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SanDisk: The Flash Memory Revolution
How three immigrant engineers defied Intel, bet on flash when the world ran on spinning disks, and built a company that would twice enter and exit the public markets across four decades
I. Introduction & Episode Roadmap
The date is November 24, 2025. Shares of flash storage vendor SanDisk popped 7% in extended trading after the company was added to the S&P 500. SanDisk's addition to the benchmark comes nine months after the company was spun out of Western Digital.
This moment—SanDisk joining the S&P 500 under the ticker SNDK—represents one of the most remarkable corporate comebacks in technology history. Since its initial listing in February 2025, SNDK stock has skyrocketed over 519%. The same ticker symbol that went dark in May 2016 when Western Digital acquired the company for $19 billion has returned, now representing a company with a market cap of about $33 billion.
But this isn't just a story about a stock ticker. It's the story of how three immigrant engineers—one from Israel, one from India, one from Taiwan—defied conventional wisdom, survived the brutal semiconductor boom-and-bust cycles, pioneered formats that now store the world's digital memories, and created the foundation upon which smartphones, digital cameras, and modern data centers operate.
SanDisk Corporation is an American multinational computer technology company based in Milpitas, California, that designs and manufactures flash memory products, including memory cards, USB flash drives, and solid-state drives. It was founded in 1988 as SunDisk by Eli Harari, Sanjay Mehrotra, and Jack Yuan.
The big question this article will answer: How did three engineers with an idea rejected by Intel build the foundation of modern digital storage—and why does this company's journey, through IPO, acquisition, and spinoff, matter for understanding the flash memory industry's future?
SanDisk sells fast storage drives for gaming PCs, digital cameras and security cameras, and is also trying to land deals with large-scale data center builders. Revenue in the latest quarter rose 23% to $2.31 billion. The company reported a 31% increase in exabytes sold.
We'll trace SanDisk's path from founding vision through its 1995 IPO, the transformative Toshiba partnership that began in 1999, the strategic acquisition spree of the 2000s and early 2010s, the 2016 Western Digital merger, and the February 2025 spinoff that returned the company to independence. Along the way, we'll examine what this journey reveals about the economics of memory chips, the power of strategic partnerships, and the forces reshaping data storage for the AI era.
II. The Origins: Eli Harari & The Flash Memory Vision (1970s-1988)
The Inventor's Journey
The story of SanDisk begins not in Silicon Valley boardrooms, but in the semiconductor research labs of the 1970s, where a young Israeli physicist was wrestling with one of computing's fundamental problems: how to create memory that could retain data without power, be electrically erased, and be manufactured at scale.
Eliyahou "Eli" Harari (born June 10, 1945) is an Israeli-American electrical engineer, inventor, and entrepreneur best known for co-founding SanDisk Corporation in 1988 and pioneering advancements in flash memory technology that revolutionized data storage. Born in what was then British Mandate Palestine, Harari grew up in Israel and attended boarding school in England from age 13 before pursuing higher education.
Harari was born in 1945—"I'm told that when I was eight days old, my parents took me back home from the hospital in a pram and the British—there was a curfew, and the British soldiers stopped my parents with the pram and searched me." He grew up in Israel until age 13, and then went to England to boarding school.
He holds a bachelor's degree in physics from the University of Manchester (1969) and a Ph.D. in solid-state sciences from Princeton University (1973), after an initial year of study at the Hebrew University of Jerusalem.
After Princeton, Harari's career took him through the most important semiconductor companies of the era. After earning his Ph.D. from Princeton University in 1973, Harari joined Hughes Aircraft where his research on electronic tunneling in ultrathin dielectric films led to the invention of the first practical EEPROM, which paved the way for today's flash memory industry.
Harari's early career focused on semiconductor research and development, beginning at Hughes Aircraft Company in the 1970s, where he contributed to the invention of the floating-gate EEPROM, a foundational non-volatile memory technology patented in 1978.
The floating-gate EEPROM was a breakthrough, but Harari saw something more. Dr. Harari's vision for SanDisk has been to create a revolutionary flash memory technology that would enable low-cost solid-state storage to replace chemical film or rotating magnetic disk drives.
The Intel Rejection
After Hughes, Harari moved to Intel, the company that would become synonymous with semiconductor innovation. He later worked at Intel (1979–1981) managing technology development. At Intel, Harari worked on developing EEPROM technology, but he saw a bigger opportunity: using flash memory to replace disk storage entirely.
At Intel, it was the most profitable product at Intel. And we were working on relatively low density EEPROM, 16 kilobit or so, so that was EEPROM really never made it, as a major mainstream technology. It was a two transistor cell, and not particularly low cost.
The vision to replace disk storage was radical for its time. Magnetic disk drives were the established technology, backed by decades of engineering and massive economies of scale. Flash memory was slow, unreliable, and expensive. But Harari believed that with the right architecture—combining embedded controllers, firmware, and flash memory—the technology could overcome its limitations.
Intel's leadership wasn't convinced. The company's focus was on the processor business, where margins were higher and the market larger. Flash memory for storage? That was a niche application at best.
Harari worked on flash memory at Intel, leaving to found a start-up which failed. In 1988, Harari launched the company that would become SanDisk with former Intel colleague Sanjay Mehrotra and former Hughes Electronics colleague Jack Yuan.
The Founding Moment
The rejection from Intel only strengthened Harari's conviction. In 1988, embryonic flash memory technology was slow, unreliable and expensive. SanDisk pioneered numerous technological breakthroughs, captured in more than 1500 patents, which systematically overcame these limitations, drove costs down and opened new large-scale markets.
Harari co-founded SunDisk (later renamed SanDisk Corp.) in 1988 to pursue his vision to develop a system-level architecture ("System Flash") that successfully overcame fundamental physical limitations found in flash EEPROM transistors. System Flash revolutionized storage of data in portable, battery-operated devices such as digital cameras, handheld computers and cellphones, markets that were still in their infancy in 1988.
The founding team was remarkable for its diversity and complementary expertise. SanDisk, originally named SunDisk and formed in 1988, was launched by three immigrant founders: Harari, from Israel; Mehrotra, from India; and Jack Yuan, from Taiwan.
Sanjay Mehrotra's journey to Silicon Valley was itself a testament to persistence. Mehrotra, a fellow cofounder and the longtime CEO of SanDisk, explained to Business Insider the impact of his father's forceful actions in getting Mehrotra a visa from the U.S. government. He was rejected three times before his father reached the head of the consulate and painstakingly made his case. The move ultimately proved life-changing.
