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.

The border is Europe’s oldest and most contested artifact. Europe has more international borders per square kilometer than any comparable landmass. It has redrawn them repeatedly — through conquest, treaty, collapse, and negotiation — and carries the scar tissue of every revision. To understand European identity is to understand that the border is not a settled fact but a managed argument, and that the management of that argument is itself the achievement.