Looking at SanDisk's trading order book last night, the purchases by passive funds were all completed through block trades. The instantaneous trading volume at the close was the block trade volume. In fact, the sharp rise this Monday had already reflected the expectation of being included in the Nasdaq 100 Index. The subsequent adjustment was to digest short-term profit-taking.

The trend after next week will return to fundamentals, with oscillation and upward movement being the main theme. How much more upside there is this year does not depend on future performance and growth, but on market sentiment. How the market recognizes storage as an AI stock rather than a cyclical stock is a question that will continue to haunt the market. The twists and turns are part of the upward process because both earnings growth and valuation (there is still significant room for growth in sales, shipments, profits, gross margin, forward P/E ratio, and other metrics) fully support a substantial rise in the stock price.

The difference between SanDisk and Micron Technology lies in the upside potential of their operating metrics. Micron's gross margin for the next fiscal quarter has already reached 81%, and current capacity bottlenecks are quite prominent. SanDisk and Kioxia's counter-cyclical new K2 factory has just reached full production. Future market share for high-performance SSDs will increase significantly, and there is also substantial room for gross margin improvement. HBF is a new growth point for next year, offering huge potential for stock price appreciation.