SanDisk Corp. (SNDK) shares tumbled 5.25% in intraday trading on Monday, extending a sharp decline for the memory chip maker. The drop was part of a broader rout across storage and semiconductor stocks.

The sell-off was triggered by disappointing quarterly results from industry peer Kioxia. Although Kioxia reported a 27-fold surge in operating profit to 1.27 trillion yen, the figure fell short of the market consensus of 1.37 trillion yen, and net profit also missed expectations. The miss swiftly soured sentiment across the memory chip sector, dragging down SanDisk along with Micron Technology, Western Digital, and Seagate Technology.

Adding to the pressure, SanDisk is set to report its own quarterly earnings after the market close on August 5. Investors remain cautious, with consensus estimates calling for around $84 billion in revenue and adjusted EPS of $34.45. The upcoming report follows a cumulative 47% decline in July, intensifying pre-earnings volatility as traders question whether the results can validate the sustainability of AI-driven storage demand.