Mehrotra was born in 1958 in Kanpur, India. He is the youngest of four siblings. His father was a liaison officer in the cotton industry, who later moved the family to New Delhi when Mehrotra was 10 years old. At an early age, Mehrotra began expressing interest in math and science, and he has since said that his father and siblings played a significant role in encouraging him to pursue an education in STEM.
The "System Flash" Breakthrough
What set SunDisk apart from other flash memory companies wasn't just the memory cells themselves—it was the systems-level thinking that Harari and his team brought to the problem.
SunDisk (SanDisk) was founded by Eli Harari to develop new "System Flash" architecture combining embedded controller, firmware and flash to emulate disk storage, and filed for first MLC (Multi-Level Cell) flash patent.
The flash chip was re-architected and mated with sophisticated controllers that provided reliable high-speed multiple writes, while multi-level cell (MLC) technology and Moore's Law lowered costs drastically.
This was the key insight: flash memory's inherent limitations—limited write cycles, the need for error correction, the complexity of wear leveling—could be managed through intelligent controllers. Instead of selling raw flash chips, SunDisk would sell complete storage solutions that behaved like disk drives but used flash memory internally.
As a result, Eli and his colleagues created, designed & developed a "Flash High Endurance Transistor" which became the core building block for Flash memories that had sufficient endurance and reliability for thousands of memory write cycles. Another item that was interesting was the need for a "Controller" to manage the Flash memory arrays and also perform many auxiliary functions. Eli recognized this early on and called the concept "System Flash." He hired Robert Norman as the systems engineer at SanDisk that would be responsible for systems design of Flash memory arrays.
Early on, SanDisk (then known as SunDisk) had recognized that digital cameras would need digital storage, and computers could become ever more mobile and light and would require a similar storage technology. In 1988 Harari offered the flash memory card technology to Kodak for inclusion in their cameras. Kodak offered to fund the development with the condition that SanDisk offer a three year exclusive contract for the 'digital film'. Harari and SanDisk rejected the offer, preferring to have competition in the marketplace.
This decision to reject Kodak's exclusive deal would prove prophetic. By maintaining independence and fostering competition, SanDisk helped create an entire ecosystem of flash memory products and formats—an ecosystem the company would help standardize and dominate.
III. First Products & The Road to IPO (1991-1995)
The First SSD: A $1,000 Bet
Three years after founding, SunDisk delivered proof that its System Flash architecture could work. The customer was IBM, and the product was revolutionary—even if the price tag was staggering.
In 1991, SanDisk produced the first flash-based solid-state drive (SSD) in a 2.5-inch hard disk drive form factor for IBM with a 20 MB capacity priced at about $1,000.
SanDisk's first SSD (Solid State Drive) incorporating the System Flash inventions was introduced in 1991 but was prohibitively expensive, initially limiting its broad acceptance.
At roughly $50 per megabyte, this was a product for specialized applications only—rugged computing environments where shock resistance and reliability mattered more than cost. But it proved the concept. Flash memory could emulate a hard drive. The question was whether costs could ever come down enough for mass-market adoption.
FlashDisk & PC Cards
The early 1990s saw SunDisk expand its product line beyond the IBM SSD, targeting the nascent mobile computing market.
In 1992, SanDisk introduced FlashDisk, a series of memory cards made for the PCMCIA or PC Card form factor, so they could be inserted into the expansion slots of many laptops and handheld PCs of the time. Unlike other similar products at the time, FlashDisks did not require a battery to store their contents. SanDisk discontinued their production in 2002, and the highest capacity model had 8 gigabytes of capacity.
By 1992, SunDisk expanded its portfolio with FlashDisk ATA (Advanced Technology Attachment) modules, removable flash cards formatted for PCMCIA Type II slots in laptops and early PDAs, offering capacities up to 40 MB and emphasizing data retention without power.
CompactFlash: Setting the Standard
The breakthrough that would establish SanDisk as a standards leader came in 1994. Rather than continue selling proprietary formats, the company created an open standard that would become the dominant storage medium for digital cameras for more than a decade.
The format was specified and the devices were first manufactured by SanDisk in 1994. CompactFlash became one of the most successful of the early memory card formats, surpassing Miniature Card and SmartMedia. Subsequent formats, such as MMC/SD, various Memory Stick formats, and xD-Picture Card offered stiff competition.
SanDisk pioneered several foundational formats in removable flash memory cards, beginning with the introduction of the CompactFlash (CF) card in 1994, which became one of the first widely adopted flash-based storage media for digital cameras and portable devices. This Type I CF card measured 43 mm Ă— 36 mm Ă— 3.3 mm and utilized NAND flash technology to provide capacities starting at 2 MB.
The CompactFlash Association (CFA), founded in 1995 in Los Gatos, California, by SanDisk and other industry leaders, formalized the standard to ensure interoperability, growing to over 90 member companies focused on professional markets.
By establishing standards rather than proprietary formats, SanDisk positioned itself at the center of an expanding ecosystem. Camera manufacturers could adopt CompactFlash without licensing concerns; consumers could buy cards from multiple vendors; and SanDisk's expertise in flash memory and controllers gave it a persistent competitive advantage even as competition intensified.
The IPO: Nasdaq Debut
By 1995, SunDisk had established itself as the pioneer in flash-based storage. The consumer electronics market was expanding, digital cameras were emerging, and the company needed capital to scale manufacturing and R&D. There was just one problem: the name.
On November 8, 1995, SunDisk changed its name to SanDisk to avoid confusion with Sun Microsystems, and went public under the new name via an initial public offering, marking the company's first tenure on the Nasdaq under the stock ticker SNDK. 16 million shares were traded at a price of $10.00 per share.
The IPO raised $160 million, giving SanDisk the capital to pursue its ambitious growth plans. The timing was fortuitous—the company went public just as the digital camera market was beginning to accelerate, driven by falling prices and improving image quality.
The name change preceded the company's initial public offering (IPO), which occurred in November 1995 on the NASDAQ exchange under the ticker SNDK. The IPO enabled SanDisk to access public markets for capital expansion amid rising demand for flash memory in portable devices.
The company's business model was also distinctive. Rather than building its own fabrication plants—the capital-intensive approach taken by Intel and other semiconductor giants—SanDisk operated as what Harari called a "virtual" company.
