Sandisk (NASDAQ: SNDK) stock has fallen 31% since Thursday evening, including a 12.5% drop this morning, as analysts point to two main concerns. The primary worry is the rising threat of Chinese competition in NAND computer memory chips, following Chinese chipmaker CXMT's (ChangXin Memory Technologies) recent $487 billion Shanghai IPO, which raised over $8 billion. Apple has reportedly expressed interest in purchasing memory chips from CXMT. Although CXMT currently focuses on DRAM chips, there are concerns it could expand into NAND, or that other Chinese companies might follow with similar IPOs, potentially eroding Sandisk's high profit margins. Additionally, Wolfe Research notes broader investor concerns about the health of the artificial intelligence economy, which could lead to cuts in AI infrastructure budgets and impact Sandisk's share price.