SanDisk, Micron Fall 10.6% on June 30 as Meta Considers Selling Excess Computing Capacity

According to Bloomberg reporting on June 30, SanDisk and Micron shares each dropped 10.6% amid investor concerns that Meta Platforms is considering selling excess cloud computing capacity. The potential supply increase raised questions about future data center expansion demand, with D.A. Davidson managing director Gil Luria noting that Meta is among the world's top five computing power customers, so any shift in its data center plans could ripple through the entire supply chain.

Despite the decline, BofA analyst Wamsi Mohan raised SanDisk's price target to $2,500 on expectations that NAND flash memory supply shortages will persist through mid-2027, providing SanDisk with sustained pricing power. Mohan's revised target implies approximately 23% upside from current levels.