Astera Labs评级下调则源于其UALink产品的市场渗透不足——除亚马逊Trainium 3项目外，该产品尚未 在更广泛的以太网、ESUN及SUE-T产品体系中建立显著优势，同时行业正向Ethernet、ESUN及SUE-T 方案迁移，UALink面临被边缘化的风险。而迈威尔科技被调低评级的原因在于其专用集成电路业务表 现弱于最初预期，同时数据中心业务面临额外的市场风险。 智通财经APP获悉，在财报季开启前夕，巴克莱银行对多家半导体相关公司评级作出重要调整。该机构 将Lumentum(LITE.US)、Astera Labs(ALAB.US)及迈威尔科技(MRVL.US)三家公司的评级从"增持"下调 至"持股观望"，核心逻辑在于相较其他已切入AI赛道的个股，这三家公司的吸引力有所下降。巴克莱特 别指出更看好科磊(KLAC.US)、Coherent(COHR.US)和 MACOM Technology Solutions(MTSI.US)的投资 价值。 具体来看，Lumentum此轮评级调整前，其股价在过去三个月已累计上涨60%，远超同期标普500指数 5%的涨幅。分析师汤姆·奥马利在客户报告中强调：" ...

Group 1: Market Trends and Technologies - ESUN (Ethernet for scale-up networking) has gained traction with major players like Meta, Broadcom, and AMD, indicating a positive outlook for Ethernet-related companies such as Broadcom, ANET, and CSCO[4] - The market reaction to ALAB and CRDO suggests they may be oversold, as ESUN and UAlink are not necessarily in conflict, allowing for continued use of PCIe/CXL interconnects[4] - Ciena predicts a sixfold increase in DCI bandwidth over the next five years, highlighting significant growth potential in the data center interconnect market[4] Group 2: Product Developments and Performance - AMD's Helios Rack features 72 MI450 GPUs, offering up to 1.4 EF of FP8 performance and 2.9 EF of FP4 performance, with a total HBM4 memory of 31 TB and bandwidth of 1.4 PB/s[4] - Oracle is the first major customer for the MI450, with an initial deployment of 50,000 GPUs starting in Q3 2026, and Meta is expected to follow as a significant customer[4] - The value of the 1.6T optical module in the GB300 NVL72 rack has doubled from a ratio of 1:2.5 to 1:5, with expected shipments increasing from 8 million to over 20 million units by 2026[4]