Storage Sector Recovery: Why SanDisk's Volume Surge (+31%) Matters More Than Q3 Margins
SanDisk's +569% stock surge looks disconnected from -17% TTM ROIC, but the real story is in the cycle fundamentals: +31% bit shipment growth overwhelming -9% ASP normalization, gross margins inflecting at +7.4pp/quarter, and positive FCF despite transition losses. This is textbook early-cycle recovery, not a bubble.