Astera Labs (NasdaqGS:ALAB) Q4 2025 Earnings call February 10, 2026 04:30 PM ET Company ParticipantsBlayne Curtis - Managing DirectorJitendra Mohan - CEO and Co-founderJoe Moore - Managing DirectorKarl Ackerman - Managing DirectorLeslie Green - VP of Investor RelationsMike Tate - CFORobert Mertens - Equity Research AssociateSanjay Gajendra - President, COO, and Co-FounderSrini Pajjuri - Managing DirectorTom O'Malley - Director of Equity ResearchTore Svanberg - Managing DirectorVivek Arya - Managing Director ...

Astera Labs (NasdaqGS:ALAB) Q4 2025 Earnings call February 10, 2026 04:30 PM ET Company ParticipantsBlayne Curtis - Managing DirectorJitendra Mohan - CEO and Co-founderJoe Moore - Managing DirectorKarl Ackerman - Managing DirectorLeslie Green - VP of Investor RelationsMike Tate - CFOSanjay Gajendra - President, COO, and Co-FounderSrini Pajjuri - Managing DirectorVivek Arya - Managing DirectorConference Call ParticipantsRoss Seymore - Managing Director and Senior Equity AnalystSean O'Loughlin - Equity Resear ...

Astera Labs (NasdaqGS:ALAB) Q4 2025 Earnings call February 10, 2026 04:30 PM ET Speaker5Good afternoon. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs Q4 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After management's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press * followed by the number 1 on your t ...

如果您希望可以时常见面，欢迎标星收藏哦~ 通信技术的发展始终朝着更高速度的方向迈进——从电话线到光纤，从3G到5G。然而，一项名为 SerDes （串行器/解串器）的、已有数十年历史的技术，如今却在半导体行业引起了特别的关注。 这项成熟的技术为何突然成为热门话题？ 答案很简单：人工智能。 训练像 ChatGPT 这样的大型 AI 模型需要数千个 GPU 协同工作。挑战在于这些 GPU 必须交换的 海量数据。无论单个 GPU 的性能多么强大，如果数据在它们之间传输的速度不够快，整个系统就 会遇到瓶颈。 SerDes 是 这 条 " 数 据 高 速 公 路 " 背 后 的 技 术 。 随 着 人 工 智 能 对 带 宽 的 需 求 不 断 突 破 现 有 限 制 ， SerDes 已迅速从"锦上添花"的组件跃升为行业不可或缺的"关键技术" 。 SerDes 是Serializer和Deserializer的合成词。它的功能出奇地简单。 在计算机内部，数据沿着多条并行线路传输——就像一条八车道高速公路。然而，当在芯片或设备 之间传输数据时，维持这种并行结构就变得非常棘手。"八车道"需要大量的物理线路，而且要同步 所 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 通信技术的发展始终朝着更高速度的方向迈进——从电话线到光纤，从3G到5G。然而，一项名为 SerDes （串行器/解串器）的、已有数十年历史的技术，如今却在半导体行业引起了特别的关注。这 项成熟的技术为何突然成为热门话题？ 答案很简单：人工智能。 训练像 ChatGPT 这样的大型 AI 模型需要数千个 GPU 协同工作。挑战在于这些 GPU 必须交换的海 量数据。无论单个 GPU 的性能多么强大，如果数据在它们之间传输的速度不够快，整个系统就会遇 到瓶颈。 SerDes 是这条"数据高速公路"背后的技术。随着人工智能对带宽的需求不断突破现有限制，SerDes 已迅速从"锦上添花"的组件跃升为行业不可或缺的"关键技术" 。 SerDes 是Serializer和Deserializer的合成词。它的功能出奇地简单。 在计算机内部，数据沿着多条并行线路传输——就像一条八车道高速公路。然而，当在芯片或设备之 间传输数据时，维持这种并行结构就变得非常棘手。"八车道"需要大量的物理线路，而且要同步所有 八条线路的传输时间也极其困难。 SerDes方案非常巧妙：在出发点将 ...

