Sandisk reported one of its strongest quarters, secured about US$42.00 billion of long-term supply agreements, and authorized a US$6.00 billion share buyback, even as sentiment swung sharply following a sector-wide AI infrastructure sell-off and rebound. Investors are reassessing how China’s expanding memory capacity and hyperscalers’ aggressive AI spending could reshape Sandisk’s long-term pricing power and earnings stability. The short-term catalyst is how upcoming results and hyperscaler orders validate those US$42.00 billion in long-term contracts, while the biggest risk is that China’s expanding memory capacity ends the shortage that has supported pricing and margins. The US$6.00 billion share buyback authorization is being layered on top of one of Sandisk’s strongest reported quarters and a heavy pipeline of AI-related supply deals. Sandisk's narrative projects $30.0 billion revenue and $14.4 billion earnings by 2029, requiring 31.5% yearly revenue growth and about a $9.9 billion earnings increase from $4.5 billion today. Forecasts yield a $1773 fair value, a 46% upside to its current price. Before this news, the most pessimistic analysts assumed Sandisk’s revenue would grow only about 16% a year and earnings reach roughly US$1.7 billion by 2029, contrasting sharply with the recent contract wins.