Eli Harari discussed in a 1994 New York Times article a major organizational advantage SanDisk had over its earlier competitors: The company was set up, initially, as a "virtual" company, in which it outsourced all of its manufacturing needs and had few employees in house. This made it possible for the company to ramp up quickly as flash memory became more popular. The company had thousands of employees at the time of its acquisition by Western Digital in 2016.
This asset-light model would evolve over time, particularly through the Toshiba partnership, but it demonstrated SanDisk's strategic flexibility—the ability to grow without the massive capital investments that constrained competitors.
Investor Insight: The 1995 IPO established a pattern that would characterize SanDisk's entire corporate history: the company consistently found ways to access manufacturing capacity without bearing the full capital burden. This approach reduced risk during industry downturns but also limited upside during periods of tight supply. Understanding this trade-off is essential for evaluating the newly independent SanDisk today.
IV. The Toshiba Partnership: A Defining Alliance (1999-2015)
The Strategic Rationale
The late 1990s brought a fundamental challenge for SanDisk. Flash memory demand was exploding, driven by digital cameras, MP3 players, and the first generation of smartphones. But flash memory manufacturing required enormous capital investments—investments that SanDisk, despite its IPO, couldn't make on its own.
The solution came from an unlikely partner: Toshiba, the Japanese conglomerate that had invented NAND flash memory in the 1980s. The two companies had different strengths that proved complementary.
Today's rivals are tomorrow's buddies. SanDisk and Toshiba have entered into a long-term strategic partnership to develop and manufacture jointly 512MB and 1GB NAND flash memory chips.
Toshiba Corp. said that it will create a new company with flash-memory card maker SanDisk Corp. dedicated to the development and manufacture of large-density flash-memory chips. The joint venture will begin operations in January using Toshiba's fabrication facility in Yokkaichi, Japan. Additional new capacity will be brought on in the first half of 2001 at Dominion Semiconductor LLC, a Toshiba fab based in Manassas, Va. Under the agreement, Toshiba and SanDisk will codevelop 512-Mbit and 1-Gbit flash-memory chips and a line of controllers for the Secure Digital Memory Card format, which was codeveloped by SanDisk, Toshiba and Matsushita Electric Industrial Co.
"Toshiba and SanDisk will benefit immensely from combining Toshiba's advanced IC manufacturing technology with SanDisk's system and multilevel cell design technology," said Eli Harari, president and CEO of SanDisk.
Joint Venture Structure
The partnership structure was elegant in its simplicity. On May 10, 2000, Toshiba Corporation and SanDisk Corporation signed an agreement to create a new semiconductor company—FlashVision LLC—to produce advanced flash memory, utilizing fabrication space at Dominion Semiconductor in Manassas, VA.
The new manufacturing joint venture will be financed equally by the partners, and by 2002 is expected to support more than $1 billion in annual sales, the companies said. Further expansion could be contracted out to third-parties, including foundries. The jointly-developed products will be marketed and sold separately to the companies' respective customers.
Eli Harari, president and chief executive of SanDisk, said this will be the first time his company will be using Toshiba flash chips produced in a joint venture. To now, SanDisk has used foundries—predominately UMC Group in Taiwan—for the flash needed to drive its memory cards.
Expanding the JV: Multiple Fabs
The initial joint venture proved so successful that the partners expanded it repeatedly over the following years.
Toshiba Corp. and SanDisk Corp. said they will spend $700 million to add flash-memory production at a Toshiba fab in Manassas, Va., to meet demand for the chips in storage applications. The agreement is part of a joint venture, known as FlashVision LLC, created by the two companies last year to make 512-Mbit and 1-Gbit flash chips at Toshiba's fabs in Yokkaichi, Japan, and at Dominion Semiconductor LLC, a DRAM fab located in Virginia. The latter plant had been jointly owned by Toshiba and IBM Corp., but IBM pulled out of the partnership last year as it reduced its position in the DRAM market. Under the plan announced today, FlashVision will add flash production to the DRAM plant. Production at the fab will center around NAND-flash memory, which is used in mass storage applications.
By the early 2010s, the partnership had expanded to include multiple fabrication facilities in Japan. SanDisk and Toshiba moved all NAND Flash wafer production to Toshiba's Fabs 1 and 2 at Yokkaichi, Japan.
Why This Partnership Worked
The Toshiba partnership endured for over two decades because it aligned incentives while preserving independence. For SanDisk, it provided access to world-class manufacturing without the full capital burden of building and operating fabs. For Toshiba, it provided a partner with superior systems expertise and access to the consumer electronics market.
Toshiba has been a long-term strategic partner to SanDisk for 15 years. The joint venture (JV) with Toshiba will be ongoing, enabling vertical integration through a technology partnership driven by deep collaboration across design and process capabilities. The JV provides stable NAND supply at scale through a time-tested business model and extends across NVM technologies such as 3D NAND.
SanDisk pioneered multi-level cell (MLC) NAND flash technology, which stores two bits per cell to double density compared to single-level cell (SLC) NAND while maintaining compatibility with existing architectures. This innovation, patented by SanDisk, enabled higher-capacity storage devices and was first commercialized in collaboration with Toshiba in 2001, marking a shift toward cost-effective mass storage applications. By increasing bits per cell, MLC reduced manufacturing costs per gigabyte, facilitating the proliferation of flash in consumer electronics.
A Flash Memory Summit speaker said that SanDisk & Toshiba together produce 40% of all Flash memory shipped today.
The partnership would outlast SanDisk's independence, continuing through the Western Digital acquisition and into the 2025 spinoff—now with Kioxia, the successor company to Toshiba Memory.
Investor Insight: The Toshiba/Kioxia partnership remains the defining strategic asset of the newly independent SanDisk. Kioxia and SanDisk have shared a successful joint venture partnership for over 20 years and will continue to maximize synergies and competitiveness through joint development of 3D flash memory, and making capital investments according to market trends. The partnership provides manufacturing scale that would take billions of dollars and years to replicate independently. Monitoring this relationship—including capital investment plans and technology roadmaps—is essential for understanding SanDisk's competitive position.
V. The SD Card Revolution & Format Wars (1999-2005)
Creating the SD Standard
Even as the Toshiba manufacturing partnership took shape, SanDisk was working on its next major format standardization effort. CompactFlash had succeeded for digital cameras, but the emerging mobile phone and handheld device markets needed something smaller.
