SanDisk’s 2QFY26 earnings weren’t a cycle. They were a reset.

Revenue $3.03B vs $2.67B. EPS $6.20 vs $3.49. Gross margin 51.1% vs 42%.

Then the guide:

$4.4–4.8B revenue and 65–67% gross margins next quarter. The Street was at ~$2.9B and low-40s margins.

ASP up 35% sequentially, guided another 57%. Bit volumes barely moved. Management says they’re in allocation.

That’s not commodity NAND. That’s enterprise SSDs becoming mandatory AI infrastructure, something NVIDIA quietly confirmed at CES.

I break down why 2QFY26 may be the quarter SanDisk stopped behaving like a cyclical supplier.