Astera Labs, Inc. designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure. Its Intelligent Connectivity Platform is comprised of a portfolio of data, network, and memory connectivity products, which are built on a unifying software-defined architecture that enables customers to deploy and operate high performance cloud and AI infrastructure at scale. The company was incorporated in 2017 and is based in Santa Clara, California.

Astera Labs, Inc.

Сильный индекс, значительно вырос. Быки резко укрепили уверенность в своих позициях.

Strong index, significantly up. Bulls sharply strengthened confidence in their positions.

Сильный индекс, значительно вырос. Рынок на стороне быков.

Strong index, significantly up. The market is on the bulls' side.

Сильный индекс, значительно упал. Отток средств из лонгов резко увеличился и находится на высоком уровне.

Strong index, significantly down. The outflow of funds from longs has increased sharply and is at a high level.

Key Points
Astera Labs specializes in high-speed connectivity solutions specifically designed for high-performance artificial intelligence infrastructure.
Arm provides the foundational architecture used in almost every smartphone and an increasing number of energy-efficient data center processors.
Which semiconductor stock deserves a spot in your portfolio?
The race for artificial intelligence dominance relies on both high-speed connectivity and efficient processing. Deciding whether to buy Astera Labs (NASDAQ:ALAB) or Arm (NASDAQ:ARM) depends on your appetite for growth versus stability.
Astera Labs provides specialized hardware that clears data bottlenecks in AI servers. Arm licenses the foundational blueprints used by almost every chip designer on the planet. While both benefit from the expansion of cloud computing, they offer vastly different financial profiles and risk levels for investors looking at the current landscape.
The case for Astera Labs
Astera Labs provides rack-scale connectivity solutions specifically designed for high-performance artificial intelligence infrastructure. As cloud providers expand their data center infrastructure, demand for specialized semiconductor stocks has intensified. The company serves major hyperscalers, but one end customer accounted for 70% of revenue in 2025, and customer concentration like this adds a layer of risk to the business.
According to its latest annual report, filed for the fiscal year ended Dec. 31, 2025, revenue reached $852.5 million, representing growth of 115.1% year over year. The company reported net income of $219.1 million. This result marked a significant improvement compared with the net loss reported in the prior fiscal year.
As of its December 2025 balance sheet, the current ratio is 10.2x, measuring the ability to cover short-term debts with short-term assets. Debt-to-equity is 0.0x, indicating that the company carries virtually no debt relative to shareholder equity. Note that stock-based compensation represented roughly 50.1% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
The case for Arm
Arm develops essential compute platforms and licenses its processor architecture to chip designers across the globe. As the digital world shifts toward more energy-efficient computing, the company's instruction set has become a global standard for everything from smartphones to servers. Its business model relies on charging royalties and licensing fees for every chip that uses its proprietary designs.
According to its latest annual report, filed for the fiscal year ended March 31, 2026, revenue reached $4.9 billion, a 22.8% increase compared with the prior fiscal year. Net income reached $904.0 million. Net margin, which shows the percentage of revenue turned into profit, was 18.4%.
As of its March 2026 balance sheet, the current ratio is 6.0x. Debt-to-equity is 0.1x, indicating that total debt is a small fraction of shareholder equity. Note that stock-based compensation represented roughly 69% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
Risk profile comparison
Astera Labs faces significant risk from revenue concentration, as 86% of sales come from just three customers. The company also deals with intense competition from established giants like Broadcom (NASDAQ:AVGO) and Marvell Technology (NASDAQ:MRVL). Furthermore, its reliance on Taiwan Semiconductor Manufacturing (NYSE:TSM) makes it vulnerable to geopolitical instability and supply chain disruptions in East Asia.
Arm depends heavily on the continued dominance of its instruction set architecture. While it is expanding in the data center, it faces potential competition from open-source alternatives and internal designs from large cloud providers. Any shift in the licensing landscape or a slowdown in the mobile hardware market could negatively impact its royalty revenue streams.
Valuation comparison
Arm carries a significantly higher Forward P/E based on future earnings estimates than its peer, while the P/S ratio, which measures market value against sales over the past twelve months, also favors Astera Labs.
Forward P/E
89.4x
131.1x
P/S ratio
50.9x
60.5x
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I'd go with Astera Labs. The company has strung together one of the most impressive growth streaks in the semiconductor industry, with revenue approaching or exceeding triple digits for several consecutive quarters, gross margins above 70%, and guidance pointing to more than 85% revenue growth for the full year. Its connectivity chips are becoming essential inside the AI data centers being built by every major hyperscaler, and demand keeps outpacing expectations.
Arm has built a remarkable business model in its own right, with it architecture powering virtually every smartphone. Royalty revenue more than doubled in the data center segment, and the business compounds reliably without depending on any single product cycle. For investors who value consistency over acceleration, it is a strong long-term hold.
Customer concentration is the one risk worth watching at Astera. A handful of hyperscalers drive most of its revenue, and that makes the business sensitive to any shift in those relationships. But the demand behind those relationships keeps growing. For an investor comfortable with that trade-off, Astera's growth trajectory is simply in a different league right now.
Should you buy stock in Astera Labs right now?
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Astera Labs vs. Arm: Which Semiconductor Stock Is a Better Buy in 2026?

