Sandisk Falls 5.59% to $885.01 as Nvidia Sell-Off Spreads to Memory

By Tom Whitfield

Sandisk (SNDK) closed Friday at $885.01, down $52.45 or 5.59 percent, as the AI chip sell-off that followed Nvidia's surprise CEO exit spread to memory stocks. That is about $110.63 a share on a split-adjusted basis, ahead of the 8-for-1 split that takes effect for trading on Friday, 20 November. The reference levels for the coming week are $978 above and $806 below.

What happened on Friday?

The stock opened at $915.86, reached a high of $939.53 and fell to a low of $848.50 during the session. After-hours quotes sat around $865 to $868. The close left the stock only about 3.6 percent above the session's bottom, and it gave back most of Thursday's rebound, when it had bounced from $869.49 to close at $937.46.

The week was volatile. Sandisk closed at $806.43 on 5 November after a 22 percent fall, then at $977.69 on 11 November after a 13.7 percent rally, before two down days. Over the past month the stock is down about 34 percent, though it remains up about 251 percent over twelve months, according to The Motley Fool.

Why did memory stocks sell off?

Nvidia said on 12 November that Jensen Huang had resigned as chief executive, effective immediately, and named finance chief Colette Kress interim CEO. Investors have cut exposure across AI hardware since. On Friday the selling hit memory makers hardest: Sandisk fell more than 8 percent at one point, while SK Hynix and Micron were down about 5 percent and 4.5 percent during the session. Micron closed down 2.5 percent.

Sandisk sells much of its flash storage into data centres, where it sits alongside Nvidia's chips in AI systems. Investors worry that a leadership change at Nvidia could slow AI spending, and Sandisk's rally was built on that build-out.

There is also a company-specific concern. Investing.com cited a Counterpoint Research estimate that Sandisk's share of global NAND flash revenue fell to 11 percent in the second quarter of 2026, from 13 percent in the first. Stronger rivals in NAND would make it harder for Sandisk to keep its margins if prices stop rising.

How does the 8-for-1 split work?

Holders on the 9 November record date receive seven extra shares for each one they own. The value of a holding does not change; every per-share number is divided by eight. New shares are distributed after the close on 19 November, and split-adjusted trading begins on Friday, 20 November. From that day, quotes, targets and options strikes will all be on the new basis.

Level	Pre-split	Split-adjusted
Friday close	$885.01	$110.63
Friday low	$848.50	$106.06
5 November close	$806.43	$100.80
11 November close	$977.69	$122.21
JPMorgan target	$2,250	$281.25

The split changes the share count, not the value of the business; it resets the arithmetic for everyone at once.

What do analysts say?

JPMorgan's Harlan Sur keeps an Overweight rating and a $2,250 target, or $281.25 after the split, according to Benzinga. Wells Fargo cut its target to $1,300 from $1,550, and RBC to $1,400 from $1,600. Susquehanna trimmed its target to $2,720, and Melius Research holds the Street-high $3,600. MarketBeat puts the consensus at $2,056.23, roughly $257 after the split. Every one of those targets sits far above Friday's close; they are twelve-month views on the business, not calls on the coming week.

What are the levels for the week ahead?

• Bear, $806 (about $100.80 adjusted): Nvidia's results or guidance disappoint and memory stocks keep selling off. This anchors to the 5 November close, about 8.9 percent below Friday's finish.
• Base, $850-$940 (about $106.25-$117.50): the stock trades inside Friday's range into the split.
• Bull, $978 (about $122.21): Nvidia's numbers calm the leadership worry and chip stocks rebound. This anchors to the 11 November close, about 10.5 percent above Friday's finish.

These are reference levels measured from Friday's close, not forecasts.

What to watch

• Monday: whether the stock holds Friday's $848.50 low, with after-hours trading already near $865.
• Tuesday, 17 November: Nvidia's third-quarter results, the first under interim CEO Kress, released at about 1:20 p.m. Pacific time with the call at 2 p.m.
• Thursday, 19 November: new shares distributed after the close.
• Friday, 20 November: the first day of split-adjusted trading, around $110 at Friday's close.

Nvidia's Tuesday report is the main test before the split; a calm set of numbers from interim CEO Kress would give memory stocks room to stabilise, while a miss would likely push Sandisk back toward the $806 level set on 5 November.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.