$SNDKBear claim
Asymmetric Investing by Travis HoiumANALYSTJul 15, 2026The claim
“SanDisk (Western Digital) is at a cyclical peak — surging supply, weakening demand, and unsustainable margins point to significant downside over the next few years.”
Why he says it — point by point
FAVORABLE & AGAINST · BOTH KEPTOn record
I think we already peaked in the memory business
Why
80% or potentially more for some of these stocks
this CapEx has basically doubled just over the past year
over time, that demand will be elastic based on prices
how can you put less expensive memory in an iPhone, in a computer, in an AI stack?
those margins that are 80-85% are not going to maintain it
The structured call
Direction
Bearish
Catalyst
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Target
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The receipt
Publish-day price $$1,615.00 · the claim is anchored to the moment it was said.