智通财经网·2025-10-21 02:16Group 1 - Barclays has downgraded the ratings of Lumentum (LITE.US), Astera Labs (ALAB.US), and Marvell Technology (MRVL.US) from "Overweight" to "Hold" due to decreased attractiveness compared to other AI-focused companies [1] - Lumentum's stock price has increased by 60% over the past three months, significantly outperforming the S&P 500's 5% increase, but its risk-reward profile is no longer favorable compared to peers [1] - Astera Labs faces market penetration challenges with its UALink product, lacking significant advantages outside of Amazon's Trainium 3 project, and risks being marginalized as the industry shifts towards Ethernet, ESUN, and SUE-T solutions [1] - Marvell Technology's rating was lowered due to its specialized integrated circuit business underperforming initial expectations and additional market risks facing its data center business [1] Group 2 - Barclays has upgraded the rating of KLA Corporation (KLAC.US) to "Overweight," expressing optimism about the long-term prospects of process control strength and KLA's leading position in the industry [2] - The company is expected to experience strong growth cycles as revenue growth thresholds outside of China are relatively low [2]