Core Viewpoint - Astera Labs' shares have significantly declined due to concerns over increased competition following a partnership between AMD and Oracle, which will deploy 50,000 AMD GPUs in Oracle data centers starting in the second half of 2026 [1][4]. Group 1: Stock Performance - Astera Labs' stock fell approximately 20.4% for the week as of early Thursday afternoon [2]. - The decline in stock price is attributed to the AMD-Oracle deal and previous concerns stemming from a partnership between Nvidia and Intel [8]. Group 2: Competitive Landscape - The AMD-Oracle deal is not inherently negative for Astera Labs, as the company is involved with the UALink networking standard that will be utilized [4]. - Nvidia's partnership with Intel, which integrates Nvidia's NVLink technology with Intel's x86 data center CPUs, raises concerns about Astera Labs' competitive position in the AI accelerator market [5]. Group 3: Valuation Concerns - Astera Labs has a market capitalization nearing $27 billion, resulting in a forward price-to-sales ratio of 35, indicating a potentially overvalued position [6]. - The company's rapid revenue growth could justify its valuation if it continues, but any signs of slowing growth or adverse industry developments could negatively impact the stock [7]. Group 4: Upcoming Financial Reporting - Astera Labs is scheduled to report its third-quarter results after the market closes on November 4, providing investors with an update on the company's performance [7].