Shares of storage solutions company, SanDisk Corp. (NASDAQ:SNDK) rallied 27.56% on Tuesday, becoming the best performer in the S&P 500 for the day, following Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang’s remarks on the growing importance of the storage market.

Storage An ‘Unserved Market’

During his speech at CES 2026 on Monday, Huang said storage is a “completely unserved market today,” amid tight supply, surging prices and soaring demand from AI training and inference markets.

“This is a market that never existed, and this market will likely be the largest storage market in the world, basically holding the working memory of the world's AIs,” he said, underscoring the increasingly critical nature of the segment.

SanDisk and rivals such as Micron Technology Inc. (NASDAQ:MU) and Seagate Technology Holdings PLC (NASDAQ:STX) have emerged as key beneficiaries of the trend, with the group following a similar upward trajectory over the past couple of years.

SanDisk Adds To 1,150% Rally

The rally on Tuesday brings SanDisk’s year-to-date gains to 42.61%, just a week into the new year, adding to its monumental 1,150% rally since its 52-week low in April 2025.

SanDisk’s financial performance has broadly kept pace with the stock’s performance, with the company reporting $2.3 billion in revenue during its recent fiscal first-quarter earnings results, up 23% year-over-year, and 21% from the prior quarter.

It posted a profit of $1.22 per share, significantly ahead of the prior quarter at $0.29, while beating estimates on the top and bottom lines.

SanDisk’s shares were up 27.56% on Tuesday, closing at $349.63, and are up another 0.45% overnight. The stock has a favorable price trend in the short, medium and long terms in Benzinga’s Edge Stock Rankings. Click here for deeper insights into the stock, the company, its peers and competitors.

Photo: Nor Gal / Shutterstock

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