Sandisk makes and sells NAND flash-based storage products across three end markets: Cloud (enterprise SSDs for data centers and cloud service providers), Client (flash storage embedded in or sold alongside PCs, mobile devices, automotive systems, and gaming consoles), and Consumer (retail SSDs, flash cards, and USB drives sold under the Sandisk brand). The company separated from Western Digital in February 2025 and now trades independently. Sandisk sells to PC OEMs, cloud service providers, contract manufacturers, retailers, and distributors, with international sales accounting for roughly 80-86% of revenue. Sandisk's manufacturing model centers on Flash Ventures, a 50/50 JV with Kioxia that operates flash fabs in Japan — Sandisk holds a ~50% stake, takes roughly half the output, and shares in fixed costs regardless of utilization. This structure gives Sandisk access to leading-edge NAND at competitive cost without fully owning capital-intensive fabs, but also means margins are sensitive to production utilization. Sandisk co-develops flash process technology with Kioxia and designs its own controllers in-house, which are fabbed at third-party foundries. Profitability is driven by cost per gigabyte (which falls as flash generations advance), product mix (enterprise SSDs carry better margins than consumer flash), and industry NAND pricing cycles. The business is inherently cyclical, with revenue and margins swinging materially as industrywide supply and demand shift.