Secure Digital card (SD) is a memory card format developed by the SD Card Association (SDA) for use in portable devices. It was introduced in 1999 as a joint effort between SanDisk, Panasonic (Matsushita Electric) and Toshiba, as an improvement over MultiMediaCards (MMC), and has since become the industry standard.
In 1999, SanDisk was approached by Panasonic (then known as Matsushita) and Kioxia (then part of Toshiba) to develop a new format as a second-generation successor to MMC. The goal was to create a portable, high-performance memory card with integrated security features and broader interoperability.
In 2000, SanDisk co-founded the SD Association alongside Panasonic and Toshiba to standardize the Secure Digital (SD) card format, addressing compatibility issues in emerging consumer electronics like digital cameras and mobile phones.
The original Secure Digital (SD) card was introduced in 1999 as a successor to the MMC format. The name SD Standard Capacity (SDSC) was applied later to distinguish it from newer variants. Although based on the same electrical interface as MMC, the SD format introduced several enhancements: A notched, asymmetrical shape to prevent incorrect insertion. Recessed electrical contacts to protect against damage and contamination. A four-line data bus for faster transfers, compared to MMC's single data line. A mechanical write-protect switch.
The SD format's success was remarkable. By late 2003 SD had surpassed both CompactFlash and Memory Stick to become the dominant flash memory format—a position it's held ever since.
microSD: The Mobile Revolution
The smartphone revolution demanded even smaller storage. SanDisk and Motorola launched the TransFlash card, now known as microSD card, in 2004.
The microSD format would become ubiquitous—the standard storage expansion for smartphones, tablets, drones, and countless other devices. By creating and promoting these standards, SanDisk ensured that even as the market fragmented across device categories, the company would have a strong position in each segment.
NAND Economics Shift
The mid-2000s brought a fundamental shift in flash memory economics that would reshape the entire consumer electronics industry.
In 2004, NAND prices dropped below DRAM prices for the first time at the same density.
This crossover point was crucial. Flash memory had always been more expensive than DRAM, limiting its applications to situations where non-volatility (data retention without power) was essential. Once NAND became cost-competitive, entirely new applications became viable—from MP3 players to smartphone storage to the first consumer SSDs.
In 2005 Apple introduced its first two flash-based iPods, the iPod shuffle and the iPod nano. The process of consumerization of flash memory started.
Apple's adoption of flash memory for its iPod line represented a massive expansion of the total addressable market. SanDisk wasn't just selling to camera manufacturers anymore—it was supplying the hottest consumer electronics products on the planet.
VI. The Sansa Gambit: SanDisk Takes on Apple (2005-2010)
Entering the MP3 Player Market
With flash memory costs falling and Apple demonstrating the massive consumer demand for portable music players, SanDisk made a bold strategic bet: why just supply components when you could capture the end-consumer margin yourself?
In 2005 SanDisk entered the digital audio player market with the release of its first flash-based MP3 player, the SanDisk Sansa e100. As soon as 2006, they became the second largest maker of digital audio players in the United States behind Apple.
Memory giant SanDisk are leveraging their position as the world's largest supplier of flash cards to aggressively pursue Apple and their all-conquering iPod. In a packed press conference in Las Vegas, SanDisk launched two new MP3 players: the Sansa c100 and Sansa e200. The baby Sansa c100 is the iPod Shuffle rival, available in 1GB and 2GB capacities, though SanDisk were quick to point out the areas where it eclipses Apple's cheapest model. While the Shuffle has no display at all, the c100 sports a funky 1.21-inch, 64,000 colour display.
The Sansa e200 series is a portable media player developed by SanDisk and released on January 5, 2006. The device is available in four capacities of Flash memory: 2 GB (e250), 4 GB (e260), 6 GB (e270), and 8 GB (e280).
A Bold but Ultimately Unsuccessful Bet
The Sansa products were technically impressive. Of perhaps greater interest to mobile music moguls is the Sansa e200. This new model goes toe to toe with the recently launched iPod nano and again, SanDisk have worked hard to pack the player with features. The obvious difference is the display: the nano has a 1.5-inch screen running at 176x132 pixels; the Sansa e200 series has a 1.8-inch TFT and 176x220 pixels—66% more area. The width and height dimensions of the two units are nearly identical, though the Sansa is twice the nano's thickness at 13mm.
A couple of years ago this would have sounded crazy, but SanDisk, which is probably best known for flash drives and memory cards, just put out one of the best MP3 players on the market. Yeah, I know, I'm just as surprised as you are, but after spending a few weeks with the new 4GB Sansa e260, part of SanDisk's new Sansa e200 series, I'm going to be sorry to send this one back. The e260 isn't without its faults, but if you're looking for a solid alternative to the iPod.
Now that so many kids have iPod nanos, the self-styled outsiders who may have previously chosen Apple for niche appeal are looking for an alternative MP3 player. SanDisk made news recently by introducing the highest-capacity flash player—the Sansa e280, with 8GB of internal storage. It's small enough, powerful enough and different enough to be the un-iPod of choice. Many competitors sell products that are similar in size to the iPod nano, with features the nano doesn't yet have including video playback, voice recording and an FM tuner. SanDisk is one of the largest manufacturers of flash memory so it can compete seriously on price.
But capturing second place in the MP3 player market behind Apple ultimately proved to be a strategic dead end. Apple's ecosystem—iTunes, the iPod's seamless integration with Macs and eventually iPhones—created switching costs that feature-for-feature comparisons couldn't overcome.
The Sansa experience taught SanDisk an important lesson about the difference between component businesses and consumer electronics brands. SanDisk's core competencies—semiconductor technology, systems integration, manufacturing partnerships—were most valuable when applied to components and formats that served multiple customers and markets. Betting on a single consumer device category, even one where SanDisk had cost advantages, concentrated risk and required marketing and retail capabilities that weren't the company's strengths.
Myth vs. Reality Box: Myth: SanDisk's Sansa line was a failure. Reality: SanDisk achieved #2 market position in the U.S. MP3 player market by 2006. The real lesson wasn't failure but strategic misfit—consumer electronics hardware requires different capabilities than component manufacturing. SanDisk's subsequent pivot to enterprise storage and away from branded consumer devices reflected this learning.
VII. Key Inflection Points: The Acquisition Spree (2005-2014)
While the Sansa experiment played out, SanDisk was simultaneously executing an acquisition strategy that would transform the company from a consumer-focused memory card maker into a diversified storage solutions provider. Between 2005 and 2014, the company completed more than a dozen acquisitions, systematically building capabilities in enterprise storage, USB drives, and software.