Shares of Broadridge Financial Solutions, Inc. BR have risen 20.9% over the past three months compared with the industry’s 27.1% growth. The Zacks S&P 500 composite moved 3.5% upward during the said time frame.
BR’s first-quarter fiscal 2027 earnings are expected to be down 9.3% year over year. Earnings for fiscal 2027 and 2028 are projected to rise 9.8% and 10.2% year over year, respectively. Revenues are expected to increase 5.02% in fiscal 2027 and 5.34% in fiscal 2028.
Factors That Bodes Well for BR
Broadridge’s expansion of its digital assets platform into the U.S. wealth management market marks a step toward integrating cryptocurrencies and tokenized securities with traditional investments. Supporting both advisor-led and self-directed models, the platform offers wealth managers unified tools for trading, custody, reporting and compliance. Its partnerships with Anchorage Digital and Galaxy Digital further strengthen its digital asset capabilities and reflect the growing role of digital assets in mainstream wealth management.
The company’s launch of DLX expands its digital asset infrastructure to connect tokenized and traditional financial markets. By supporting issuance, trading, settlement, custody, servicing and governance across multiple asset classes, DLX offers institutions a more integrated approach to tokenized markets. Its always-on, multi-chain architecture builds on Broadridge’s Distributed Ledger Repo (“DLR”) experience and supports the growing adoption of tokenization in institutional finance.
BR’s expansion of its DLR solution to include G7 securities marks an important step toward enabling cross-border tokenized repo and collateral transactions. By using atomic settlement to synchronize securities and cash, the platform aims to reduce settlement risk, operational complexity and friction while improving liquidity and collateral mobility. The expansion also demonstrates how tokenized infrastructure is increasingly being applied to institutional financing and global capital markets.
Broadridge’s collaboration with Payward Services to support proxy voting for eligible xStocks holders represents an important development in connecting tokenized equities with traditional shareholder rights. By enabling eligible token holders to access proxy materials and submit voting preferences through a digital process, the partnership brings corporate governance capabilities to blockchain-based investing. The initiative highlights the growing effort to ensure that tokenized securities offer not only digital access and flexibility but also established investor communication, governance and voting functionality.
The company has demonstrated a strong commitment to its shareholders through consistent dividend payments, despite fluctuations in its cash position. BR paid dividends of $331 million, $368.2 million and $402.3 million in fiscal 2023, 2024 and 2025, respectively. This consistency underscores its dedication to creating long-term value for investors. At the end of fiscal 2026, the company paid dividends worth $443.5 million.
In the first quarter of fiscal 2027, the board of directors increased Broadridge’s annual dividend by 12% to $4.36 per share and declared a quarterly dividend of $1.09 per share. The board also authorized a new $1.5 billion share repurchase program, replacing the remaining authorization under the previous plan. These actions underscore Broadridge’s commitment to returning capital to shareholders while maintaining flexibility to support EPS growth through share repurchases.
Key Risks to Watch for BR
BR is facing mounting pressure from surging expenses, which is hampering the company’s prospects. The total operating cost increased 7% year over year in 2024, 3.8% year over year in fiscal 2025 and 8.4% year over year in 2026, driven by higher distribution expenses, volume-related expenses, as well as the impact of acquisitions and investments.
Moreover, the company operates in a highly competitive environment, with intense competition from financial technology and business process service providers pressuring pricing, innovation and client retention. Meanwhile, volatility in the macroeconomic environment, including changing interest rates, market conditions and economic uncertainty, could weigh on client spending and transaction activity, potentially hampering Broadridge’s growth prospects and financial performance.
Broadridge currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
A couple of better-ranked stocks in the Internet - Software industry are Astera Labs, Inc. ALAB and Paycom Software PAYC.
Astera Labs sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
It has an encouraging earnings surprise history, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 17.07%.
Paycom Software also sports a Zacks Rank of 1 at present. It has an encouraging earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters, delivering an average surprise of 13.95%.
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This article originally published on Zacks Investment Research (zacks.com).

Here's Why You Should Retain Broadridge Stock in Your Portfolio

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Semiconductor ETF (Symbol: SOXX) where we have detected an approximate $315.0 million dollar outflow -- that's a 0.6% decrease week over week (from 85,750,000 to 85,200,000). Among the largest underlying components of SOXX, in trading today SK Hynix Inc (Symbol: SKHY) is down about 4.9%, Astera Labs Inc (Symbol: ALAB) is down about 2.5%, and Microchip Technology Inc (Symbol: MCHP) is lower by about 2.1%. For a complete list of holdings, visit the SOXX Holdings page » The chart below shows the one year price performance of SOXX, versus its 200 day moving average:
Looking at the chart above, SOXX's low point in its 52 week range is $260.44 per share, with $655.95 as the 52 week high point — that compares with a last trade of $559.54. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further SOXX Research:

