Is SanDisk’s 13.6% Flash Crash an AI Re-rating or Has SNDK Reached a Cyclical Peak?

The global AI memory and storage sector faced a brutal gut check session on June 23, 2026, as shares of pure-play NAND flash leader SanDisk Corporation (NASDAQ: SNDK) plummeted 13.64%, closing at $1,963.60. The single-day drop wiped out more than $40 billion in market value, catching investors off guard just a day after the stock touched a fresh 52-week high of $2,354.39.