Core Viewpoint - SiFive, a leading company in the RISC-V space, is now supporting NVIDIA's proprietary NVLink Fusion interconnect technology, raising questions about the viability of its competitor UALink technology [1][2]. Group 1: SiFive and NVLink Fusion - SiFive designs CPU cores and processors based on the RISC-V instruction set architecture (ISA), applicable in various scenarios from edge computing to data centers, and licenses its designs to customers [1]. - The announcement indicates that SiFive's designs will now include support for NVLink, which allows NVIDIA's customers to abstract an entire CPU and GPU as a unified accelerator, providing up to 3.6 TB/s of inter-chip bandwidth [1][2]. - SiFive's CEO, Patrick Little, stated that the adoption of NVLink Fusion reflects a shift in the industry towards heterogeneous, collaborative design systems, where open CPU architectures and advanced interconnect technologies define the future of AI data center computing [2]. Group 2: Industry Support and Developments - Major companies such as Intel, Arm, and Qualcomm are fully supporting NVLink Fusion, with Intel planning to release client systems that connect its CPU chips with NVIDIA's GPU chips using this technology [2]. - NVIDIA supports two configurations of NVLink Fusion: one that combines partner CPUs with NVIDIA GPUs, and another that allows customers to integrate NVIDIA's Grace or Vera CPUs with their custom XPU or AI accelerators [2]. - SiFive is focused on helping its customers build custom CPUs using its cores and reference designs for SoCs integrated with NVIDIA CPUs [3]. Group 3: UALink Technology Challenges - UALink was initially envisioned as an open alternative to NVLink, supported by numerous companies including Intel, AMD, Amazon, Meta, Microsoft, and Arm; however, establishing the standard has proven difficult [4]. - The lack of UALink switches has forced AMD to transmit the protocol through standard Ethernet tunnels, complicating the implementation [4]. - Broadcom, once a strong supporter of UALink, is now promoting its own interconnect architecture called Scale Up Ethernet (SUE) [4].

Core Insights - The economic benefits of AI infrastructure have reached a turning point, with copper cabling becoming a bottleneck due to power consumption and bandwidth limitations for modern AI workloads [1] - Marvell Technology's recent acquisition of Celestial AI for approximately $3.25 billion and XConn Technologies for $540 million aims to address these challenges and strengthen its position in the emerging optical interconnect semiconductor market [1] Group 1: Business Case for Optical Networks - Traditional AI systems limit processors to a single rack, restricting scalability and requiring expensive hardware redundancy [3] - Next-generation architectures will distribute hundreds of AI accelerators across multiple racks, enabling direct memory access between processors, thus improving resource utilization [3] - Copper interconnects have significant power and transmission distance limitations, making them economically and thermally unfeasible as AI accelerators approach kilowatt-level power [3] Group 2: Marvell's Three-Pronged Connection Strategy - Marvell's acquisition strategy combines three complementary technologies: CXL for memory decoupling, optical interconnect for extended connections, and UALink for high-performance communication between accelerators [5] - CXL technology allows data centers to share memory across multiple systems without dedicated high-bandwidth memory in each server, addressing critical economic challenges posed by AI demand [5] - This approach enables the reuse of existing DDR4 memory into a shared memory pool, extending the life of depreciated assets and reducing reliance on limited HBM and DDR5 memory supplies [5] Group 3: Competitive Landscape - Marvell's acquisitions have altered the competitive landscape in the AI infrastructure chip sector, positioning it favorably against Broadcom, which currently leads in custom chip solutions but lacks the necessary optical interconnect technology [9] - MediaTek, traditionally focused on consumer electronics, is expanding into data center infrastructure but lacks the strong partnerships and comprehensive product offerings that Marvell possesses [9] - The acquisitions of XConn and Celestial AI further widen the technological gap, particularly in co-packaged optical devices, giving Marvell a competitive edge in providing complete connection solutions [9] Group 4: Financial Forecasts and Market Opportunities - Marvell anticipates that XConn will generate approximately $100 million in revenue by fiscal year 2028, with initial contributions starting in the second half of fiscal year 2027 [12] - Celestial AI is expected to represent a larger growth opportunity, with projected annualized revenue of $500 million by the fourth quarter of fiscal year 2028, doubling to $1 billion by the fourth quarter of fiscal year 2029 [12] - The revenue potential reflects a new market opportunity for semiconductor suppliers, as traditional optical interconnect technologies are now being integrated into processor packages, creating significant new chip development opportunities [12] Group 5: Analyst Perspectives - Marvell's recent acquisitions signal a fundamental shift in data center architecture from copper to optical interconnects, driven by physical and economic factors [15] - The key question for technology buyers is not whether this transition will occur, but which suppliers will successfully implement it and when optical storage extension technologies will meet enterprise workload demands [15] - The responses from Broadcom and MediaTek will determine whether Marvell's first-mover advantage in co-packaged optical interconnects can be sustained or if it will trigger a reshaping of the custom chip landscape through mergers and acquisitions [16]

