RESOLVING THE LEDGER
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Sandisk posted record fourth-quarter revenue of $8.97 billion and non-GAAP EPS of $39.25, comfortably beating expectations. Western Digital also delivered a double beat, reporting revenue of $3.75 billion , up 44% year over year, while its gross margin surged to 54.4%. Despite those results, both stocks are now trading roughly 50% below their all-time highs.
The problem was guidance. Sandisk’s first-quarter outlook came in below expectations, with projected revenue of $10.7 billion versus the $11.2 billion analysts had estimated. Its EPS guidance also fell short. Western Digital’s first-quarter outlook was solid, but after a 500% run, investors were looking for another blowout beat.
Sandisk and Western Digital have gained more than 3,000% and 550%, respectively, over the past 12 months, propelled by the AI boom and leaving assets such as crypto and precious metals in the rearview mirror.
In addition, Sandisk’s board of directors has also approved an additional $14 billion share buyback program, bringing the total authorization to $15.5 billion.
But with the AI trade beginning to stall, a rotation may be taking shape. Gold has risen more than 7% over the past few days, while bitcoin is holding above $64,000 and shrugging off the Coldcard exploit with little reaction.
Crypto traders may view these indicators as a signal of a change in momentum, given the prevalent narrative that investors have been rotating capital into AI with bitcoin one of the major casualties.
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