Semiconductors
Astera Labs Q4: Solid Beat, but Q1 Margin Guide is Soft
Astera Labs delivered a solid Q4 beat with revenue up another 17.4% QoQ, though the sequential growth is expected to be 7.7% QoQ next quarter. This follows many quarters of double-digit QoQ growth with some previous quarters reporting growth as high as 20%+ sequentially. There were clues in the call as to when Astera is most likely to see a second wind with Scorpio-X as the catalyst. Overall, Astera has a longer runway than the market is communicating given there is an element of vendor lock-in to their products. Additionally, Ethernet is optimized for reach, whereas Astera specializes in PCIe, which is optimized for something quite different – GPU-to-GPU communication and memory-level workloads inside the rack.
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