SanDisk (SNDK) Stock Is Up 246% This Year — and Cramer Says Demand Is “Off the Charts”

TLDR

• SanDisk stock is up 2,739% over the past 12 months and 246% in 2026 alone, closing at $952.50
• Jim Cramer has been publicly bullish on SNDK for months, citing off-the-charts demand for memory
• SNDK is set for inclusion in the Nasdaq-100 on April 20, which will trigger forced institutional buying
• AI data center demand for NAND flash and enterprise SSDs continues to drive the rally
• A risk remains: many data center projects announced post-ChatGPT have been delayed or cancelled

SanDisk has been one of the most talked-about names in the market this month. Jim Cramer has been beating the drum on SNDK for a while now, and so far, the trade has worked.

Sandisk Corporation, SNDK

Over the past 12 months, SNDK has climbed 2,739%. In 2026 alone, the stock is up 246.06%, closing at $952.50 on April 14. In after-hours trading that same day, it added another 2.47%, reaching $976.

Cramer addressed the stock during a discussion around the Iran ceasefire-driven relief rally. He pointed to a cluster of memory-related names — SanDisk, Western Digital, Lam Research, and Seagate — calling demand for their products “off the charts.”

Still, he acknowledged the demand story is real. Data centers need memory, and there isn’t enough of it. That shortage is what has been powering the SNDK run.

Nasdaq-100 Inclusion on April 20

A mechanical catalyst is now on the calendar. SNDK is expected to join the Nasdaq-100 on April 20. When that happens, index-tracking funds will be required to buy the stock, generating a wave of institutional demand.

That kind of forced buying has historically pushed stocks higher in the days around inclusion. Some analysts view the event as a near-term ceiling rather than a floor, as it can create a natural sell-the-news moment once the buying is done.

The rally has been backed by real fundamentals, not just momentum. SNDK makes NAND flash storage and enterprise solid-state drives — exactly the hardware that hyperscalers and data center builders need in bulk.

With AI infrastructure spending still elevated, the company has been a direct beneficiary. That demand is showing up in both revenue expectations and the stock price.

Data Center Delays Are a Risk Worth Watching

Not everything is pointing up. Many of the large-scale data center projects announced in the years following ChatGPT’s public launch have been pushed back or scrapped entirely.

The reasons vary — public opposition, unrealistic timelines, and growing questions about whether AI is actually delivering returns for businesses that have adopted it. Several surveys in early 2026 suggested that companies using AI tools saw limited or no productivity gains.

If the pace of data center construction slows meaningfully, the demand tailwind for memory suppliers like SanDisk could weaken. Much of the stock’s valuation increase has been built on expectations of large hardware orders from corporate clients.

As of April 14, SNDK was trading at $976 in the extended session, with the Nasdaq-100 inclusion just six days away.

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