Driven by the artificial intelligence boom, SanDisk delivered impressive quarterly results, secured long-term contracts, and announced a large-scale stock buyback plan.

Storage chip manufacturer SanDisk announced a significant increase in revenue and profits on Thursday, and predicted that performance for this quarter will continue to improve. The company stated that it has signed long-term contracts worth at least $42 billion to deal with extreme price volatility. The company also announced a $6 billion stock repurchase plan. CEO David Gokler stated that the company has signed five long-term supply agreements with customers, ranging from 1 to 5 years. Three of these agreements were signed in the third quarter ending on April 3, totaling $42 billion, while the remaining two were signed in the current quarter. The financial report shows that the company's third-quarter revenue more than tripled to $5.95 billion, far exceeding the consensus expectations of $4.7 billion. Adjusted earnings per share reached $23.41, well above the expected $14.50 per share. SanDisk's stock price has risen over 360% this year, increasing by 3% in regular trading on Thursday, and briefly rising about 1% in after-hours trading following the financial report, but then dropping by 6%.