Notable ETF Outflow Detected - SOXX, SKHY, ALAB, MCHP

Key Points
Astera Labs is growing rapidly as it provides critical connectivity solutions for high-performance AI infrastructure.
Marvell Technology offers a more diversified portfolio with established dominance in data center silicon and networking connectivity.
Which semiconductor stock deserves a spot in your portfolio?
The rapid expansion of artificial intelligence (AI) infrastructure has created a surge in demand for specialized connectivity chips. This leads many investors to choose between high-growth Astera Labs (NASDAQ:ALAB) and the more established Marvell Technology (NASDAQ:MRVL).
Astera Labs focuses on high-speed connectivity chips that solve data bottlenecks in AI servers. Marvell Technology provides a broader suite of networking, storage, and custom computing solutions for various data infrastructure markets.
While both companies benefit from the data center build-out, they have different profiles in terms of size, profitability, and market maturity.
The case for Astera Labs
Astera Labs designs connectivity solutions that enable high-speed data transfers within data centers, primarily for hyperscale cloud providers. Its product suite includes controllers and signal-conditioning chips that integrate with various industry standards to improve data flow. Customer concentration like this adds a layer of risk to the business, as one end customer represented over 70% of revenue in 2025, and the top three accounted for approximately 86% of revenue.
In 2025, revenue reached $852.5 million, up 115% compared with the prior fiscal year. The company reported a net income of roughly $219 million, resulting in a net margin of close to 26%, representing a significant improvement over the net loss recorded in the previous year among semiconductor stocks.
As of its December 2025 balance sheet, the debt-to-equity ratio is 0.0x, indicating the company holds no debt relative to its shareholder equity. A current ratio of 10.2x measures the ability to pay short-term obligations, suggesting a very strong liquidity position.
Free cash flow for the fiscal year ended Dec. 31, 2025, was nearly $282 million. Note that stock-based compensation accounted for roughly 50% of operating cash flow, inflating reported cash generation, since SBC is a non-cash expense added back to cash flow.
The case for Marvell Technology
Marvell Technology serves a broad range of data infrastructure markets, including data centers, carrier networks, and enterprise networking. Data center revenue represented approximately 74% of its total net revenue in its most recent fiscal year. The company recently divested its automotive Ethernet business to Infineon Technologies on Aug. 14, 2025. It maintains significant customer concentration, with its ten largest customers accounting for roughly 82% of net revenue.
In the fiscal year ended Jan. 31, 2026, revenue reached nearly $8.2 billion, reflecting year-over-year growth of nearly 42%. The company achieved a net income of approximately $2.7 billion, resulting in a net margin of roughly 33%. This performance marks a notable swing toward profitability compared to the net loss reported in the prior fiscal year, driven by strong demand for cloud-based infrastructure.
As of its January 2026 balance sheet, the debt-to-equity ratio is approximately 0.3x, which compares total debt to shareholder equity. The current ratio stands at nearly 2.0x, indicating the company has twice as many current assets as current liabilities.
Free cash flow reached roughly $1.4 billion for the fiscal year ended Jan. 31, 2026. Note that stock-based compensation accounted for roughly 34% of operating cash flow, inflating reported cash generation, since SBC is a non-cash expense added back to cash flow.
Risk profile comparison
Astera Labs faces substantial risks due to its heavy reliance on a limited number of end customers. Any decision by a major hyperscaler to shift designs or reduce purchasing would materially harm the business.
Furthermore, the company depends on a sole-source manufacturer, Taiwan Semiconductor Manufacturing, and its operations are concentrated in East Asia, creating exposure to geopolitical tensions. It also faces intense competition from larger, better-funded incumbents that may offer bundled incentives.
Marvell Technology faces uncertainty about the long-term sustainability of capital expenditures in the AI market. A significant risk is that customers may develop their own internal chips to reduce reliance on third-party silicon. The company is also frequently involved in patent litigation, which can be costly and divert management resources.
Finally, Marvell must navigate evolving export controls and trade restrictions, particularly with China, which could limit its access to key markets like those served by Nvidia.
Valuation comparison
Marvell Technology appears more conservatively valued than Astera Labs based on both earnings estimates and historical sales multiples, despite its larger market presence.
Metric
Astera Labs
Marvell Technology
Forward P/E
89.8x
60.9x
P/S ratio
51.2x
23.7x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Astera Labs and Marvell are growing rapidly and reporting high profit margins. Astera might be the riskier of the two, given its customer concentration, but both are dependent on a rapidly expanding AI data center market.
Astera is growing notably faster, while Marvell trades at a lower valuation relative to sales and earnings. Still, I would lean toward Astera Labs, mainly because it is growing from a small revenue base and is clearly succeeding in capturing a large opportunity in the data center market.
Astera is positioned for strong growth over the next few years. Management noted on the recentearnings callthat AI systems will feature more switching technologies to power denser chip clusters, particularly XPUs, which are expected to drive greater revenue momentum. Its Scorpio X-Series is expected to be its largest product family in the third quarter, benefiting from increasing silicon content per XPU.
Marvell could also be a solid stock to hold. It is the leader in connectivity. Management anticipates significant growth over the next three years as the market transitions to faster connection speeds, driving higher average selling prices. The company is targeting an operating margin of between 38% to 40%, which it should reach by the end of next year. Those are stellar margins on top of robust revenue growth.
Both are benefiting from the same data center tailwinds. Still, analysts expect Astera Labs to grow revenue at an annualized rate of 87% over the next two years, compared to 49% for Marvell. This should also translate to higher earnings growth. Assuming the AI data center market continues to grow rapidly, Astera Labs may offer higher long-term upside.
Should you buy stock in Astera Labs right now?
Before you buy stock in Astera Labs, consider this:
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John Ballard has positions in Nvidia. The Motley Fool has positions in and recommends Marvell Technology, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Astera Labs. The Motley Fool has a disclosure policy.

