During its fiscal 2027 first-quarter earnings call, SanDisk said AI inference is reshaping the supply and demand dynamics of the NAND flash market. Customers are broadly underestimating the NAND capacity AI infrastructure requires, and are sharply increasing long-term orders. Under its new long-term partnership model, the NBM order pipeline now extends to 2030 and beyond: in fiscal 2027, roughly 50% of bit shipments are already locked in under NBM agreements, a figure expected to climb to about two-thirds in fiscal 2028; by the end of the decade, NBM-reserved demand could exceed the company's available supply. On the technology front, SanDisk's first high-bandwidth flash (HBF) memory die for AI inference has completed tape-out and entered the manufacturing stage, with initial samples slated for delivery in the next calendar year; the market is also exploring the use of SLC NAND to replace some costly DRAM in AI inference. The earnings report showed that quarterly revenue, non-GAAP earnings per share and next-quarter guidance all beat market expectations, and the company announced an 8-for-1 stock split effective November 19. After the earnings release, however, the stock rose before reversing course, closing down 5.32% in regular trading on October 29, then falling a further roughly 2.6% to 3.6% after hours from that day's close—a cumulative decline of about 7.8% from the previous trading day's close.