Sandisk Corporation Common Stock Goldman Sachs Communacopia + Technology Conference 2026

At the right time. You wanted to say it, Harper?

Thank you. Thank you for joining.

Thank you for having us. We are happy to be here.

Yeah. Thank you, Jim. We will be making forward-looking statements in today's discussion based on management's current assumptions and expectations, including with respect to our technology, our product portfolio, our business plans and performance, market trends and opportunities, and our future financial results. These forward-looking statements are subject to risks and uncertainties. We assume no obligation to update this statement. Please refer to our annual report on Form 10-K and our other filings with the SEC for more information on the risks and uncertainties that could cause actual results to differ materially from expectations. We will also be making reference to non-GAAP financials and reconciliation of GAAP to non-GAAP results can be found on our website.

Yeah. I think it's, we've been getting this question for a long time about does NAND play in AI, right? That was the question in the training phase of AI, and it's less obvious there. But certainly as we move into inference, we're seeing that the scalability of NAND, the idea that models are getting bigger, context lengths are getting longer. From a solution perspective, you're going to be driven back to more scalable technology, right? NAND has a huge role to play. As inference continues to expand, and it's fantastic, it seems like every week that goes by, there's a more capable model and more interesting things that we can do with the technology. Inference is just going to continue to expand and be proliferated around the world. NAND is a big part of that, right?

KV cache becomes a big part of that. RAG is a big part of that. So our technology becomes front and center about how you, not front and center, but a big part of how you scale this technology. There's a lot of technologies involved in this, obviously. That's really changing the dynamics of our market, right? So it's great how inference is driving that. Data center has always been a big part of the NAND market. It's always been a big component and a growing component. But now it's really growing much stronger, and we're at a watershed moment where NAND becomes, our data center becomes more than half of the NAND market. So when you see something become more than half of a market, it tends to change the way the market works.

The use case for how the customer monetizes our product, how it's used, the way it's consumed, you're starting to see that ripple through not only the demand is great, but it's allowing us to get at some of these business model issues of the way the market has always worked and shift that in a way, which I think is the benefit to supply side and the demand side of the equation, and we can talk more about that.

It's a big opportunity for us. We've traditionally been a business. We've had this evolution of business, if you look over a long arc of time, like decades. Big consumer business, great brand. We still have a global brand. We invest in the global brand. I hope you're all consumers of our product in your everyday life. Made a transition into client, very large client business. In many ways, you can look at that as a way, at least the way I look at it, as like the Western Digital era was a client, traditionally a client business that moved into NAND. And SanDisk had a world-class portfolio there and continues to have a world-class portfolio there. In seminal innovations like the DRAMless client SSD, all these kinds of things, our opportunity was to move into data center.