Astera Labs vs. Marvell Technology: Which Tech Stock Is a Better Buy in 2026?

For Immediate Release
Chicago, IL – September 23, 2026 – Today, Zacks Investment Ideas feature highlights Astera Labs ALAB, SpaceX SPCX, Cloudflare NET, NVIDIA NVDA and Meta Platforms META.
Why Zacks Rank #1 Astera Labs Is Primed for Growth
Zacks Rank #1 (Strong Buy) company Astera Labs develops semiconductor-based connectivity chips and software that link high-performance processors, memory, and networking equipment inside massive cloud and AI data centers. The company's specialized semiconductor chips and software act as the "nervous system" for AI data centers, ensuring ultra-fast and reliable communication between thousands of AI processors like GPUs and memory. Astera Labs is benefiting from soaring demand for high-speed connectivity as AI infrastructure shifts toward larger rack-scale systems.
Gavin Baker Explains His Astera Labs Bull Thesis
Gavin Baker is the Managing Partner and Chief Investment Officer of Atreides Management, a technology-focused investment firm. An early investor in companies like SpaceX, Cloudflare, and countless AI and AI infrastructure investments (including ALAB), Baker is widely considered one of the foremost AI experts on Wall Street. Baker believes AI is not a market bubble but a physical infrastructure "supercycle" that companies like Astera Labs benefit from.
Baker's core thesis revolves around 3 themes, including:
1. Irreplaceable: Connectivity chips are irreplaceable bottleneck assets.
2. Leveling the Playing Field: NVIDIA is the dominant player in the AI semiconductor industry. Although NVIDIA uses proprietary interconnects, hyperscalers like Meta Platforms are now making their own in-house silicon. As the industry grows, hyperscalers developing custom silicon will rely on Astera Labs to scale their setups efficiently.
3. Mispricing: Baker noted that Astera Labs has been falsely bucketed as a copper-reliant connectivity play, with investors ignoring its optical capabilities, leading to an undervalued stock price.
Astera Labs: Rapid & Consistent Earnings Growth
Astera Labs has delivered investors the holy grail for a growth stock – consistent, triple-digit earnings and revenue growth. The company has grown annual earnings and sales at a triple-digit clip since 2024, and Zacks Consensus Estimates suggest Astera will achieve it again in 2026.
In addition, Astera Labs has beaten Wall Street analyst expectations in every single quarter since its 2024 IPO.
Astera Labs Technical Analysis
ALAB shares are currently clearing multi-month resistance levels on heavy volume turnover – a sign of renewed demand.
Bottom Line
As artificial intelligence scales toward massive rack-based systems, Astera Labs continues to cement its role as an essential bottleneck asset. Triple-digit growth, consecutive earnings beats, and a juicy technical setup back the bull case.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
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Zacks Investment Ideas feature highlights: Astera Labs, SpaceX, Cloudflare, NVIDIA and Meta Platforms

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Astera Labs Inc (Symbol: ALAB), where a total of 33,360 contracts have traded so far, representing approximately 3.3 million underlying shares. That amounts to about 88.2% of ALAB's average daily trading volume over the past month of 3.8 million shares. Particularly high volume was seen for the $400 strike call option expiring September 25, 2026, with 1,853 contracts trading so far today, representing approximately 185,300 underlying shares of ALAB. Below is a chart showing ALAB's trailing twelve month trading history, with the $400 strike highlighted in orange:
Arbutus Biopharma Corp (Symbol: ABUS) saw options trading volume of 40,037 contracts, representing approximately 4.0 million underlying shares or approximately 81.5% of ABUS's average daily trading volume over the past month, of 4.9 million shares. Particularly high volume was seen for the $10 strike put option expiring October 16, 2026, with 20,000 contracts trading so far today, representing approximately 2.0 million underlying shares of ABUS. Below is a chart showing ABUS's trailing twelve month trading history, with the $10 strike highlighted in orange:
And Portland General Electric Co. (Symbol: POR) options are showing a volume of 7,758 contracts thus far today. That number of contracts represents approximately 775,800 underlying shares, working out to a sizeable 75.5% of POR's average daily trading volume over the past month, of 1.0 million shares. Especially high volume was seen for the $50 strike call option expiring October 16, 2026, with 7,696 contracts trading so far today, representing approximately 769,600 underlying shares of POR. Below is a chart showing POR's trailing twelve month trading history, with the $50 strike highlighted in orange:
For the various different available expirations for ALAB options, ABUS options, or POR options, visit StockOptionsChannel.com.
Further ALAB Research:

