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Sandisk beat the quarter. The market still wanted more. Fiscal Q4 revenue reached $8.97B, up 51% sequentially and 372% YoY, while non-GAAP EPS came in at $39.25. The board also approved another $14B share repurchase program, taking the remaining authorization to $15.5B. The details show how sharp, and uneven, the current flash cycle has become: · About two-thirds of sequential revenue growth came from higher pricing, versus one-third from volume · Datacenter revenue doubled quarter over quarter to $2.98B · Consumer revenue fell 32% over the same period · Q4 gross margin reached 84.6% But expectations have moved even faster. Sandisk guided fiscal Q1 revenue to $10.3B-$10.8B and non-GAAP EPS to $44-$46. Shares traded lower after hours as investors focused on guidance that did not clear elevated expectations. Still, its 83%-85% non-GAAP gross-margin outlook suggests management expects margins to remain elevated. The expanded buyback is notable alongside strong cash generation. Q4 free cash flow reached $7.08B, or $5.04B after adjusting for Flash Ventures activity and payments tied to its new business model agreements. Sandisk signed five more NBM agreements since April, including three with new customers, bringing the total to 10. Those agreements may improve demand visibility beyond the current pricing cycle. There is a longer-term AI angle too. Sandisk and SK hynix released the first open High Bandwidth Flash specification through the Open Compute Project, targeting up to 512GB per package and bandwidth of up to 3TB/s for AI inference. That leaves two stories in the same report. AI storage demand is accelerating, but much of the near-term upside still comes from NAND pricing. Investor Day on Aug 13 is the next opportunity for management to explain whether HBF and contracted demand can support more durable growth. Do you see a lasting AI storage cycle here, or are expectations already running ahead of the fundamentals? #SandiskBeatAndBuyback #EarningsRealityCheck #SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck