Flash Crash: Kioxia Warns NAND Price Surge Ending, Sending Sandisk Plunging

In memory, the only number that matters is the second derivative. This morning it turned.

Sandisk did just about everything right last night: a revenue and EPS beat, 85% gross margins, a guide above the Street, another $5 billion of buybacks and an 8-for-1 stock split for good measure. And the stock went... nowhere after hours. Then, at 5:54am ET, Bloomberg reported that Sandisk's Japanese fab partner Kioxia had guided its profit below estimates while warning that the AI-fueled surge in flash memory prices was easing, and that was that: Sandisk tumbled as much as 8% premarket to a session low of $1,197.57, down 16% from Wednesday's high of $1,419, with Micron (MU) sliding in sympathy.