SanDisk Stock Crashes 22%, Erasing Gains Since March. Is a Fund Blowup Next?

SanDisk shares fell 22.26% to $806.43 on Thursday, November 5, on about 30 million shares, more than triple their 20-day average volume, returning the memory-chip maker to March 20 levels. The drop followed its October 29 report of record quarterly revenue of $11.03 billion, up 378% year over year, and data-center sales of $4.80 billion. Investors sold after Democrats won both chambers of Congress and data-center-skeptical gubernatorial candidates won in Texas, Georgia and Ohio; SanDisk’s enterprise solid-state drives are sold into data centers. The Philadelphia Semiconductor Index fell about 12.3%, and the Nasdaq entered correction territory after a 5.5% decline.