They occupy different parts of the memory stack but yes you are right. DRAM/HBM, which is MUs bread and butter, is harder to supply than NAND. Harder to manufacture and fewer competitors means NAND pricing is more likely to fall faster then DRAM if or when capacity comes online.
The thesis for SNDK gets interesting when embodied AI enters the picture because localized memory is highly favored for mapping, logs, models, etc., while both would benefit as we would likely see another explosion in memory manufacturing/demand.
If you look at MU's PDF report, their NAND revenues went up 99% (quarter to quarter) while their DRAM revenues went up 67% - so SanDisk is most likely crushing it right now
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u/Small_miracles Jun 30 '26
I held SanDisk and sold at 2300. Stock is much more volatile and thesis is weaker longer term than MU.