Sandisk is a NAND flash memory company that designs, manufactures, and sells flash-based storage products. Spun out of Western Digital in February 2025, the company serves hyperscalers, OEMs, and retail consumers through three segments: Datacenter, Edge, and Consumer. The Datacenter segment offers enterprise SSDs for AI and cloud infrastructure, while the Edge segment provides flash for PCs, smartphones, and automotive applications. The Consumer segment sells branded retail products like SD cards and USB drives. Sandisk is vertically integrated, controlling the full stack from design to assembly. The company sources its NAND wafers through Flash Ventures, a joint venture with Kioxia that operates manufacturing facilities in Japan. To mitigate market cyclicality, Sandisk is transitioning to New Business Models (NBMs) featuring multi-year supply agreements with committed volumes and pricing protections. Sandisk's growth strategy prioritizes AI-driven datacenter expansion and the development of High-Bandwidth Flash (HBF), a product designed to optimize AI inference workloads. The company achieves bit supply growth through architecture transitions, such as its BiCS technology, which increases productivity without adding wafer starts. Sandisk maintains that this approach, combined with its long-term customer contracts, provides a structural advantage in cash generation and demand visibility.