SanDisk Corp. (SNDK) surged 5.40% in pre-market trading on Thursday, outperforming the broader market as the memory-chip sector rallied following Micron Technology's upbeat earnings forecast.
The gains were driven by Micron Technology's announcement of a stronger-than-expected second-quarter profit, fueled by soaring memory-chip prices due to tight supplies and booming demand from AI data centers. This positive sentiment spilled over to peers like SanDisk, which rose alongside Western Digital and other sector players.
Analysts highlighted that Micron's strategic focus on AI-related demand has not only improved its margins but also benefited the broader memory-chip sector, including SanDisk. The company's forecast of nearly double the expected profit further bolstered investor confidence in the industry.