SanDisk Surges 13%: Is Shareholder Returns the Final Trump Card for the Storage Sector?

SanDisk unveiled its FY28-30 long-term financial model at its Investor Day—non-GAAP gross margin of 80%, operating margin of 75%, and adjusted free cash flow margin of 50%—while committing to "return 100% of remaining cash after completing business investments." The next trading day, SanDisk shares spiked as much as 17.6% intraday and closed nearly 14% higher, with SK Hynix, Western Digital, Seagate, and Micron all gaining ground in tandem.