Noteworthy Tuesday Option Activity: ALAB, ABUS, POR

Astera Labs Company Overview
Zacks Rank #1 (Strong Buy) company Astera Labs (ALAB) develops semiconductor-based connectivity chips and software that link high-performance processors, memory, and networking equipment inside massive cloud and AI data centers. The company’s specialized semiconductor chips and software act as the “nervous system” for AI data centers, ensuring ultra-fast and reliable communication between thousands of AI processors like GPUs and memory. Astera Labs is benefiting from soaring demand for high-speed connectivity as AI infrastructure shifts toward larger rack-scale systems.
Gavin Baker Explains His Astera Labs Bull Thesis
Gavin Baker is the Managing Partner and Chief Investment Officer of Atreides Management, a technology-focused investment firm. An early investor in companies like SpaceX (SPCX), Cloudflare (NET), and countless AI and AI infrastructure investments (including ALAB), Baker is widely considered one of the foremost AI experts on Wall Street. Baker believes AI is not a market bubble but a physical infrastructure “supercycle” that companies like Astera Labs benefit from.
Baker’s core thesis revolves around 3 themes, including:
1. Irreplaceable: Connectivity chips are irreplaceable bottleneck assets.
2. Leveling the Playing Field: NVIDIA (NVDA) is the dominant player in the AI semiconductor industry. Although NVIDIA uses proprietary interconnects, hyperscalers like Meta Platforms (META) are now making their own in-house silicon. As the industry grows, hyperscalers developing custom silicon will rely on Astera Labs to scale their setups efficiently.
3. Mispricing: Baker noted that Astera Labs has been falsely bucketed as a copper-reliant connectivity play, with investors ignoring its optical capabilities, leading to an undervalued stock price.
Astera Labs: Rapid & Consistent Earnings Growth
Astera Labs has delivered investors the holy grail for a growth stock – consistent, triple-digit earnings and revenue growth. The company has grown annual earnings and sales at a triple-digit clip since 2024, and Zacks Consensus Estimates suggest Astera will achieve it again in 2026.
Image Source: Zacks Investment Research
In addition, Astera Labs has beaten Wall Street analyst expectations in every single quarter since its 2024 IPO.
Image Source: Zacks Investment Research
Astera Labs Technical Analysis
ALAB shares are currently clearing multi-month resistance levels on heavy volume turnover – a sign of renewed demand.
Image Source: Zacks Investment Research
Bottom Line
As artificial intelligence scales toward massive rack-based systems, Astera Labs continues to cement its role as an essential bottleneck asset. Triple-digit growth, consecutive earnings beats, and a juicy technical setup back the bull case.
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This article originally published on Zacks Investment Research (zacks.com).

Why Zacks Rank #1 Astera Labs is Primed for Growth

After consolidating for roughly four and a half months, the Nasdaq and broader technology sector are finally breaking out of their trading ranges.
That breakout is especially notable given just how much bad news the market has absorbed since the summer. Investors have navigated the blowup of a major AI-focused hedge fund, a sharp correction across the semiconductor industry, growing concerns around the pace and potential disruption of AI development, renewed tensions in the Middle East, and a surge in interest rates toward multi-decade highs alongside a shift toward tighter monetary policy.
And yet, the market has taken it largely in stride.
Certain areas have come under significant pressure at different points, most notably semiconductors, which fell as much as 30% from their highs. But the major indexes have continued to digest each setback without suffering a broader breakdown. Instead, stocks spent the last several months trading in a choppy range just below all-time highs.
Now, that consolidation appears to be resolving to the upside.
Among the strongest technology names leading the market higher today are Arm Holdings (ARM), Intel (INTC), Astera Labs (ALAB) and Meta Platforms (META).
Another notable mover is Strategy (MSTR), formerly MicroStrategy, which is following Bitcoin sharply higher off its recent lows. Strength in both speculative technology stocks and crypto-linked assets is another indication that investors' appetite for risk is beginning to increase again.
After several months of consolidation and repeated tests of investor confidence, the technology sector may finally be entering the next leg of the bull market.
Image Source: TradingView
Why the Breakout in Technology Stocks Matters
The significance of today's move isn't simply that technology stocks are rising. It is what has happened underneath the surface over the last several months.
The semiconductor industry went through a legitimate correction, some of the most crowded AI trades were aggressively unwound, and interest rates moved sharply higher. Just last week, the Federal Reserve raised rates for the first time since 2023, while the 10-year Treasury yield briefly pushed above 5%.
Normally, that combination would be expected to put substantial pressure on long-duration growth stocks, but instead, technology stocks largely consolidated.
That distinction is important. Corrections through time can be just as effective as corrections through price. Rather than collapsing, many of the market's strongest stocks spent the last several months digesting their earlier gains while earnings continued to grow and valuations became less stretched.
Now momentum appears to be returning.
Monday's rally has been particularly strong across AI-related stocks. Intel and Arm Holdings are both surging by double digits, while Advanced Micro Devices, Micron and Meta Platforms are also participating. The Nasdaq is up more than 2.5%, while technology indexes are again pressing toward or through their prior highs.
That is exactly the kind of action investors want to see following an extended consolidation.
The AI Trade Persists Despite Concerns
There has also been an important shift in the AI narrative.
One of the biggest shocks to the trade recently came from the AI industry itself. Anthropic CEO Dario Amodei called for the industry to slow the pace of frontier AI development, with OpenAI CEO Sam Altman and several other prominent industry leaders subsequently expressing support for greater restraint and oversight. Those comments contributed to a sharp selloff in semiconductor and AI infrastructure stocks as investors worried that a slowdown in model development could eventually mean less demand for chips and data centers.
But I think the market may have taken those comments too literally.
The concerns around AI safety may very well be genuine. However, there is an obvious tension between what industry leaders are saying publicly and what their companies are actually doing.
These businesses remain locked in an intense technological and commercial race. Capital continues to pour into models, compute and data centers, and there has been little indication that the major players are voluntarily stepping away from that competition. There is little if any evidence that there will be any kind of slowdown in the rate of investment and development of the technology.
So while the rhetoric became considerably more cautious, the underlying economics of the AI buildout have not materially changed, which is critically important for investors.
Throughout the summer, the market increasingly questioned the enormous amount of money being poured into AI infrastructure, whether the industry was overbuilding and whether today's leaders could generate adequate returns on that investment. Those remain legitimate questions, but the fundamental evidence still points toward enormous demand for computing power.
Today's strength in Arm and Intel, for example, also highlights how the opportunity is expanding beyond GPUs alone. AI inference increasingly requires CPUs, memory, networking equipment and an enormous amount of supporting infrastructure.
Bitcoin Rally Points to a Return in Risk Appetite
The rebound in Bitcoin offers another useful signal.
Bitcoin has surged sharply off its recent lows, while Strategy and other crypto-linked stocks are moving higher alongside it.
I don't view Bitcoin as a direct indicator of where the stock market goes next. But it is a useful barometer of liquidity and speculative appetite.
Investors spent much of the summer reducing risk. Today, they appear increasingly willing to put it back on.
What Could Go Wrong?
That doesn't mean the market is suddenly without risks.
Interest rates remain historically high, the Fed has shifted toward tighter monetary policy, Middle East tensions remain elevated and valuations across parts of the technology sector are still demanding.
Breadth is also something to watch. Despite Monday's strong index gains, the number of stocks making new lows has recently remained elevated, suggesting that participation beneath the headline indexes is not yet uniformly strong.
So I wouldn't interpret today's breakout as an invitation to blindly chase everything higher.
Instead, I think it reinforces the broader trend that has defined this bull market: investors continue to reward companies producing strong earnings growth and benefiting directly from the enormous capital spending associated with AI.
After more than four months of consolidation, technology stocks now appear ready to test the highs again. If that breakout can hold and participation continues to broaden, it could mark the beginning of the next leg higher in the bull market.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
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This article originally published on Zacks Investment Research (zacks.com).

