SanDisk shares rose in premarket trade on Wednesday, extending a recent rally as investors bet on sustained demand for memory chips. The stock was up more than 2% ahead of the U.S. market open, following a 5% gain in the prior session.
The advance came as broader tech sector sentiment improved, with investors focusing on cyclical tech names tied to semiconductor and storage demand. SanDisk, a unit of Western Digital, has benefited from expectations of stabilizing supply chains and improving pricing in the memory chip market.
In contrast, Snap Inc. faced fresh selling pressure in premarket trading, with shares down over 3% after Tuesday’s 6% decline. The social media company continued to lag as concerns over user growth and monetization persisted. Analysts at Wedbush reiterated their neutral rating on Snap, citing uncertainty around its advertising revenue trajectory.
The divergence in performance underscored shifting investor preferences within the tech sector, with hardware-related names gaining while social media platforms faced renewed scrutiny. Market participants will monitor earnings reports from major tech firms later this week for further direction.
Western Digital is scheduled to report quarterly results on Thursday, with analysts expecting a modest improvement in revenue and profitability amid stabilizing demand for data storage solutions.
