US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921:1" rel="noopener">Astera Labs (ALAB US)</a> is expected to migrate from Small-cap to Standard at the February 2025 review as its price has soared ~100% since the last review.</li>
<li>The security's free float is forecasted to increase from 25% to 70% at the May 2025 review due to lock-up expiry of undisclosed shareholders. Passive fund demand expected is ~$570m.</li>
<li>
<a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921:1" rel="noopener">Astera Labs (ALAB US)</a> can migrate from small-cap to all-world in September 2025 with a slight price increase. Probability of migration in March 2025 is small.</li>
</ul>



Astera Labs (ALAB US) is expected to migrate from Small-cap to Standard at the February 2025 review as its price has soared ~100% since the last review.
The security's free float is forecasted to increase from 25% to 70% at the May 2025 review due to lock-up expiry of undisclosed shareholders. Passive fund demand expected is ~$570m.

Astera Labs (ALAB US) can migrate from small-cap to all-world in September 2025 with a slight price increase. Probability of migration in March 2025 is small.


Astera Labs (ALAB US): Global Index Migration and Upweight Anticipated in February and May 2025.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul>
<li>Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.</li>
<li>While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.</li>
<li>I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.</li>
</ul>


Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.
While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.
I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.


The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Astera Labs reported solid 2Q’FY24. The company beat all key estimates, showed relatively strong demand and operating metrics.  </li>
<li>With the stock trading at 19x EV/2024E Revenue and 13x EV/2025E Revenue I see shares as fairly-valued and expect the stock to trade in-line with peers. PT to $39.00.</li>
<li>All remaining Astera Labs shares held by stockholders became eligible for sale as IPO lock-up expired following public release of earnings for 2Q’FY24.</li>
</ul>


Astera Labs reported solid 2Q’FY24. The company beat all key estimates, showed relatively strong demand and operating metrics.  
With the stock trading at 19x EV/2024E Revenue and 13x EV/2025E Revenue I see shares as fairly-valued and expect the stock to trade in-line with peers. PT to $39.00.
All remaining Astera Labs shares held by stockholders became eligible for sale as IPO lock-up expired following public release of earnings for 2Q’FY24.


Astera Labs: Solid 2Q’FY24, ADTV Jumped As IPO Lock-Up Expired, PT Moves To $39.00

<ul>
<li>Astera Labs announced financial results for 1Q’FY24 in May. According to IPO prospectus, ~5.9M shares became eligible for sale following public release of earnings for the first quarter of FY24.</li>
<li>The high-growth semiconductor company filed form S-8 on May 8, 2024. The selling stockholders, including current employees and service providers, offered additional ~3M shares as early lock-up expired.</li>
<li>Astera Labs shares currently trade at rich multiples of ~37x EV/FY24E Revenue and ~25x EV/FY25E Revenue on my revised forecasts.</li>
</ul>


Astera Labs announced financial results for 1Q’FY24 in May. According to IPO prospectus, ~5.9M shares became eligible for sale following public release of earnings for the first quarter of FY24.
The high-growth semiconductor company filed form S-8 on May 8, 2024. The selling stockholders, including current employees and service providers, offered additional ~3M shares as early lock-up expired.
Astera Labs shares currently trade at rich multiples of ~37x EV/FY24E Revenue and ~25x EV/FY25E Revenue on my revised forecasts.


Astera Labs: 1Q’FY24 GAAP Net Loss Could Disappoint Investors, Selling Stockholders Offer ~3M Shares

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

United States

Astera Labs, Inc. provides semiconductor-based connectivity solutions. The Company develops and deploys intelligent connectivity platforms built for cloud and AI infrastructure. Astera Labs serves customers in the United States, Canada, China, Taiwan, and Israel.

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Astera Labs (ALAB US)