Astera Labs
ConvictionModerate
Fabless chip + software vendor: designs connectivity ASICs (retimers, AECs, CXL memory controllers, fabric switches) and modules, outsources fabrication (TSMC), sells into AI server/rack platforms via hyperscalers, GPU/accelerator OEMs, and ODMs; attaches COSMOS software/fleet-management as a stickiness layer.
Revenuefact
$308.4M Q1 FY26$852.5M FY25Rev growthfact
+93% YoY Q1 FY26+115% YoY FY25Gross margin
76.4% non-GAAP / ~75% GAAPQ1 FY26, factOp marginfact
36.2% non-GAAP Q1 FY2639.2% non-GAAP FY25Capex intensity
~5%capex ~$41M / TTM rev; fact, low — fablessMarket cap
~$68-72Bfact, ~Jun 2026; price ~$418, ~184M dil. sharesPrice · 1-year trend
real · weekly$398+337% 1yUSD
52-week range
$91 – $417
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityWeak
AI Compute Value-Chain
Full context
opportunityWeak
Memory super-cycle monitor
Full context
position · avoidModerate
Memory super-cycle monitor
Full context
The read
Where our coverage leans
Bull & bear in tension
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence