In the long arc of technology cycles, the memory chip industry is experiencing what markets always eventually encounter: the moment when extraordinary gains begin to normalize. Sandisk's fiscal year 2026 was a monument to price-driven prosperity — revenue up 175%, margins near historic highs — yet the very mechanism that built those heights, a 70% quarterly surge in NAND flash prices, is now decelerating toward 10% to 15% as consumer buyers reach their limit. The boom has not ended, but it has entered a quieter register, and the financial models built on its loudest notes must now be rewritten