Up 6.7x in a year, down 46% from its peak—and options traders are still betting against each other
During U.S. trading tonight (October 23), SanDisk $SNDK was at $1,281.62, up 1.64% (open: $1,271.62; previous close: $1,260.93). Just yesterday, it took a -8.51% hit.
First, let’s lay out the stock’s “divergence”:
· Year to date: +440%; over the past year: +667%
· 52-week high: $2,354.39; current price is 46% below the high
· Past month: -29%; past 5 days: -8.7%
· Market cap: about $190 billion; P/E ratio: about 17x
The options market makes for an even more interesting picture (based on the previous close): options premium volume was about $3.2 billion, with a put/call ratio of 0.63, indicating a bullish tilt; market makers were net short gamma, which can amplify moves in either direction; implied expected daily volatility was about ±5%. Meanwhile, insiders have recently been net sellers of about $130 million, with 0 buyers and 6 sellers.
The bull-bear divide is out in the open: bulls are betting that AI data centers will drive NAND demand into a long-term growth cycle (Jensen Huang said just this week that he doesn’t expect a memory glut before 2029); bears are focused on how much of the gains may already be priced in. Western Digital, a peer in the same sector, reported results far above expectations last night, yet its stock still fell—the market is worried about costs and the cycle nearing a peak.
SanDisk reports earnings next Wednesday (October 29), the first major test in this round of bets.
Do you think this is a changing of hands midway through a supercycle, or the early stages of distribution at the top?
This article is a market update, not investment advice. U.S. stocks and options are highly volatile; be aware of the risks.
#SNDK #闪迪 #美股 #期权 #AI存储
During U.S. trading tonight (October 23), SanDisk $SNDK was at $1,281.62, up 1.64% (open: $1,271.62; previous close: $1,260.93). Just yesterday, it took a -8.51% hit.
First, let’s lay out the stock’s “divergence”:
· Year to date: +440%; over the past year: +667%
· 52-week high: $2,354.39; current price is 46% below the high
· Past month: -29%; past 5 days: -8.7%
· Market cap: about $190 billion; P/E ratio: about 17x
The options market makes for an even more interesting picture (based on the previous close): options premium volume was about $3.2 billion, with a put/call ratio of 0.63, indicating a bullish tilt; market makers were net short gamma, which can amplify moves in either direction; implied expected daily volatility was about ±5%. Meanwhile, insiders have recently been net sellers of about $130 million, with 0 buyers and 6 sellers.
The bull-bear divide is out in the open: bulls are betting that AI data centers will drive NAND demand into a long-term growth cycle (Jensen Huang said just this week that he doesn’t expect a memory glut before 2029); bears are focused on how much of the gains may already be priced in. Western Digital, a peer in the same sector, reported results far above expectations last night, yet its stock still fell—the market is worried about costs and the cycle nearing a peak.
SanDisk reports earnings next Wednesday (October 29), the first major test in this round of bets.
Do you think this is a changing of hands midway through a supercycle, or the early stages of distribution at the top?
This article is a market update, not investment advice. U.S. stocks and options are highly volatile; be aware of the risks.
#SNDK #闪迪 #美股 #期权 #AI存储