AI Storage Demand Drives Record Stock Prices for Western Digital, Micron, and Sandisk

Three companies that once trailed behind GPU makers are now leading the charge in AI storage demand. Western Digital, Micron Technology, and Sandisk have reached record stock prices as the AI infrastructure buildout shifts focus from processing power to data storage.

Micron's success stems from its high-bandwidth memory (HBM) production, a crucial component that feeds AI processors with data at extremely fast speeds. Hyperscalers like Amazon and Microsoft are racing to secure HBM supply, driving up demand and pricing pressure.

Western Digital and Sandisk have capitalized on the enterprise storage market, with their stock prices more than tripling since Western Digital's spinoff of Sandisk in February 2025. This separation created two focused entities: Western Digital concentrating on hard drives and enterprise storage, while Sandisk zeroed in on flash memory and consumer products.

Mizuho analysts raised price targets for all three companies in May 2026, citing AI-related tailwinds, tighter supply dynamics, and improved pricing power as key catalysts.

Ondo Finance has introduced tokenized versions of these stocks, allowing crypto-native investors to access AI-driven growth without converting back to traditional rails. However, this also introduces regulatory complexity around securities law, custody, and investor protections.