$SNDK SanDisk made a lot of money this quarter: an 85% gross margin and a P/E ratio of just 6.3x—strangely cheap.
There’s only one reason: the market is worried it won’t make this much next year. But it’s no longer a company that sells memory cards. Half its revenue comes from AI data centers, which need SSDs installed in their server rooms. Supply is so tight that customers have to queue up to get them. Some say an 85% gross margin can’t last and will decline, but long-term contracts have already locked in prices, so the decline will be gradual, not a sudden collapse. The real question is “how fast will it fall,” not “whether it will fall.”
If my assessment is wrong, it will show up in one of three ways: manufacturers such as Samsung start expanding capacity; data centers can’t sell their products; or long-term contracts stop being signed.
#比特币连续五周下跌
There’s only one reason: the market is worried it won’t make this much next year. But it’s no longer a company that sells memory cards. Half its revenue comes from AI data centers, which need SSDs installed in their server rooms. Supply is so tight that customers have to queue up to get them. Some say an 85% gross margin can’t last and will decline, but long-term contracts have already locked in prices, so the decline will be gradual, not a sudden collapse. The real question is “how fast will it fall,” not “whether it will fall.”
If my assessment is wrong, it will show up in one of three ways: manufacturers such as Samsung start expanding capacity; data centers can’t sell their products; or long-term contracts stop being signed.
#比特币连续五周下跌