Tech Stocks Break Out: The Next Leg of the Bull Market

Key Points
Astera Labs is a fast-growing connectivity specialist focused on the artificial intelligence infrastructure market.
Qualcomm is a diversified semiconductor leader with dominant positions in mobile, automotive, and wireless licensing.
Which semiconductor stock deserves a spot in your portfolio?
The semiconductor sector is currently defined by a tug-of-war between explosive artificial intelligence growth and established mobile dominance. Choosing between Astera Labs (NASDAQ:ALAB) and Qualcomm (NASDAQ:QCOM) requires weighing pure-play agility against diversified stability.
Astera Labs focuses on high-speed data center connectivity, serving as a critical link for hardware within the artificial intelligence revolution. Conversely, Qualcomm is a legacy titan that powers the global smartphone ecosystem while expanding into automotive technology. Both companies are central to the technology landscape, but they offer vastly different risk profiles for your 2026 strategy.
The case for Astera Labs
Astera Labs develops connectivity solutions for rack-scale AI infrastructure. It serves hyperscalers through its Intelligent Connectivity Platform, focusing on PCIe and Ethernet technologies. One end customer accounted for over 70% of revenue in 2025, while the top three represented roughly 86%. Customer concentration like this adds a layer of risk to the business. Its partnership with Amazon (NASDAQ:AMZN) remains a key driver for its Scorpio switch products. The company's focus on semiconductor stocks specializing in AI connectivity distinguishes it from more general-purpose chipmakers.
In FY 2025, revenue reached nearly $852.5 million, representing a massive 115.1% increase compared to the previous year. The company achieved net income of approximately $219.1 million during this period, signifying a sharp turnaround from the net losses reported in previous years. This performance resulted in a net margin of close to 25.7% for the fiscal year. This growth trajectory highlights the rapid scaling of data center infrastructure during the current technology cycle.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.0x, meaning it carried no debt relative to shareholder equity. The current ratio, which measures a company's ability to cover short-term liabilities with short-term assets, was a high 10.2x. Free cash flow, which is cash from operations minus capital expenditures, was nearly $281.8 million for the year. Note that stock-based compensation represented roughly 50.1% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
The case for Qualcomm
Qualcomm is a global leader in wireless and computing technologies, focusing on handsets, automotive, and IoT markets. It generates revenue through chip sales and its licensing business, which covers foundational intellectual property. In its latest annual report, filed for the fiscal year ended September 28, 2025, the company detailed its expansive reach across over 200 locations. The company serves massive hardware manufacturers, with Apple (NASDAQ:AAPL) and Xiaomi (OTC:XIACF) each accounting for 10% or more of consolidated revenues. Customer concentration like this adds a layer of risk to the business.
In FY 2025, revenue reached approximately $44.3 billion, a growth rate of nearly 13.7% year-over-year. The company reported net income of roughly $5.5 billion for the period. Net margin for the fiscal year was close to 12.5%, which represented a shift compared to the 26% net margin reported in 2024. This margin contraction was primarily driven by a one-time, $5.7 billion non-cash tax charge related to changes in tax legislation, rather than a decline in core operating profitability.
As of its September 2025 balance sheet, the debt-to-equity ratio was nearly 0.8x. This ratio helps investors understand how much debt a company uses to finance its assets compared to its own equity. The current ratio, representing the ability to pay short-term debts, stood at roughly 2.8x. Free cash flow, defined as operating cash flow minus capital expenditures, was approximately $12.8 billion for the fiscal year. This cash generation allows for significant investment back into research and development to maintain its technological edge.
Risk profile comparison
Astera Labs faces heavy revenue concentration, relying on a few massive hyperscalers for the majority of its sales. Success is tied to the volatile AI infrastructure market, where failing to meet new tech standards could hurt results. The company uses a fabless model and depends entirely on TSMC for manufacturing. Geopolitical tensions in East Asia could disrupt this supply chain at any time, potentially impacting its ability to deliver products to customers.
Qualcomm depends heavily on the premium handset market and faces risks if top customers like Samsung choose to develop their own internal chips. A significant portion of revenue comes from China, exposing the company to trade restrictions and regional tensions. Legal challenges to its licensing business can also impact royalty income. It relies on third-party foundries and faces competition from rivals like Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO), and Marvell Technology (NASDAQ:MRVL).
Valuation comparison
Qualcomm presents a much lower entry point based on Forward P/E and P/S ratio estimates, while Astera Labs commands a higher growth premium.
Forward P/E
54.0x
19.1x
P/S ratio
43.7x
4.3x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I'd go with Astera Labs. The company has strung together one of the most impressive growth streaks in the semiconductor industry, with revenue approaching or exceeding triple digits for several consecutive quarters. Its connectivity chips are becoming essential inside the AI data centers that every major hyperscaler is racing to build, and demand keeps outpacing expectations.
Qualcomm is no slouch. Its automotive segment just posted a record quarter, growing at an extraordinary rate year over year. An emerging data center business adds another potential growth engine. The smartphone business still anchors a large portion of revenue, which provides a reliable foundation that dampens cyclicality.
But Qualcomm is navigating a difficult stretch in its core smartphone business. Android handset demand is soft and memory cost increases are squeezing margins. A sharp drop in Apple revenue is expected in the coming quarter. Those headwinds create near-term uncertainty that Astera simply does not face.
For investors willing to accept some volatility in exchange for exposure to one of the fastest-growing businesses in semiconductors, Astera is the stronger pick right now.
Should you buy stock in Astera Labs right now?
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Astera Labs vs. Qualcomm: Which Semiconductor Stock Is a Better Buy in 2026?

