The arithmetic behind a $4,000 SanDisk share price is unremarkable. Take consensus fiscal 2027 earnings of roughly $168 per share, apply a price-to-earnings multiple of 22, which is about where the S&P 500 sits, and the answer falls out. Evercore’s bull case gets there a different way, assuming better than $300 in earnings power against a headline target of $3,100. Neither calculation requires SanDisk to beat anything. Both require only that the market agree to value NAND flash earnings the way it values the average large-cap American company.

Together AI has closed an $800 million Series C at an $8.3 billion post-money valuation, led by Aramco Ventures with participation from Vista Equity Partners, General Catalyst, Emergence Capital, NVIDIA, March Capital, Pegatron, and S Ventures (SentinelOne), among others. The round is one of the largest yet for a company positioned squarely in the open source AI infrastructure layer, and it lands at a moment when the economics of running AI at scale have become a defining concern for anyone building on top of frontier models.