Sandisk stock price stalls amid secondary public share offering. Is the 2026 memory chip rally about to end?

Sandisk Corporation has announced plans for a secondary public offering. 

The data storage company will open up 5,821,135 common stock shares (Nasdaq:SNDK) at $545 a pop. The shares are currently owned by Western Digital Corporation (WDC), Sandisk’s former parent company.

Sandisk separated from WDC nearly a year ago to the date, and subsequently joined the S&P 500 in November. 

Now, WDC is furthering that split. It will be left with 1,691,884 shares of common stock, but it plans to get rid of those as well.

WDC intends to complete a debt-for-equity exchange with J.P. Morgan Securities LLC and BofA Securities—both of which will act as selling stockholders.

Sandisk says it will not personally sell any of its shares or profit from the secondary offering. 

The offering should close tomorrow, Thursday, February 19. 

Sandisk is benefiting from an AI-fueled chip memory shortage

In response to the news, Sandisk’s shares have fallen over 3.5% during premarket trading on Wednesday. However, they’re still sitting very comfortably. Sandisk’s shares have risen about 148% in 2026 and nearly 1,184% in the past 12 months. 

Sandisk’s dramatic upward trend mirrors many of its fellow memory chip makers—including WDC’s shares (Nasdaq:WDC). WDC is up around 1.68% in premarket trading and about 422% year-over-year (YOY). 

Micron, another manufacturer, is up about 283% YOY. Sandisk and Macron have both benefited tremendously from this year’s global memory chip shortage. They have AI companies to thank for the extreme demand—and subsequent shortage—that makes these companies’ products extremely valuable and their respective shares skyrocket.