Morningstar's chief global markets editor Tom Lauricella noted that SanDisk's extreme performance, driven by snapping NAND pricing and triple-digit growth in AI infrastructure demand, has reclassified the two largest S&P 500 companies as discount trades. Value indexes have nearly doubled their tech weighting from 11% at end-2024 to roughly 20% currently, quietly loading 'defensive' ETF investors with more AI-cycle risk than expected. SanDisk reported fiscal 2026 revenue of $20.248 billion, up 175.3%, with non-GAAP EPS of $70.88, and is set to join major S&P benchmarks, pulling passive flows into the stock.