What's Going On With Sandisk Stock Today?

Sandisk Corp. (NASDAQ:SNDK) stock extended its decline Thursday as investors continued reducing exposure to AI-linked semiconductor and memory stocks following the U.S. midterm elections.

The stock slid almost 18% in Thursday trading with the S&P 500 futures down 2.54%, pointing to continued pressure within the chip sector rather than a broader market selloff.

The decline spread across the memory complex.

Micron Technology Inc. (NASDAQ:MU) fell more than 5% before the bell after dropping nearly 7% Wednesday. In comparison, the iShares Semiconductor ETF (NASDAQ:SOXX) declined almost 5% after losing about 3% in the previous session.

SK Hynix Inc. (NASDAQ:SKHY), Seagate Technology Holdings Plc (NASDAQ:STX) and Western Digital Corp. (NASDAQ:WDC) also fell roughly 5%-7% Thursday after closing 5%-8% lower Wednesday.

The moves follow a post-election rotation away from crowded semiconductor and AI supply-chain positions.

Mixed read-throughs from recent Qualcomm Inc. (NASDAQ:QCOM) and Arm Holdings Plc (NASDAQ:ARM) results have also kept attention on capacity constraints and the sustainability of growth across the chip industry.

Tech analyst Dan Ives said semiconductor stocks could fall another 10%-12% during the current pullback.

By contrast, Fundstrat's Tom Lee called the AI selloff an "overreaction" and said technology stocks could rally roughly 20% if hedge funds rotate back into the sector before year-end.

With broader futures holding relatively steady, SanDisk's steeper decline reflects its higher sensitivity to the ongoing AI and memory-stock unwind.

SanDisk remains up 379.17% over the past 12 months, but its recent decline has pushed the stock below all its major trend indicators.

The stock trades 27.2% below its 20-day SMA, 36.9% below its 50-day SMA and 23.8% below its 200-day SMA.

That setup keeps the near- and intermediate-term technical trend under pressure until the stock begins reclaiming those moving averages.

Sandisk carries a Buy consensus rating with an average price forecast of $2,176.43.

Recent analyst actions include Fox Advisors downgrading the stock to Equal-Weight on Nov. 2, Rosenblatt maintaining Buy with a $2,400 target on Oct. 30, and Wells Fargo maintaining Equal-Weight while lowering its target to $1,300 on Oct. 30.

SanDisk carries sizable weights in the Invesco S&P 500 Pure Growth ETF (NYSE:RPG) at 6.94%, First Trust US Equity Opportunities ETF (NYSE:FPX) at 5.85% and Invesco S&P Spin-Off ETF (NYSE:CSD) at 6.08%.

Large inflows or outflows in those funds could translate into corresponding buying or selling of Sandisk shares.

SNDK Price Action: Sandisk shares were down 16.95% at $861.54 at the time of publication on Thursday, according to Benzinga Pro data.

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