Core Insights - Astera Labs (ALAB) is experiencing significant growth driven by UALink, a connectivity protocol tailored for AI infrastructure, which combines the benefits of PCIe and Ethernet without their complexities [1][3] Group 1: UALink and Market Position - UALink is gaining traction among major hyperscalers and AI platform providers, who are currently evaluating its capabilities through RFP and RFQ processes [2][10] - The protocol's high bandwidth and ultra-low latency make it suitable for scaling AI clusters, positioning Astera Labs to capture a substantial share of the AI infrastructure market, projected to exceed $500 billion in hyperscaler CapEx by 2026 [3] - The adoption of UALink is anticipated to significantly enhance Astera Labs' PCIe scale-up revenues, with expectations of delivering solutions by 2026 and a multibillion-dollar market opportunity by 2029 [4][10] Group 2: Competitive Landscape - Astera Labs faces intense competition from companies like Broadcom and Marvell Technology, both of which are also advancing in the AI infrastructure sector [5] - Broadcom reported a 65% year-over-year increase in AI revenue, reaching $20 billion, driven by demand for AI semiconductors and infrastructure software [6] - Marvell Technology has seen industry adoption of its Alaska P PCIe 6 retimer family, which supports low-power, high-speed connectivity across various AI devices [7] Group 3: Financial Performance and Valuation - ALAB shares have surged 91% over the past six months, significantly outperforming the broader Zacks Computer & Technology sector, which returned 19.5% [8] - The stock is currently trading at a premium, with a forward 12-month Price/Sales ratio of 24.77X compared to the Internet - Software industry's 4.71X [11] - The Zacks Consensus Estimate for 2025 earnings stands at $1.78 per share, indicating a year-over-year growth of 111.90% [13]

Core Viewpoint - Marvell Technology, Inc. is viewed as a strong investment opportunity for high returns in 2026, supported by recent analyst ratings and a strategic acquisition [1][2]. Group 1: Analyst Ratings - Wells Fargo analyst Aaron Rakers reiterated a Buy rating on Marvell Technology with a price target of $135 [1]. - J.P. Morgan analyst Harlur Sur also maintained a Buy rating without specifying a price target [1]. Group 2: Acquisition Details - Marvell announced the acquisition of XConn Technologies for approximately $540 million, structured as 60% cash and 40% stock [2]. - XConn specializes in advanced PCIe and CXL switching silicon, which is expected to enhance Marvell's capabilities in high-performance data center connectivity [2][3]. Group 3: Strategic Importance - The acquisition is anticipated to strengthen Marvell's position in accelerated infrastructure, particularly as AI systems demand efficient connections between accelerators [3]. - Marvell's UALink standard allows multiple accelerators to function as a unified system, providing high bandwidth and low latency, addressing the limitations of traditional setups [3]. Group 4: Company Overview - Marvell Technology, along with its subsidiaries, provides semiconductor solutions for data infrastructure across data centers and network edges [4].

Core Viewpoint - Marvell announced a $540 million acquisition of XConn Technologies, which specializes in advanced PCIe and CXL switch chips, expected to be completed by early 2026 [4]. Group 1: Acquisition Details - Marvell will pay 60% in cash and 40% in stock for the acquisition, with the stock portion based on Marvell's 20-day trading weighted average price, estimated at approximately 2.5 million shares of Marvell common stock [6]. - As of January 6, Marvell's stock price was $88.23 per share, reflecting a 2.22% decline on that day [6]. Group 2: XConn Technologies Overview - XConn, founded in 2020, developed the world's first CXL 2.0 and PCIe Gen 5.0 switch chips and is the first in the industry to support both CXL and PCIe on a single chip [9]. - Marvell anticipates that XConn's CXL and PCIe switch products will start contributing revenue in the second half of fiscal year 2027, aiming for approximately $100 million in revenue by fiscal year 2028 [9]. Group 3: Strategic Implications - The acquisition will enhance Marvell's product portfolio by integrating XConn's PCIe and CXL products and its engineering team, which includes expertise in the UALink open interconnect standard [10]. - As AI workloads expand, data center designs are shifting from single-rack deployments to larger multi-rack configurations, necessitating high bandwidth and ultra-low latency architectures like UALink for efficient resource sharing [10]. - Marvell plans to collaborate with XConn to build a larger team in the UALink domain, while also combining Marvell's CXL memory expansion controllers with XConn's CXL switches to create a comprehensive CXL product lineup for high-load AI tasks [11].