SanDisk’s share price has detached from fundamentals, trading at 16.6x sales—a 453% premium to the peer median—while the company remains deeply unprofitable with a FY2025 net loss of $1.64 billion and negative free cash flow. Despite a memory upcycle narrative, operating losses widened year-over-year, and insiders have been heavy net sellers, disposing of $811 million in stock over the past 24 months. The technical picture shows a bearish MACD crossover and an RSI approaching overbought, suggesting momentum is fading after a 4,000%+ run since listing. We recommend exiting the position to lock in gains before the cycle turns.