Sandisk J.P. Morgan TMC Conference Takeaways

研报英文原文证据摘录

Sandisk J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

20 May 2026

Sandisk Not Rated

SNDK, SNDK US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$1,383.29

Semiconductors & Semiconductor

Capital Equipment / IT Hardware

David Goeckeler, Sandisk’s Chairman & CEO, and Luis Felipe Visoso, CFO, Harlan Sur AC

presented at our 54th annual J.P. Morgan TMC Conference. (1-415) 315-6700

harlan.sur@jpmorgan.com

• Portfolio in great shape across all three end markets. The team opened by Mayur Ramdhani

characterizing the portfolio as being “in great shape” – BiCS8 ramping as a (1-212) 622-1664

differentiated node, a strong consumer business, a strong edge business, and a mayur.ramdhani@jpmorgan.com

J.P. Morgan Securities LLC

now-meaningful data center business that grew over 200% sequentially in the

March qtr to 25% of the mix. Mgmt continues to expect the data center business

to grow from here as the team executes against its eSSD product strategy. The

combination of BiCS8 leadership, broadening data center traction, and pricing

strength is supporting what mgmt characterized as a balanced portfolio across

all three end markets.

• NBM (New Business Model) framework is a centerpiece of the

transformation – built around three balancing objectives: fair return for

the technology, dampening cyclicality, and continued mid- to high-teens

% bit supply growth. Mgmt laid out the explicit framework behind the

NBMs: (1) get a fair return for SNDK’s technology, (2) dampen cyclicality

(with strengthened balance sheet, cash reserves, and contractual mechanisms

that benefit SNDK if downturns occur), and (3) sustain mid- to high-teens %

bit growth. Mgmt argued that the traditional NAND model of quarterly