Despite reporting massive revenue growth and rising profits, many memory stocks are on a downswing. More News from BarchartConsidering how hungry the market is for memory products, one would think that the announcement of an improved product would help SNDK stock. However, the data-center segment is what's really driving SNDK stock's growth. Importantly, Sandisk's memory products are used in data centers to support the running of high-level AI programs. The pullback has helped Sandisk's valuation on several metrics, with its forward P/E falling in the last month.