The S&P 500 Index ($SPX) (SPY) closed up by +1.14% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.61%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.73%. September E-mini S&P futures (ESU26) rose +1.10%, and September E-mini Nasdaq futures (NQU26) rose +1.67%.
Stock indexes settled sharply higher on Thursday as falling oil prices eased inflation concerns and knocked bond yields lower. WTI crude fell nearly -1% on Thursday amid signs that supply disruptions in the Middle East are set to ease, bolstering hopes that inflation can be kept under control. The 10-year T-note yield fell -7 bp to 4.94%. T-note yields also fell after the Fed’s +25 bp rate hike on Wednesday reassured investors that the Fed is determined to tame inflation.
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US economic news was mixed for stocks on Thursday after weekly jobless claims unexpectedly declined to an 8-week low and the Sep Philadelphia Fed business outlook survey fell less than expected. Also, Aug pending home sales unexpectedly rose. However, Aug housing starts and building permits fell more than expected.
US weekly initial unemployment claims unexpectedly fell -10,000 to an 8-week low of 196,000, showing a stronger labor market than expectations of an increase to 207,000.
US Aug housing starts unexpectedly fell -2.6% m/m to 1.275 million, weaker than expectations of an increase to 1.320 million. Aug building permits, a proxy for future construction, fell -2.7% m/m to 1.394 million, weaker than expectations of 1.408 million.
The US Sep Philadelphia Fed business outlook survey fell -9.6 to 37.8, stronger than expectations of 32.1.
US Aug pending home sales unexpectedly rose +0.3% m/m, stronger than expectations of a -0.1% m/m decline.
Oct WTI crude oil prices (CLV26) fell nearly -1% on Thursday on signs that Middle East supply disruptions are easing. On Wednesday, US Energy Secretary Wright said 18 million bbl of crude oil and refined products went through the Strait of Hormuz on Tuesday, easing global supply concerns. Also, Saudi Arabia said it seeks to return about half the capacity of the East-West pipeline within days following a shutdown last week because of drone strikes.
Crude prices earlier surged to a 3.75-month high on Tuesday as disruptions to Middle East supplies persisted. Last Friday, Saudi Arabia closed a major pipeline following attacks, disrupting a key route that bypasses the Strait of Hormuz. The East-West pipeline, which carries 7 million bpd of crude, was closed after threats from Houthi rebels. The pipeline moves oil away from the Persian Gulf toward the Red Sea, where it can be loaded on tankers. Saudi Arabia told OPEC last Thursday that its crude production in August fell to 6.238 million bpd, the lowest since 1990.
Markets are discounting a 53% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed up +0.90%. China's Shanghai Composite closed down -0.41%. Japan's Nikkei-225 Stock Average closed up +0.33%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +12 ticks on Thursday. The 10-year T-note yield fell -8.6 bp to 4.937%. T-notes moved higher on Thursday as weakness in WTI crude oil prices eased inflation expectations. The 10-year breakeven inflation rate fell to a 4-week low of 2.303% on Thursday. T-notes also rose Thursday after the FOMC’s +25 bp interest rate hike on Wednesday bolstered confidence that Fed Chair Warsh will act to tame inflation, reinforcing the Fed’s credibility and independence.
Gains in T-notes were limited as Thursday’s sharp rally in stocks reduced safe-haven demand for government debt securities. Also, Thursday’s unexpected decline in weekly jobless claims to an 8-week low signals labor market strength that is hawkish for Fed policy.
European government bond yields moved lower on Thursday. The 10-year German bund yield fell -3.1 bp to 3.477%. The 10-year UK gilt yield fell to a 1-week low of 5.207% and finished down -7.4 bp to 5.222%.
Eurozone Aug CPI was revised lower to +3.2% y/y from the previously reported +3.3% y/y. Aug core CPI was left unrevised at +2.4% y/y.
As expected, the BOE kept its benchmark interest rate unchanged at 3.75% on Thursday. The vote was 6-3, and the BOE said that "there has been little evidence so far of material second-round effects in price and wage setting." The BOE also scrapped plans to sell long-dated gilts as part of its quantitative tightening program.
BOE Governor Andrew Bailey said the global energy shock has so far had a limited effect on prices and wages in the UK, "but the longer the volatility persists, the bigger the impact it will have on inflation, and the more likely it is we will need to raise the Bank rate."
Markets are discounting a 54% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks moved higher on Thursday, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) closed up more than +3%. Astera Labs (ALAB) closed up more than +9% to lead gainers in the Nasdaq 100, and ARM Holdings Plc (ARM) closed up more than +8%. Also, Intel (INTC) closed up more than +7%, and Advanced Micro Devices (AMD) and SanDisk (SNDK) closed up more than +6%. In addition, Micron Technology (MU) closed up more than +5%, and Marvell Technology (MRVL) and NXP Semiconductors NV (NXPI) closed up more than +4%. Finally, Broadcom (AVGO), Seagate Technology Holdings Plc (STX), and Qualcomm (QCOM) closed up more than +2%.
The Magnificent Seven technology stocks rallied Thursday, supporting the overall market. Tesla (TSLA), Nvidia (NVDA), and Amazon.com (AMZN) closed up more than +2%, and Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), and Apple (AAPL) closed up more than +1%
Telecom operators moved lower on Thursday. T-Mobile US (TMUS) closed down more than -5% to lead losers in the S&P 500 and Nasdaq 100, and Comcast (CMCSA) closed down more than -3%. Also, Verizon Communications (VZ) closed down more than -2%, and AT&T (T) and Charter Communications (CHTR) closed down more than -1%.
Vicor Corp. (VICR) closed up more than +19% after saying it has granted a non-exclusive Vertical Power Delivery license to a new original equipment manufacturer.
Generac Holdings (GNRC) closed up more than +18% to lead gainers in the S&P 500 after agreeing to supply up to $8 billion worth of generators for Amazon.com’s data centers and issuing a warrant to Amazon for a stake in the company.
Qiagen NV (QGEN) closed up more than +3% after Manager Magazin reported that TPG and Bain Capital are among potential bidders for the company.
Fluence Energy (FLNC) closed down more than -15% after cutting its full-year revenue forecast to $2.4 billion from a previous forecast of $2.9 billion to $3.1 billion, well below the consensus of $3 billion.
Paramount Skydance Corp. (PSKY) closed down more than -4% to lead losers in the S&P 500 after Barclays reinstated coverage on the stock with an underweight recommendation and a price target of $8.
CoreWeave (CRWV) closed down more than -3% after announcing the establishment of an at-the-market offering program under which it may offer up to 35 million shares of Class A common stock.
Earnings Reports (9/18/2026)
AnaptysBio Inc (ANAB) and Rezolute Inc (RZLT).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Indicator	Mar 26	Jun 26	Jul 26	Sep 26	Oct 26	TTM	Median
P/E	74.05	239.12	291.12	—	176.45	176.45	33.34
Price/Sales	19.68	72.85	77.35	—	53.76	53.76	2.86
P/B	12.57	48.56	49.40	—	35.83	35.83	3.01
P/FCF	57.51	317.94	—	234.31	—	234.31	23.04

