Dear Sandisk Stock Fans, Mark Your Calendars for May 20

Nauman Khan

Mon, May 18, 2026 at 2:32 PM EDT 4 min read

Sandisk (SNDK) is still riding one of the hottest trades in the market. The memory and storage name has become a poster child for the AI buildout, with investors betting that data-center demand will keep NAND tight and pricing firm. That is the bigger backdrop for the stock right now: The whole storage group has been swept up in the AI boom, and Sandisk has been one of the clearest beneficiaries.

The latest wrinkle is not another earnings surprise, but a mini-tender offer from Tutanota LLC that expires on May 20, a date Sandisk has told shareholders to notice and, if they have not responded, to take no action.

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Sandisk Rejects Offer

The mini-tender issue itself is relatively small, but it matters because it highlights how much investor attention Sandisk is attracting right now. Tutanota’s unsolicited offer seeks to buy up to 100,000 shares at $1,150 each, representing less than 0.07% of Sandisk’s outstanding stock. The offer expires at 5 p.m. Eastern Time on May 20 unless extended. Sandisk warned shareholders that the deal could effectively result in a below-market sale price and recommended investors reject the offer or take no action. The SEC has also previously warned investors about mini-tender offers because they avoid some disclosure protections tied to larger tender offers.

How Did Sandisk Stock Perform?

The stock has been the big story in 2026. Barchat data put it up about 493% year to date (YTD) and roughly 2,794% since its February 2025 spin-off from Western Digital (WDC), with the move driven by AI demand, tight memory supply, and the market’s willingness to pay up for companies exposed to the storage bottleneck. Even after a few sharp post-earnings swings, the trend has been hard to ignore.

Valuation is where the debate gets more interesting. Using Sandisk’s recent market value of about $208 billion and bullish revenue expectations for fiscal 2026, the stock trades near 10 times forward sales. That is below some AI-linked semiconductor peers, but still elevated for a memory business that historically has been cyclical. Investors are essentially betting that AI-driven demand can keep memory pricing stronger for much longer than in prior cycles.