Astera Labs Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Super helpful. So I know you're just a lot of different verticals in AI. We have cables, re-timers, the areas that we spend more time on, but I kind of want to start in reverse order today because something you just mentioned where. We have all these deployments. A lot of the questions that come up today are how are we able to get these in the market and one of the areas that comes up again and again is memory, right? And I think on the last call, really the first time since the IPO in a more significant way you talked about CXL and a partnership that you have with Microsoft. So I think it's really useful maybe spend a little time talking about. What you're doing in memory in particular and what CXL does, and then maybe a little bit about the partnership that you that you talked about.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : And ultimately is the goal as we move more to AI workloads, is it the physical design and the layout of the chip where you're able to expand Beachfront with products, or is it making memory that is associated with one accelerator look like memory that is. The pool that all the accelerator like where is the ultimate end goal here?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Very interesting. All right, switching to another vertical, so in Taurus, we're hearing a lot in the AEC market in general today. We had a golden cable initiative. Got launched earlier this week. Another one of your competitors does the full cable solution. You guys kind of sit in between just the single chip and the full solution. Maybe talk about your strategy there and you don't break it out specifically by segment in your earnings calls, but you've definitely talked more positively about that trend of late. Maybe talk about where you are today from a customer perspective and kind of what you're looking for in tourists in the next.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Do you think that when you get to kind of steady state in the back half of next year, there's a chance that that 800 gig business can cross over the existing 400 gig business or is that something that just takes time?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Perfect. Okay, let's move to the Aries platform so in a similar vein you guys address solutions in the 36 and the 72 both with re-timers and then also, with P-switches and cables. That's across both your custom silicon and the veil 3,672. Maybe let's just spend some time on the re-timer business at first very early on with Nvidia that was very strong. It's the business you went public on, as you move to more system solutions, I think it's well. Understood you use more mbLink you still have some content there, but it's not as big as it was historically. Can you just talk about like the cadence of the areas re-timer specifically because I know one, you have a large customer that is maybe not using as much, but then you also have custom silicon customers and you have a refresh of PCIE that's coming. How to balance those two and look at that business over the next year or so?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So a way that investors I think look at your content opportunity over time is looking at pieces of custom silicon that are using either PCIE scale up in the back end or UAL eventually in the back end and in the course of the last couple of earnings calls you guys have talked about a customer set at least in PCAE that has expanded, I believe you said at one point to low double-digit customers. So can you talk about like what type of engagement those are because you would imagine. If you're designing some sort of scale up network, it's a long process. It's 18 months at a minimum between a design to deployment. So what are those conversations like maybe any help on where those customers are, the large guys, neo clouds, anything you could get would be helpful.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Yeah, I want to go to the UIL switch, but I want to switch, stick on the PCIE version of the X switch first. So, if you look at where that content is supposed to come in, you said in calendar year 26, I believe you said in the back half as well, there's a lead customer that people are very familiar with, but you're expected to kind of ramp along with that, when we went to, rein. Event or heard from reinvent the T4 was working with MBL Fusion. I think the first reaction from a lot of investors was, oh no, does this mean that the future of PCIE scale up is at risk? We've had a chance to talk in between, but I'd love for you guys to have an opportunity here to talk about why does that actually benefit you guys that there are multiple skews versus it being a problem.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Something that I've thought about and I'm unsure at this point and maybe you have a good answer here is if I look at NVLink infusion was first announced. There were side by side comparisons showing either a CPU or an XPU in the scale of architecture, and I would imagine content would scale with you guys as as foreign items either a CPU or an XPU come into the ML world. Is it possible for customers to potentially do both of those, and would that also be a content uplift for you guys at the same time?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Okay, helpful. Back to the X switch on the UAL front, Marvell at their earnings talked about a, UAL switch, the integration point for you in the market seemingly is, Helios in the 500 generation. Can we talk about timing of when we're expecting to see that in market? And then also, does it matter that competitors are there first? Where are you competitively?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Very helpful. When you look at the world, I think many of us think in ones and zeros in black and white in terms of how deployments will occur. Either the world is all going to UAL or the world is all going to ESA and it's, this is the end. When you look at the end state, or at least what we can think of as an end state in AI for the next 5 to 10 years, do you think that this is a fractured world where certain guys are using scale up Eun, certain guys are using UAL, and it's really just whoever's married to what protocol, or do you think that we go entirely in one direction? Okay.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Any plans you're obviously doing Ethernet over cabling right now. There is a large Ethernet switching world which is dominated by a single player today. Just given your technology stack and your engagement with Hyperscopes, would you ever see your portfolio moving into an Ethernet switching platform?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Nvidia is talking more about in next generation. The supply chain is talking late 26, early 27. Marvel just bought Celestial, and is talking about the future of scale up, optics. You guys bought X, well AI X scales I believe how you pronounce it, in October. It feels like this is your play in that market as well. Could you maybe talk about When you sees intersecting, scale up architectures, is it something that you think proliferates from a scale out perspective first and then gets to scale up, anything on the timing and what that means for your business?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So Astera has one of the most robust growth trajectories of any company I cover, spinning off a ton of cash, new product introductions. Mike, maybe, talk about as these new products come into the fold, what does that do for gross margins one, and then two, from a capital returns perspective. I know you've been very clear about reinvesting in the business given all these opportunities, but any priorities that you'd like to discuss?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Feels like it's been a lot longer than a year. It's been a lot of great stuff from you guys. Appreciate you being here. Thank you so much. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 5:15PM, ALAB.OQ - Astera Labs Inc at Barclays Global Technology Conference