SanDisk Corporation (NASDAQ: SNDK) shares rose 4.44% to $1,565.87 in premarket trading on Thursday, driven by a sector-wide rally among memory chipmakers following Nvidia’s strong quarterly results.

The advance followed the second-quarter financial results of Nvidia Corporation (NASDAQ: NVDA), which reported its earnings Wednesday after market close. Nasdaq futures were up 1.04% while S&P 500 futures gained 0.44%.

Nvidia Delivers Double Beat

Nvidia posted second-quarter revenue of $96.22 billion, representing a 106% year-over-year increase. The revenue performance topped the Street consensus estimate of $92.18 billion.

Adjusted earnings per share reached $2.22, beating the consensus estimate of $2.10.

Data Center revenue expanded 117% year-over-year to $89 billion. Edge Computing revenue gained 27% to reach $7.2 billion.

Gross margin for the quarter came in at 75%, up from 74.9% in the prior quarter and 72.4% in the second quarter of the previous year.

What the Numbers Show

Nvidia’s Data Center segment accounted for approximately 92.5% of total revenue ($89 billion out of $96.22 billion), highlighting a heavy concentration in AI infrastructure demand rather than broader diversification across segments.

Key Support and Resistance Levels

From a trend perspective, SanDisk stock is still extended on a longer horizon: at $1,566.00 it is trading 63.8% above its 200-day SMA ($958.49), which keeps the bigger picture pointed higher despite recent chop. At the same time, it is trading 3.3% below its 50-day SMA ($1,624.25), a sign the stock has been digesting gains rather than accelerating.

Momentum is best framed through RSI, which sits at 49.34—basically neutral—suggesting the stock isn’t stretched in either direction right now.

The moving-average structure is mixed: the 20-day SMA ($1,435.28) is below the 50-day SMA (a bearish crossover), but the 50-day SMA remains above the 200-day SMA (a bullish longer-term alignment). That combination often shows up when a strong uptrend pauses and works off excess momentum before the next directional move.

• Key Resistance: $1,696.50 — a nearby ceiling that also sits close to the 50-day SMA zone, where rebounds can stall if buyers don’t follow through
• Key Support: $1,485 — a nearby floor that lines up with the stock’s short-term trend area (around the 20-day EMA at $1,495.90), where dip-buyers may try to defend

SanDisk Corporation (NASDAQ: SNDK) shares traded slightly higher Wednesday, gaining 0.40% to close at $1,486.72. The modest advance aligned with broader market gains, as the Nasdaq rose 0.09% and the S&P 500 added 0.12%. No company-specific headlines drove the move.

The technology sector contributed to the upward momentum, rising 0.37%. Seven of the 11 market sectors finished in positive territory. Industrials led the market with a 1.30% gain, followed by materials with a 0.81% increase. The Russell 2000 gained 0.19%, while the Dow Jones Industrial Average traded near flat. The market’s advance-decline ratio stood at 1.8, indicating advancing stocks outnumbered decliners.

Technical Positioning

SanDisk’s chart reflects short-term weakness within a longer-term uptrend. The stock trades 53.7% above its 200-day simple moving average (SMA) of $958.36. However, it remains 9.3% below its 50-day SMA of $1,623.75. The 20-day SMA of $1,434.04 sits below the 50-day average, a bearish crossover that points to weaker intermediate-term momentum.

The relative strength index (RSI) stands at 48.30, a neutral reading suggesting neither buyers nor sellers control direction. Resistance sits near $1,696.50, while support holds near $1,325, where buyers previously intervened during the recent pullback.

Analyst Outlook

The stock trades at approximately 20.1 times earnings and carries a Buy consensus rating. The average price forecast is $2,190.50. Recent analyst actions include:

• Mizuho: Maintained an Outperform rating but lowered its price forecast to $1,875.
• RBC Capital: Raised its forecast to $1,600 on Aug. 14 and kept a Sector Perform rating.
• Wells Fargo: Increased its forecast to $1,550 on Aug. 14 and maintained an Equal-Weight rating.

Momentum vs. Value

SanDisk holds a Benzinga Edge Momentum score of 99.91, ranking it among the market’s strongest momentum names. Conversely, its Value score is 13.48, suggesting the stock appears expensive based on common valuation measures. This divergence points to a momentum-driven setup where price trends and support levels may matter more than valuation metrics.

ETF Exposure

Large inflows or outflows from key ETFs could influence share price movement. Major holdings include:

What the Numbers Show

The disconnect between SanDisk’s high momentum score (99.91) and low value score (13.48) highlights a reliance on price action rather than fundamental valuation improvement. While the stock trades significantly above its long-term 200-day SMA, its position below the 50-day SMA indicates that recent price declines have not yet been reversed by buying pressure.