations, the higher the potential coupon or, alternatively, the lower the barrier level that can be offered.<\/p>\n<p>A new soft-callable BRC on SanDisk offers a quarterly payout equivalent to 26.4% p.a. in the product currency CHF. The USD-denominated version provides a coupon of 30.3% p.a. The barrier is set at 49% of the initial level. Due to the product\u2019s European barrier feature, the barrier is observed only at maturity. This means that the stock\u2019s performance prior to the final observation date is irrelevant. Naturally, the elevated volatility also has a downside, as it increases the risk of a barrier breach. Should the barrier fail to hold at final fixing, the capital protection feature would cease to apply. In that scenario, redemption of the BRC would be directly linked to the performance of the underlying asset, meaning investors could face losses.<\/p>\n\n<h3>Callable Barrier Reverse Convertibles<\/h3>\n<div>  \n    \n    <SavedSearch :allProducts=\"false\" :filter=\"{&quot;countrySpecificTitles&quot;:[],&quot;couponFrequencies&quot;:[],&quot;distanceToBarriers&quot;:[],&quot;underlyings&quot;:[],&quot;maturityRangeKey&quot;:[],&quot;marketVenues&quot;:[],&quot;productTypes&quot;:[],&quot;barrierTypes&quot;:[],&quot;issuers&quot;:[],&quot;omni&quot;:&quot;\\&quot;CH1571714661\\&quot;, \\&quot;CH1571714687\\&quot;&quot;,&quot;strikeLevelRanges&quot;:[],&quot;productCategories&quot;:[],&quot;displayColumns&quot;:[&quot;coupon&quot;,&quot;underlying&quot;,&quot;barrierPercentage&quot;,&quot;currency&quot;,&quot;lastTradingDate&quot;,&quot;tenor&quot;,&quot;bidAsk&quot;,&quot;subscriptionEndDate&quot;,&quot;valor&quot;,&quot;documentLinks&quot;],&quot;partner&quot;:&quot;LEONTEQ&quot;,&quot;sortFields&quot;:[{&quot;fieldName&quot;:&quot;snapshot.product.investment.investment_currency&quot;,&quot;sortOrder&quot;:&quot;ASC&quot;}],&quot;productGroups&quot;:[],&quot;conditions&quot;:{&quot;&quot;:true,&quot;-_exists_:snapshot.product.in_subscription&quot;:false,&quot;+snapshot.product.attributes.extended_trading_hours:true&quot;:false,&quot;+snapshot.product.in_subscription:(\\&quot;LEONTEQ\\&quot;)&quot;:false,&quot;+snapshot.product.secondary_market:true&quot;:false},&quot;barrierLevelRanges&quot;:[],&quot;assetClasses&quot;:[],&quot;currencies&quot;:[]}\">\n                <\/SavedSearch>\n  <\/div>\n\n<h3>Leverage products on SanDisk<\/h3>\n    <div>  \n        \n                                                                                                                                                                                                                                                                            \n            <leverage-saved-search :columns=\"[ 'engine.isin', 'engine.valor', 'Type', 'Direction', 'engine.underlying', 'engine.currency-abbr', 'Strike', 'Leverage', 'Ratio', 'engine.maturity', 'Bid', 'Ask']\" :filter=\"{&quot;leverage&quot;:{&quot;min&quot;:5.632,&quot;max&quot;:16.339},&quot;underlyings&quot;:[&quot;200981051&quot;],&quot;productTypes&quot;:[&quot;PT_MINI_FUTURE&quot;],&quot;conditions&quot;:{&quot;+_exists_:price.ask +price.state:(\\&quot;OPEN\\&quot;, \\&quot;CLOSED\\&quot;)&quot;:false,&quot;+_exists_:levels.stopLossLevelAbs&quot;:false,&quot;+priceIndication.extendedTradingHours:true&quot;:false},&quot;searchable&quot;:true}\" />\n  <\/div>\n    \n<div>\n    <ltq-button color=\"primary\" url=\"https://structuredproducts-ch.leonteq.com/leverage/WyN?language_id=1\" label=\"Discover more leverage products!\"><\/ltq-button><\/div>\n<div>      <p>We look forward to answering all of your questions about our products and how they are traded. Please don't hesitate to get in touch! Phone: <a href=\"tel:+41588001111\">058 800 11 11<\/a>, email <a href=\"mailto:info@leonteq.com\">info@leonteq.com<\/a> or <a href=\"/contact\" title=\"Contact\">contact us here<\/a>.\n<\/p>\n  <\/div>","url":"coupon-sndk","investmentThemeVerticalImageUrl":"https://structuredproducts-ch.leonteq.com/product-news/sidenav-banner/sandisk_leonteq-structured-products_sidenav+banner.jpg","thumbnailUrl":"https://structuredproducts-ch.leonteq.com/product-news/thumbnail/sandisk_leonteq-structured-products_thumbnail.jpg"}