Matrix Semiconductor (2005)
In October 2005, SanDisk acquired Matrix Semiconductor.
Matrix brought expertise in three-dimensional memory architectures—technology that would become increasingly important as the industry moved toward 3D NAND.
M-Systems: The USB Flash Drive Pioneer (2006)
The biggest acquisition of this era came in 2006, when SanDisk purchased M-Systems, the Israeli company that had pioneered the USB flash drive.
M-Systems Ltd. was a Nasdaq-listed Israeli producer of flash memory storage products founded in 1989 by Dov Moran and Aryeh Mergi, based in Kfar Saba, Israel. They were best known for developing and patenting the first flash drive, marketed in 1995 as DiskOnChip, and the first USB flash drive, marketed in 2000 as DiskOnKey. They also created the patented True Flash Filing System (TrueFFS) which presented the flash memory as a disk drive to the computer. After 17 years of business, they were acquired by their prior competitor, SanDisk, in 2006.
M-Systems enters a strategic agreement with competitor SanDisk in 2004 to develop new USB drive platforms, and SanDisk acquires M-Systems in 2006 in an all-stock deal valued at $1.55 billion.
The M-Systems acquisition was transformative. It gave SanDisk the intellectual property and technology behind USB flash drives—a category that was exploding in popularity as consumers sought convenient ways to transfer files between computers. SanDisk, another major USB drive manufacturer, shipped its first USB drive, called the Cruzer, in 2002.
SanDisk acquires m-systems, a company founded in 1989 and focused on embedded Flash and mobile phone storage, and the inventor of USB Flash drives. Sanjay Mehrotra is appointed President and COO. Eli Harari, Sanjay Mehrotra and Jack Yuan receive the IEEE Reynold B. Johnson Data Storage Device Technology Award in recognition for their pioneering work in Flash memory technology.
Enterprise Push: Pliant Technology (2011)
By the early 2010s, SanDisk recognized that the highest-growth, highest-margin opportunities lay not in consumer products but in enterprise storage. Data centers were just beginning to adopt SSDs, and the companies that could deliver reliable, high-performance enterprise drives would capture enormous value.
In May 2011, SanDisk acquired Pliant Technology, a manufacturer of solid state drives, for $327 million.
The enterprise SSD market continues to grow as price points, driven by the adoption of MLC NAND Flash, decline. SanDisk acquires Pliant Technology. The acquisition strategically combines enterprise-level systems expertise with SanDisk's large scale Flash memory production.
Software Acquisitions: FlashSoft & Schooner (2012)
The enterprise storage market wasn't just about hardware—it was about the software that made flash memory useful in complex data center environments.
In February 2012, SanDisk acquired FlashSoft. In June 2012, SanDisk acquired Schooner Information Technology, developer of the flash-optimized database software SchoonerSQL and caching software Membrain.
These software acquisitions reflected the industry's evolution from selling storage devices to selling storage solutions. Data centers didn't just need fast drives; they needed software to manage caching, optimize database performance, and integrate flash storage into existing infrastructure.
SMART Storage Systems (2013)
In July 2013, SanDisk acquired SMART Storage Systems, a producer of SSDs for the enterprise market, for $307 million.
Acquires SMART Storage Systems to enhance its focus on the enterprise storage market. Ships first products with 19nm technology.
Fusion-io: The Biggest Bet (2014)
The capstone of SanDisk's acquisition spree was Fusion-io, a high-flying enterprise storage company that had built a reputation for the fastest flash storage products on the market.
Fusion-io, Inc. was a computer hardware and software systems company (acquired by SanDisk Corporation in 2014) based in Cottonwood Heights, Utah, that designed and manufactured products using flash memory technology. The Fusion ioMemory was marketed for applications such as databases, virtualization, cloud computing, big data. Their ioDrive product was considered around 2011 to be one of the fastest storage devices on the market.
In June 2014, SanDisk acquired Fusion-io, a producer of flash memory for enterprise data centers, for $1.1 billion.
Fusion-io is SanDisk's fifth acquisition in the enterprise storage business, the most recent being its $307 million purchase of SMART Storage Systems last July.
Fusion-io's customers include Apple and Facebook, which is building out its next-generation data centers this year.
"Fusion-io will accelerate our efforts to enable the flash-transformed data center, helping companies better manage increasingly heavy data workloads at a lower total cost of ownership," said Sanjay Mehrotra, SanDisk president and CEO.
An analyst pointed out that in addition to acquiring a wealth of IP and more sales channels, SanDisk could garner enough market-share to make it a top-three contender in the enterprise space. "Now, by combining with Fusion-io, [SanDisk's] enterprise business has the potential to bypass Western Digital (WDC) and become third place in enterprise SSD in 2014."
By revenue, Intel and Samsung were the enterprise SSD leaders, accounting for 21% and 20% of the market in 2013. Western Digital was third, with 14%, while SanDisk and Fusion-io were 13% and 12%, respectively.
The Fusion-io acquisition, completed in July 2014, transformed SanDisk into a major enterprise storage player. The company had gone from being primarily a consumer memory card maker to commanding a significant position in the data center market—a shift that would prove essential for the company's valuation in the upcoming Western Digital acquisition.
Investor Insight: The 2005-2014 acquisition spree transformed SanDisk's revenue mix and strategic positioning. By 2015, enterprise SSD revenue was growing faster than any other segment and represented an increasing share of total revenue. This enterprise focus made SanDisk attractive to Western Digital, which needed to diversify beyond hard drives. For investors evaluating the 2025 SanDisk, understanding which capabilities survived the Western Digital integration and which were lost is crucial.
VIII. The Western Digital Acquisition (2015-2016)
The Deal Announcement
By October 2015, SanDisk had become one of the most valuable semiconductor companies in the world. It had pioneered flash memory formats, built a manufacturing partnership that produced nearly half the world's NAND, executed a successful enterprise pivot, and achieved revenues exceeding $6 billion. The logical next step, it turned out, wasn't more independence—it was consolidation.
Western Digital Corporation and SanDisk Corporation announced that they have entered into a definitive agreement under which Western Digital will acquire all of the outstanding shares of SanDisk for a combination of cash and stock. The offer values SanDisk common stock at $86.50 per share or a total equity value of approximately $19 billion.
The deal, announced on October 21, 2015, was the largest in the storage industry's history at the time.
