The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: I guess to get started, Jitendra, it has been a little bit over a year since your IPO -- now you are the CEO, but also so the Co-Founder. So it has been
quite a journey, and you were able to very quickly be at the forefront of AI. So just quickly, can you tell us your journey of the company and how
you were able to very quickly establish yourself as an AI enabler?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Yeah. No, that's very helpful. Since you mentioned kind of AI, this small trend AI. So can you -- maybe you are very well placed in the AI ecosystem.
Can you tell us a little bit where you think we are in the AI cycle? And maybe a segue question as well. You mentioned scaled up, obviously, NVIDIA
with NVLink, Amazon with Ultra. I guess how far can we go on the scale-up kind of trend? Is there a limit to it? Or do you think we'll continue to
kind of --?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Got it. And then I guess I can jump into your products, starting with the latest, the Scorpio, more specifically the X. I guess, first, explaining it a little
bit for those that do not know exactly what it is. And maybe the second part of the question, last quarter, you mentioned engagement going to
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SEPTEMBER 04, 2025 / 12:50PM, ALAB.OQ - Astera Labs Inc at Citi TMT Conference
10 which is very rapid. Can you maybe touch a little bit on those drivers? What are the mix of customers you can share and kind of the optics of
that product?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: And for P, in terms of the customers, it's mainly driven by, obviously, the main GPU provider, how wide -- what's the breadth of customers you have
for P as well?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Okay. And in terms of sales of Scorpio, I think you mentioned above 10% this fiscal year. Is most of that P? What's kind of the ratio of P to X this
quarter -- this fiscal year?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: And for X, do you see X in terms of sales crossing over P being kind of larger than P by 2026?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: No, that's very helpful. And for those of us who are kind of super impatient and kind of already working on the bottom up, any color on content
per GPU on kind of lanes or any color?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Got it. No, that's very helpful. And you mentioned UALink, and our understanding is 2027 is really the year for it. But April, I think this year, there
was a 1.0 specification. What have you seen since that 1.0 specification? Are product already kind of rolling out from that 1.0? Or are kind of
hyperscalers and other customers waiting for further kind of specification before leading the ground running?
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SEPTEMBER 04, 2025 / 12:50PM, ALAB.OQ - Astera Labs Inc at Citi TMT Conference
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Yeah, that's a good segue. I guess the scale of opportunity outside of NVIDIA, which is obviously using NVLink kind of emerging kind of market and
many kind of players are jumping in NVIDIA with Fusion and Broadcom with Ultra. I guess how do you see the competitive landscape playing in
that emerging space?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Awesome. And I wanted to kind of move back to some of the other products. Obviously, the Retimer, that's kind of what you were originally known
for. And I believe it's kind of a majority of your sales still. Kind of if you can just talk about the mix of retimer and just the perspective of that business
moving forward.
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: The Aries business.
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SEPTEMBER 04, 2025 / 12:50PM, ALAB.OQ - Astera Labs Inc at Citi TMT Conference
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Yeah. And in this space, there's obviously bigger kind of semiconductor name that are entering it given how well you have done. I can mention
Marvell or Broadcom. I guess, can you just explain to us what will kind of help you maintain such high level of share that you have so far?
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Sounds good. I want to pause for a moment and see if you have any questions in the audience.
Unidentified Participant
Thank you very much. Just wanted to -- curious about your statements about three large ecosystems appearing in the data center over time. From
my perspective, at least so far, what we've seen is more or less a winner-take-all market -- so in one technology whether it be GPUs or chips, or
Ethernet and so forth -- when one technology has a clear TCO advantage or a performance advantage, it seems to be adopted quite rapidly across
all the data centers as the industry standard.
So curious to hear why you don't think that will happen with these ecosystems. Why would they live kind of fully in three rather than one just taking
the dominant share? Thanks.
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: I am going to use that last 30 seconds to give you an opportunity to maybe discuss one area of the business that's misunderstood or you want to
kind of double down in before we close out.
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SEPTEMBER 04, 2025 / 12:50PM, ALAB.OQ - Astera Labs Inc at Citi TMT Conference
Question: Papa Sylla - Citi Infrastructure Investments LLC - Analyst
: Absolutely. Sounds good. Thank you so much for your time.
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