But there's another side to this. NAND is a cyclical market. Strong demand attracts capacity, supply eventually catches up, and pricing power can change quickly. SanDisk can be delivering exceptional growth today while investors question how long those margins can last. AI infrastructure still needs storage. The question is whether the market has priced in too much future growth too quickly. I'd be careful about confusing a sharp valuation reset with the death of an entire industry.