Indicator	Mar 26	Jun 26	Jul 26	Sep 26	Oct 26	TTM	Median
ROE	20.28	—	—	—	—	20.28	14.14
ROA	18.22	22.62	—	—	—	22.62	6.67
ROI	0.00	0.00	—	—	—	0.00	10.08
Net Worth	19.86	88.56	78.05	65.26	—	65.26	1.02
Quick Ratio	10.82	9.36	—	—	—	9.36	1.59
Current Ratio	11.30	10.05	—	—	—	10.05	1.86

Indicator	Mar 26	Jun 26	Jul 26	Sep 26	Oct 26	TTM	Median
Net Profit Margin	26.65	30.70	—	—	—	30.70	10.12
Operating Margin	22.36	22.71	—	—	—	22.71	10.80
Gross Margin	75.95	75.12	—	—	—	75.12	50.00
Return on tangible equity	20.70	26.09	—	—	—	26.09	26.05

Indicator	Mar 26	Jun 26	Jul 26	Sep 26	Oct 26	TTM	Median
EPS	—	—	—	—	—	0.10	0.36
EPS Forecast	—	—	—	—	—	0.30	0.25
Revenue	308.00M	392.00M	—	—	—	392.00M	66.00M
Gross Profit	235.00M	288.00M	—	—	—	288.00M	—
EBITDA	64.00M	92.00M	—	—	—	92.00M	—

Astera Labs, Inc.

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue