Astera Labs

Astera Labs designs the connectivity chips that keep AI data centers from choking on their own data. As servers cram in more GPUs and accelerators, the bottleneck shifts from computing power to moving information between all those chips, and Astera's silicon, its retimers, controllers and interconnect products, exists to solve exactly that problem. That made it one of the purest ways to invest in AI infrastructure, and its 2024 IPO was one of the most closely watched of that year. Founded in 2017 and based in San Jose, California, the company runs a fabless model, designing chips and leaving the manufacturing to partners like TSMC. Its revenue has grown quickly alongside the AI buildout, and its customers are the same hyperscalers pouring money into data centers. The stock trades at a rich valuation that assumes that growth continues, so it is sensitive to any sign that AI-infrastructure spending is slowing.

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