SanDisk Stock Crashes 22%, Erasing Gains Since March. Is a Fund Blowup Next?
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SanDisk (SNDK) stock plunged 22.26% to $806.43 on Thursday, November 5, on roughly 30 million shares. Volume topped triple the 20-day average as the memory chipmaker fell back to March 20 levels. The crash hit a company that had just reported record results. SNDK now trades 66% below June’s $2,354 peak. Meanwhile, hedge funds keep unwinding the AI trade they built since 2025. Why Did SanDisk Stock Crash After Record Earnings? On October 29, SanDisk posted quarterly revenue of $11.03 billion, up 378% year over year. Data center sales climbed 61% from the prior quarter to $4.80 billion. Management also guided next-quarter revenue to between $12.2 billion and $12.6 billion. On Thursday, investors looked past all of it. The trigger came from Washington. Democrats won both chambers of Congress.
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