Astera Labs, Inc. Common Stock ALAB

The business

Astera Labs makes the small chips that keep signals intact inside an artificial intelligence rack. A retimer cleans up a PCIe signal that has degraded over a few inches of copper. A fabric switch routes traffic between processors and memory. A memory controller extends how much memory a server can address.

None of it computes anything. All of it exists because the accelerators got fast enough that the wires between them became the bottleneck. That is a good position to hold: the company sells a necessary component into a build-out it does not have to win, and it sells it to whoever is buying accelerators.