The NAND market is growing, and there’s no better example than Sandisk Corp. (NASDAQ: SNDK). Since going public in March 2025, SNDK stock is up 211% and it still may have further to go. However, investors who are unfamiliar with Sandisk may wonder why. The company is part of the growing NAND market, which is being boosted by the artificial intelligence (AI) infrastructure trade.
In fact, according to analysts at Bank of America, SAND stock could test $300 thanks to growing demand from data centers and artificial intelligence.
This isn’t exclusive to SAND stock; the NAND market could expand even further, thanks to the substantially growing appetite of artificial intelligence data centers that are just starting to consume a massive chunk of global memory and flash production capacity.
The NAND Market Has a Multi-Year Tailwind
Consider this forecast from Global Market Insights. The global NAND flash market was valued at $65.1 billion in 2024. However, it’s projected to grow at a compound annual growth rate (CAGR) of 5.6% from 2025 to 2034.
And at the moment, NAND supply cannot keep up with demand. This is a supply and demand issue that will take years to sort out. That was the conclusion drawn by the MIT Technology Review. There are about 3,000 data centers across the United States. However, AI will continue to create massive demand for data centers. That will lead to further demand for NAND, which is crucial for AI infrastructure.
Also, according to a report from McKinsey, $5.2 trillion in AI infrastructure investments will be needed by 2030. Again, growing demand for data centers will mean growing demand for more NAND memory in an already tight market.
In addition, McKinsey's analysis suggests that demand for AI-ready data center capacity will rise at an average rate of 33 percent a year between 2023 and 2030 (reflecting a trend that is already underway.), according to analysts at McKinsey, as reported by BOMA International.
Given the requirements of AI data centers, demand for NAND will only rise, fueling even more upside for stocks, such as Sandisk.
Current Capex Will Fuel the NAND Market
The global AI market already surpassed $230 billion in 2024. Analysts now see a clear path to multi-trillion-dollar expansion – and the next five years may deliver the strongest gains yet.
Forecasts now place AI's value between $1.7 and $3.5 trillion by the early 2030s, with the most aggressive estimates topping $7 trillion by 2035. And judging by the surge in corporate investment, the market is moving toward the high end of those projections.
In fact, some of the largest tech companies are sending a clear message that the AI boom is far from over. Just look at recent capex spending.
For investors, these numbers are impossible to ignore. Even better, analysts at UBS now expect global AI capex to hit $571B in 2026, with a runway to $3 trillion by 2030.
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