Sandisk (NASDAQ: SNDK) has been one of the market's best-performing stocks this year, but it slid 13.5% in the session following its fiscal Q1 earnings report on Oct. 29, despite the memory maker seeing its sales surge and profits soar. The stock is still up around 375% on the year, even after the pullback, though down more than 50% from its earlier highs. This could make this recent dip a buying opportunity. Sandisk has been a big beneficiary of rising NAND (flash) memory prices, as supply shortages have caused prices to skyrocket as demand climbs. This is due to a combination of artificial intelligence (AI) data centers needing massive high-performance solid-state drives (SSDs) that use flash memory to hold training data and the big three memory makers shifting their focus toward high bandwidth memory (HBM), a special form of DRAM (dynamic random access memory) that gets packaged with graphics processing units (GPUs) and other AI chips to reduce latency. Image source: The Motley Fool.
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