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#SandiskBeatAndBuyback Sandisk reported fiscal Q4 revenue of $8.97 billion and adjusted earnings of $39.25 per share, both above market expectations. Management also authorized an additional $14 billion in share repurchases, increasing the remaining buyback capacity to approximately $15.5 billion. The results demonstrate strong demand for NAND storage, enterprise flash products, and infrastructure supporting AI workloads. Investors nevertheless focused on next-quarter revenue guidance of $10.3 billion to $10.8 billion, whose midpoint was below consensus. In my view, this shows that exceptional expectations were already reflected in the valuation. Sandisk’s AI storage opportunity remains attractive, but memory is still cyclical. High prices encourage additional production, which can eventually create oversupply and weaker margins. The buyback may support earnings per share, but future performance will depend on NAND pricing, inventory levels, free cash flow, and whether demand for high-performance flash remains durable.