Sandisk stock drops 5% as AI storage jitters outweigh a Mizuho upgrade

Sandisk shares fell between 4.9% and 5.8% on Thursday, October 8, 2026, closing around $1,609. The stock was down hard on the same day an analyst raised its price target. What happened to Sandisk stock Trading in Sandisk (ticker: SNDK) was heavy. Volume reached approximately 7 to 9 million shares, and the stock touched a session low near $1,584 before settling. The drop came despite a vote of confidence from Mizuho. The firm kept its Outperform rating and raised its price target from $1,875 to $2,050. The pressure was not Sandisk-specific. Memory and storage companies broadly sold off, and peers such as Micron showed similar weakness. Two forces drove the selling. The first was a batch of mixed economic signals that left investors unsure about the broader backdrop. The second was uncertainty about how fast AI infrastructure buildouts will keep moving. That uncertainty has been amplified by reported pauses in OpenAI’s model training since late September. Training large AI models eats enormous amounts of data, and that data has to live somewhere. If one of the industry’s biggest builders is reportedly slowing training, storage investors start asking how much demand is really in the p...