SanDisk’s quarter produced extraordinary earnings, but the more important signal may be its disclosure around new multi-year customer agreements. In this note, we examine how NBMs, financial guarantees, and contracted future bit supply could change the way investors model NAND, and potentially memory more broadly, as AI infrastructure customers begin treating storage access as a strategic requirement rather than a quarterly procurement decision.
SanDisk’s NBM Moment: A Different Commercial…
SanDisk’s quarter produced extraordinary earnings, but the more important signal may be its disclosure around new multi-year customer agreements. In this note, we examine how NBMs, financial guarantees, and contracted future bit supply could change the way investors model NAND, and potentially memory more broadly, as AI infrastructure customers begin treating storage access as a strategic requirement rather than a quarterly procurement decision.