Strategic Rationale
From Western Digital's perspective, the acquisition was existential. The hard drive market that had been Western Digital's core business was in secular decline, threatened by the very flash memory technology that SanDisk had pioneered. Rather than fight the transition, Western Digital chose to embrace it.
The combination is the next step in the transformation of Western Digital into a storage solutions company with global scale, extensive product and technology assets, and deep expertise in non-volatile memory (NVM). With this transaction, Western Digital will double its addressable market and expand its participation in higher-growth segments. SanDisk brings a 27-year history of innovation and expertise in NVM, systems solutions and manufacturing. The combination also enables Western Digital to vertically integrate into NAND, securing long-term access to solid state technology at lower cost.
"This transformational acquisition aligns with our long-term strategy to be an innovative leader in the storage industry by providing compelling, high-quality products with leading technology," said Steve Milligan, chief executive officer, Western Digital.
Led by a seasoned management team, Western Digital has a strong track record of integrating acquisitions to create value. The company expects to achieve full annual run-rate synergies of $500 million within 18 months post-closing. The transaction is expected to be EPS accretive on a non-GAAP basis within 12 months of the transaction close.
The Unisplendour Complication
The deal structure included a wrinkle that would ultimately affect the final price. Chinese company Unisplendour had agreed to invest in Western Digital, which would have reduced the amount of stock issued to SanDisk shareholders.
In October 2015, Western Digital announced its intent to acquire SanDisk for $19 billion. The acquisition was completed on May 12, 2016; the valuation was lowered to $16 billion after Chinese company Unisplendour pulled out of an agreement to acquire a 15% stake in WD.
Western Digital bought SanDisk in 2016 for $15.6 billion.
Completion & Integration
Yes, Western Digital Technologies, Inc. has completed the acquisition of SanDisk. The acquisition officially closed on May 12, 2016.
The addition of SanDisk makes Western Digital Corporation a comprehensive storage solutions provider with global reach, and an extensive product and technology platform that includes deep expertise in both rotating storage and non-volatile memory. The combined company will have approximately 74,000 employees worldwide. Western Digital will continue to be headquartered in Irvine, CA.
The integration brought one of SanDisk's co-founders into Western Digital's leadership. Western Digital and SanDisk's complementary product lines, including hard disk drives ("HDDs"), solid-state drives ("SSDs"), cloud datacenter storage solutions and flash storage solutions, will provide the foundation for a broader set of products and technologies from consumer to datacenter. Both companies have strong R&D and engineering capabilities and a rich base of fundamental technologies with over 15,000 combined patents issued or pending worldwide.
But the key strategic asset—the Toshiba partnership—remained intact. Toshiba Memory Systems formed a joint NAND manufacturing venture with SanDisk in 2000. Disk drive-dominated WD bought its way into the NAND and SSD business when it acquired SanDisk for $19 billion in 2016. It bought various other NAND technology-based businesses, but SanDisk was and is the core of its NAND operations.
IX. The Western Digital Era & The Spinoff (2016-2025)
Life Under Western Digital
For nearly nine years, SanDisk operated as part of Western Digital. The integration wasn't without challenges—combining two companies with different cultures, product lines, and strategic priorities never is—but the fundamental thesis of the deal proved sound.
The flash memory business continued to grow, driven by smartphone storage, cloud computing, and the beginning of the AI revolution. Western Digital's hard drive business remained profitable but faced ongoing secular decline. Two very different businesses under one roof.
In 2023, Western Digital first proposed the spin-off plan and officially completed the spin-off on February 24, 2025.
The Kioxia Partnership (Toshiba's Memory Spinoff)
A parallel transformation was occurring at Toshiba. Kioxia is a world leader in memory solutions, dedicated to the development, production and sale of flash memory and solid-state drives (SSDs). In April 2017, its predecessor Toshiba Memory was spun off from Toshiba Corporation, the company that invented NAND flash memory in 1987. Kioxia is committed to uplifting the world with "memory" by offering products, services and systems that create choice for customers and memory-based value for society.
Kioxia came into being when Toshiba, then in dire financial straits, sold off 60 percent of its Toshiba Memory Systems business to a Bain-led private equity consortium in 2018. Bain inherited the NAND manufacturing joint venture with Western Digital, and the acquired business was renamed Kioxia in 2019.
The joint venture relationship continued, now between Western Digital/SanDisk and Kioxia.
The Spinoff Announcement
In October 2023, Western Digital announced its intent to spin off its flash storage businesses as a new public company under the SanDisk name, leaving WD focused solely on hard drives. In addition to SanDisk-branded products, the spin-off would also include all flash storage products that were marketed under the WD branding.
On October 30, 2024 Western Digital announced a spin-off of its subsidiary SanDisk Corporation.
SanDisk Reborn (2025)
The split was completed on February 24, 2025, with SanDisk Corporation relisted on the Nasdaq for the first time since its 2016 acquisition by WD (under the same ticker symbol from its 1995 IPO to its 2016 acquisition by WD, SNDK), and WD CEO David Goeckeler moving to the new company. WD continues to hold an equity stake in SanDisk.
As part of the spin-off, SanDisk has become an independent public company, with its common stock commencing trading on the Nasdaq Stock Market under the symbol "SNDK" on February 24, 2025. Western Digital continues to trade under the symbol "WDC" and retains a 19.9% ownership stake in SanDisk.
SanDisk Corporation, a global Flash and advanced memory technology innovator, today announced that the company has completed its separation from Western Digital and is now an independent public company set to begin trading today on the Nasdaq Stock Market under the ticker symbol "SNDK." "We are excited to embark on this new chapter for SanDisk," said David Goeckeler, Chief Executive Officer of SanDisk. "Everything starts with innovation and NAND is an incredible enabler. Because we operate in strong and growing markets, there is a tremendous opportunity to expand our role as a globally leading Flash memory innovator. The new SanDisk is poised to shape and transform the digital world we live in."
David V. Goeckeler, currently 63 years old, is the Chief Executive Officer of SanDisk Corporation. He assumed the role on February 24, 2025 when the company separated from Western Digital. Before joining SanDisk, he served as the CEO of Western Digital Corporation from March 2020 until the spin-off and held senior leadership roles at Cisco Systems, Inc., where he was Executive Vice President and General Manager of Networking and Security from 2014 to March 2020.
S&P 500 Addition
Nine months after returning to independence, SanDisk achieved a milestone that underscored its remarkable recovery. SanDisk will replace The Interpublic Group of Companies Inc. in the S&P 500, and PTC Therapeutics Inc. will replace SanDisk in the S&P SmallCap 600 effective prior to the opening of trading on Friday, November 28.
