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#财报观察员：Mixed earnings, lock-up expiration approaching! What’s next for SpaceX? Trade Review｜If you carefully read my earnings analysis last night, I believe you definitely didn’t miss the best short opportunity on SanDisk! Two words fill the screen: high short. The recent earnings-driven stock moves have been clear, $SNDK is basically giving money away! Yesterday I shorted SanDisk around $1420 with 10x leverage, and today I closed all positions near $1270, making a profit of $4450, a 104% return. What’s worth reviewing in this trade isn’t how much I made, but that I truly put into position the judgment I wrote the day before: SanDisk’s biggest risk isn’t poor earnings, but that earnings must be so good they exceed everyone’s expectations. Last night’s earnings were actually very strong. Quarterly revenue was $8.97 billion, above the expected $8.48 billion; adjusted EPS was $39.25, beating the expected $34.96; data center revenue grew 103%, and gross margin reached 84.6%. Yet the stock price still fell more than 12% in after-hours trading. The problem lies in the next quarter’s guidance. The company expects revenue between $10.3 billion and $10.8 billion, EPS between $44 and $46. The numbers remain strong but do not clearly exceed the market’s already elevated expectations. For a stock that has risen nearly 470% this year, the market demands not just growth but continued surprises. $AMD is like this, $SPCX is like this, and SanDisk is the same. I closed near $1270 because this expectation gap had been realized. If I held on, the trade logic would shift from "earnings gap" to betting on "storage cycle reversal," which would be a different trade. It’s not hard to see right, nor to write it down. The hard part is whether you dare to execute when the market is most crazy, and whether you can exit as planned after profits appear. This time I got it right, but that doesn’t mean I will next time. Profits only prove this judgment was correct this time. Strict stop-loss and planned take-profit are what allow me to stay at the table.