SanDisk (SNDK) Is Joining the Nasdaq 100. Here’s What Investors Need to Know

TLDR

• SanDisk (SNDK) will join the Nasdaq 100 on April 20, replacing Atlassian (TEAM).
• SNDK stock rose 1.8% to $866.90 in pre-market trading on the news.
• The stock is up 259% year-to-date and 2,439% over the past 12 months.
• Index inclusion typically triggers buying from index funds and ETFs required to match the benchmark.
• Atlassian stock has fallen 65% in 2026 and is being removed to make room for SanDisk.

SanDisk is heading to the Nasdaq 100, and investors wasted no time reacting. The flash memory maker’s stock climbed 1.8% to $866.90 in pre-market trading Monday after Nasdaq confirmed the addition, set to take effect before the open on April 20.

Sandisk Corporation, SNDKV

The move caps a stunning run for SNDK. The stock is up 259% so far in 2026, and over the past 12 months it has risen 2,439%. The driver: strong demand for NAND flash memory tied to the build-out of AI data centers.

SanDisk will take the slot being vacated by Atlassian (TEAM), which has had the opposite kind of year. TEAM is down 65% in 2026, weighed down by concerns that AI tools are disrupting the software industry it operates in.

Why Index Inclusion Matters

When a company joins a major index like the Nasdaq 100, index-tracking funds and ETFs are required to adjust their holdings to match the new composition. That buying pressure can lift a stock, sometimes meaningfully, around the inclusion date.

The broader market backdrop was less cheerful on Monday. S&P 500 futures slipped 0.6% after President Trump ordered a blockade of the Strait of Hormuz, rattling investors.

For SanDisk, the Nasdaq 100 spot formalizes what the market has already been pricing in: the company is now a core tech holding. More passive capital will flow into the name, which could make the stock more reactive to broad tech moves going forward, not just company-specific news.

SanDisk’s story has been built on tight NAND supply and surging AI data-center demand. Price target upgrades from analysts have followed. The index inclusion places it alongside the largest tech names in the U.S. market.

Atlassian Takes the Hit

Atlassian’s exit from the Nasdaq 100 underlines how quickly fortunes can shift. The Australian software company has seen its market cap shrink as investors worry AI-native tools will eat into its collaboration software business.

TEAM fell 3% on Monday, adding to its 2026 losses.

The rebalancing is scheduled for April 20. From that date, institutional vehicles that benchmark against the Nasdaq 100 will count SanDisk as a required holding.

Analysts have flagged risks on the SanDisk side too. A potential shift from tight NAND supply to oversupply, and growing bargaining power from hyperscaler customers, could pressure margins. But for now, the earnings growth forecasts remain strong.

SanDisk already competes for investor attention with memory peers Micron and Samsung. The Nasdaq 100 spot puts it in an even larger arena. How the company performs on its next earnings update — and what it says about NAND pricing and capacity — will get more attention than ever with a bigger benchmark audience watching.

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