Sandisk Corp.’s (NASDAQ:SNDK) latest rally is drawing heavy trading into leveraged ETFs tied to the memory-chip maker, with the Tradr 2X Long SNDK Daily ETF (BATS:SNXX) emerging as the most actively traded ETF on Friday.
SNXX traded more than 135 million shares as Sandisk stock surged following a bullish call from JPMorgan. The New York-based bank upgraded Sandisk to Overweight and set a $2,250 December 2027 price target, implying roughly 47% upside from Thursday’s close.
SNXX Amplifies Sandisk’s Move
SNXX seeks to deliver 2X the daily performance of Sandisk, making it a high-beta vehicle for traders looking to amplify the stock’s momentum.
Sandisk shares were up 8% at the time of publication Friday, adding to a sharp run in the memory-chip stock. The move has translated into outsized activity in SNXX as traders pile into leveraged exposure. The fund was up 15% at one point on Friday.
The ETF’s trading volume above 135 million shares underscores the intensity of trading activity, particularly as investors position for a potentially prolonged AI-driven memory upcycle.
Such volume can indicate strong conviction among buyers, which may further bolster the stock’s upward trajectory if sustained.
The 52-week range of $3.13 to $49.33, according to Benzinga Pro, highlights the considerable volatility and potential for price swings in this ETF. Traders should remain vigilant for any signs of reversal or consolidation.
JPMorgan Sees AI-Driven NAND Boom
JPMorgan’s bullish thesis centers on rapidly rising NAND demand from AI infrastructure and inference workloads. The firm expects the NAND market to expand sharply as larger AI models, longer context windows and agentic applications increase storage requirements.
Sandisk’s long-term customer agreements are another key part of the thesis. The company has signed eight agreements worth about $94 billion, with weighted-average durations exceeding four years and financial guarantees totaling $16.5 billion.
JPMorgan estimates these contracts could cover more than half of Sandisk’s bits in fiscal 2027 and roughly two-thirds in fiscal 2028, potentially reducing the company’s exposure to the traditional boom-and-bust nature of memory pricing.
Why ETF Traders Are Watching
For SNXX traders, the JPMorgan upgrade adds another catalyst to an already powerful Sandisk momentum story. The company is targeting roughly 80% adjusted gross margins and mid- to high-teens revenue growth through fiscal 2030, while JPMorgan forecasts EPS compound annual growth above 25%.
Sandisk is also developing High Bandwidth Flash for AI inference, with initial product samples targeted for 2027.
Read Also: SK Hynix Is Surging. Here’s How ETF Traders Are Playing the AI Memory Boom
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