It's no longer accurate to say that SanDisk Corp. (NASDAQ:SNDK) is merely outperforming. The stock is trading as if conventional market rules have been suspended, moving with a force that looks increasingly untethered from gravity.

On Monday alone, shares of SanDisk surged 15%. Zoom out, and the scale of the move becomes increasingly difficult to contextualize: the stock is up more than 1,700% over the past year, 150% in the last month, and 250% over the past three months.

Last week, SanDisk blew past earnings estimates and raised forecasts, fueled by booming demand for data-center memory chips.

The advance is being powered by a deepening memory and storage supply crunch. Exploding AI demand is crowding out traditional DRAM and NAND production, while hyperscalers prioritize immediate capacity over long-dated supply contracts. ...