CapitMonet on Nostr: $SNDK is the cycle-or-structure trade. Spun out. Ignored. Then AI found the storage ...

$SNDK is the cycle-or-structure trade.

Spun out. Ignored. Then AI found the storage layer.

NAND was supposed to be cyclical. Supply got cut. Datacenter demand exploded. Prices reset. Margins went vertical.

Q3: Revenue +251% YoY, Datacenter +645%, margins ~78%, EPS $23.41.

Now the real signal: contracts. Multi-year agreements. $42B minimum backlog. $11B guaranteed. Over a third of next year's production covered.

That's the bet.

Either NAND is still boom-bust — or AI just turned storage into constrained infrastructure.

Stock +3,000% in 12 months. Forward P/E still ~7x.
Nobody believes the cycle holds.

That's either the warning — or the setup.

#Macro #Markets