Sandisk – The memory manufacturer aiming to take the fear out of the dreaded NAND cycle with multi-year contracts?!

I see Sandisk as one of the most interesting restructuring cases in the memory industry. Simply put, the company manufactures NAND flash memory and SSDs – a business that has historically been notorious for its cyclicality and has regularly punished investors with brutal price declines. This is where the story comes in: Through so-called New Business Model Agreements, Sandisk ties its large customers through multi-year contracts with fixed minimum purchases. About half of the capacity for 2027 and two-thirds for 2028 are already secured – this...