SanDisk stock plunges 20% as AI selloff deepens despite strong earnings

TheStreet · Silin Chen · 2026-11-05 19:08 UTC

SanDisk shares are falling alongside Nvidia and Broadcom as investors question the outlook for AI data center expansion.

The selling followed Democrats’ sweep of both chambers of Congress and victories in key gubernatorial races in Tuesday’s midterm elections, raising fears that tighter oversight could slow the construction of AI data centers.

The decline spread across the technology sector. The Nasdaq Composite sank more than 5%, and the iShares Semiconductor ETF (SOXX) tumbled 11%, putting it on track for its worst day since March 2020.

SanDisk shares have now fallen nearly 65% from their peak of $2,354 to around $827. Still, the stock is up more than 250% year-to-date.

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