Sandisk has thumping quarter on AI boom, secures long-term contracts & unveils big buyback
Memory chip maker Sandisk on Thursday reported soaring revenue and profit while predicting another rosy quarter, adding it has signed long-term contracts worth at least $42 billion to help it counter any extreme price cycles.
It also said it would embark on a $6 billion buyback.
Sandisk has become one of the later beneficiaries of the artificial intelligence boom, with its main product – NAND storage memory – now in high demand as AI systems have started to work with large legal documents and computer code bases. But like its relative DRAM memory, NAND has long been subject to extreme price cycles as demand ebbs and flows.