It's the latest tech company to join the S&P 500, which gets an increasing amount of its value from internet, software and semiconductor businesses. AppLovin, Datadog, DoorDash and Robinhood became members of the index earlier this year. SanDisk will join competitor Micron in the S&P 500 after getting spun out of Western Digital earlier this year.
SanDisk's Investor Day last week reinforced its commitment to long-term growth, targeting a 20% operating margin and $1.2 billion in free cash flow at $10 billion in revenue.
X. Patent Portfolio & The Innovation Engine
Building a Patent Fortress
Throughout its history, SanDisk has maintained an aggressive intellectual property strategy. Patents not only protected the company's innovations but generated licensing revenue and created barriers to entry.
We are consistently recognized as a global innovator; we hold more than 5,000 patents worldwide.
Harari is a member of the National Academy of Engineering and is named on over 180 U.S. patents.
Sanjay Mehrotra holds more than 70 patents, several of which are foundational to enabling high-capacity flash memory, now a ubiquitous element of modern computing.
The co-founders' contributions were recognized with major industry awards. In 2014, Harari received the National Medal of Technology and Innovation "for invention and commercialization of flash storage technology to enable ubiquitous data in consumer electronics, mobile computing, and enterprise storage."
In 2006, Harari was awarded the IEEE Reynold B. Johnson Data Storage Device Technology Award for his leadership in the development and commercialization of flash electrically erasable programmable read-only memory (EEPROM), a key advancement in non-volatile memory. This accolade, shared with SanDisk co-founders Sanjay Mehrotra and Jack Yuan, highlighted Harari's role in enabling scalable, reliable data storage solutions.
Continuing Innovation
The newly independent SanDisk continues to push the technological frontier. Kioxia Corporation and SanDisk Corporation announced the start of operation at the Fab2 (K2), a state-of-the-art semiconductor fabrication facility, at the Kitakami Plant in Iwate Prefecture, Japan. Fab2 has the capability to produce eighth-generation, 218-layer 3D flash memory, featuring the companies' revolutionary CBA (CMOS directly Bonded to Array) technology.
Joint venture partners Kioxia and SanDisk are previewing faster 218-layer 3D NAND with accelerated interface speed and better power efficiency, plus a forthcoming 332-layer technology.
Kioxia Corporation and SanDisk Corporation have pioneered a state-of-the-art 3D flash memory technology, setting the industry benchmark with a 4.8Gb/s NAND interface speed, superior power efficiency, and heightened density.
XI. Bull Case & Bear Case Analysis
Bull Case
1. Structural Demand Growth from AI
SanDisk has maintained its leadership with a projected Total Addressable Market (TAM) of US$100 billion. The major 13% compound annual growth rate (CAGR) of the demand for NAND is attributed to AI, cloud computing, and, in general, device proliferation. Enterprise SSDs alone are over 100% in year-over-year demand percentage growth.
Maitreyee Mahajani, Senior Vice President of Flash Front End Operations at SanDisk said, "As AI advances, it is poised to transform industries, redefine careers, and reshape daily life in ways we're just beginning to imagine. Flash memory is at the very center of this transformation, unlocking the speed, efficiency and scalability needed for this next wave of innovations."
2. Kioxia Partnership Provides Manufacturing Scale
SanDisk's eSSDs are designed for demanding enterprise environments, providing high endurance, reliability, and performance to support AI, cloud, and large-scale data processing workloads. The company also benefits from its 25-year joint venture with Kioxia, a global leader in flash memory, which enhances 3D NAND production efficiency and cost optimization. SanDisk operates in a rapidly expanding market, with high-bandwidth memory (HBM) alone projected to grow from $4 billion in 2023 to roughly $130 billion by 2033.
Approximately 80% of the production capacity of the two plants is shared equally with SanDisk Group through a manufacturing joint venture, while the remaining 20% is held exclusively by Kioxia Group. Accordingly, approximately 60% of the flash memory produced at the two plants is allocated to Kioxia Group.
3. Disciplined Supply Management
The company sees AI-driven demand and disciplined supply management as key growth factors, focusing on profitability rather than market share gains.
In March 2025, major NAND flash manufacturers including Micron, Samsung, SK Hynix, SanDisk, and Yangtze Memory Technologies (YMT) announced plans to raise product prices, with average increases exceeding 10%.
Bear Case
1. Memory Industry Cyclicality
The biggest risk is still memory price volatility, which has not gone away; costly fab ramp-up and ongoing cyclical swings in demand remain crucial watchpoints.
The financial performance of SanDisk has revealed a fluctuating revenue and gross margin trend in recent years. SanDisk statistics experienced revenues of US$9.75 billion with gross margins of 33% in FY 2022. In 2023, falling revenues of US$6.66 billion and sharply lower gross margins of 7% reflect increasing financial pressure. Fiscal Year 2024 recovered somewhat from the downturn, with revenues of US$6.08 billion and gross margins of 16%.
2. Concentrated Competition
Competitive Landscape: Samsung held 30%+, SK Hynix 20%+, Micron 20%+, while Kioxia, Western Digital, and others shared the remainder. Market Segmentation: Smartphones held 35.8% of usage, consumer electronics 42.5%, and SSD deployments exceeded 25% of NAND demand.
The NAND Flash Memory and DRAM Industry Report identifies capital intensity as a major challenge. New semiconductor fabrication plants require investments exceeding $10 billion per site, with equipment costs consuming 70% of capital outlay. Competition is fierce, with Samsung holding 30%+ share, SK Hynix 20%+, and Micron 20%+.
3. Technology Risk
The NAND industry is in a constant race to reduce cost per bit through higher layer counts and denser cell architectures. Despite the separation, SanDisk must continue to honor the existing agreement between WDC and Kioxia, which includes joint investments to support technology migration within their shared venture. Unlike Kioxia, which aims to ramp up production of 218-layer NAND in 2025, SanDisk remains focused on optimizing its 112-layer and 162-layer production to maximize revenue.
Porter's Five Forces Analysis
Supplier Power: Moderate - Raw materials (silicon wafers, specialty chemicals) come from concentrated suppliers - Equipment vendors (ASML, Applied Materials) have significant pricing power - Kioxia partnership mitigates some supplier risk through scale
Buyer Power: Moderate to High - Enterprise customers are concentrated (hyperscalers like Amazon, Microsoft, Google) - Consumer channels fragmented but price-sensitive - Brand matters in consumer segment; less so in enterprise
Threat of Substitutes: Low - No viable alternative to NAND for most applications - DRAM is complementary, not substitute - HDD declining for most use cases
Threat of New Entry: Low - Capital requirements ($10B+ per fab) create enormous barriers - Technology complexity requires decades of accumulated expertise - Existing partnerships create lock-in
Competitive Rivalry: Very High - Top 5 players control 90%+ of market - Samsung remains the cost leader - Price wars during downturns destroy value - Differentiation primarily on technology, not brand
Hamilton Helmer's 7 Powers Framework
Process Power: Strong - Decades of accumulated manufacturing expertise with Kioxia - BiCS FLASH technology represents continuous improvement - CBA (CMOS directly Bonded to Array) architecture is proprietary
Scale Economies: Present but Shared - Joint venture structure means scale benefits are split with Kioxia - Not a differentiator vs. Samsung or SK Hynix who have similar scale
Network Effects: Weak - Format standards (SD, microSD) create switching costs - But these are now commoditized
Switching Costs: Moderate - Enterprise customers have validation and qualification processes - Consumer customers have minimal switching costs
Brand: Strong in Consumer, Developing in Enterprise - SanDisk is among the most recognized storage brands globally - Enterprise brand built through decade of acquisitions (Pliant, Fusion-io)
Counter-positioning: Limited - Not clear how SanDisk's business model differs structurally from competitors - All major players are integrated NAND producers
Cornered Resource: The Kioxia Partnership - 25-year relationship with exclusive manufacturing access - Would take years and billions to replicate - This is SanDisk's most defensible competitive advantage
XII. Key Performance Indicators for Investors
For investors monitoring the newly independent SanDisk, three KPIs stand out as most critical:
1. Bit Growth vs. Industry
Track the company's reported exabyte shipments quarter-over-quarter and year-over-year, comparing to industry-wide NAND shipments. The company reported a 31% increase in exabytes sold in the latest quarter. Consistent outperformance indicates market share gains; underperformance signals competitive erosion.
2. Gross Margin Trajectory
Fiscal Year 2024 recovered somewhat from the downturn, with revenues of US$6.08 billion and gross margins of 16%. The first half of FY 2025 showed a continued improvement, with revenues of US$3.76 billion and gross margins of 36%, indicating an even better financial standing.
Gross margin is the best proxy for NAND pricing power and manufacturing efficiency. The company's stated target of 20% operating margin requires sustained gross margins well above current levels.
3. Enterprise SSD Revenue Mix
The shift from consumer to enterprise storage was the strategic pivot that made SanDisk attractive to Western Digital and defines its growth opportunity today. Track the percentage of revenue from enterprise SSDs (cloud and data center) versus consumer products. Higher enterprise mix correlates with higher margins and more predictable demand.
XIII. Looking Forward: The AI Storage Opportunity
The newly independent SanDisk enters the market at a pivotal moment. The NAND flash memory market size stands at USD 55.73 billion in 2025 and is forecast to reach USD 72.60 billion by 2030, reflecting a 5.43% CAGR during the period. This steady expansion is powered by hyperscale data-center capital spending on artificial-intelligence training clusters, the transition of client PCs and game consoles to solid-state storage, and vertically-scaled 3D architectures that keep cost-per-bit on a declining path.
The company's technology roadmap is ambitious. The combination of the 332-layer count and better planar cell layout increases bit density by 59 percent in the forthcoming BiCS 10 technology, compared to BiCS 8 and 9.
Production capacity at Fab2 will ramp up in stages over time, in line with market trends, with meaningful output expected to begin in the first half of 2026.
Material Legal/Regulatory Overhangs: Investors should monitor U.S.-China trade tensions affecting semiconductor equipment and NAND exports. The cyclic nature of the demand and supply of the non-volatile storage device coupled with other trade restrictions has resulted in major market players present in China cutting off their production. In October 2022, the trade restriction imposed by the US on the supply of NAND flash memory restrained the production scale of major China-based NAND flash supplier Yangtze Memory Technologies Co. Ltd.
Accounting Considerations: As a newly spun-off company, investors should pay particular attention to the basis of carve-out financial statements and any ongoing transactions with Western Digital during the transition services period. The separation was facilitated by a series of definitive agreements between Western Digital and SanDisk, which outline the terms and conditions of the spin-off, including the Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, Intellectual Property Cross-License Agreement, Transitional Trademark License Agreement, and Stockholder and Registration Rights Agreement.
XIV. Conclusion: From Garage to S&P 500, Twice
The SanDisk story is, in many ways, the story of flash memory itself. From Eli Harari's conviction that semiconductor storage could replace spinning disks, through the Toshiba partnership that built manufacturing scale, the format wars that established industry standards, the enterprise pivot that captured data center growth, the Western Digital integration that consolidated the storage industry, and now the spinoff that returns SanDisk to independence—every chapter has traced the evolution of how the world stores digital information.
Previously, Goeckeler was CEO of Western Digital, where he led the company's resurgence as the leading global supplier of data storage products. He also drove the company's separation into two public companies—Western Digital and SanDisk—to fully unlock the value of the franchise.
The ticker SNDK now represents something different than it did in 1995, when 16 million shares first traded at $10 apiece. It represents a company that has survived multiple technology transitions, economic cycles, and ownership changes to emerge as one of the world's leading flash memory suppliers at precisely the moment when AI is creating unprecedented demand for storage.
Whether the newly independent SanDisk can translate this position into sustained shareholder value depends on factors both within and beyond management's control: the trajectory of AI infrastructure spending, the discipline of industry supply, the continued health of the Kioxia partnership, and the company's ability to compete in an industry where the leaders have deeper pockets and greater scale.
What's certain is that the three immigrant founders who bet on flash when the world ran on spinning disks created something enduring. The floating-gate EEPROM that Harari invented at Hughes Aircraft in the 1970s is the ancestor of every smartphone photo, every cloud database, every AI training cluster operating today. That technological lineage—and the company built to commercialize it—remains at the center of how humanity stores and retrieves its digital memories.
The new SanDisk is poised to shape and transform the digital world we live in. Building on a long heritage of memory and storage semiconductor expertise, the new SanDisk is well-positioned to serve the market, addressing the new opportunities that AI presents while unlocking the value of its consumer and enterprise portfolios.
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