$ALAB · Schwab Network · 2026-11-09
Astera Labs 是押注 AI 系统演变为必须高速通信的芯片这一趋势最清晰的标的，而连接性正是其中的限制因素。环比增长 49%、同比增长超过 150%，Scorpio X 的年度经常性收入超过 10 亿美元，每颗加速器的内容价值超过 1000 美元且每一代几乎可以翻倍，因此无论哪种加速器胜出，营收都能增长；该股随 AI 交易一同受挫，但业务应会继续兑现。
逐段跳播
你接下来要说的名字是“Astera Labs”，它今天也涨得非常猛。我们大约上涨了14%。那么，请谈谈你对“Astera”的愿景。
Your next name here is "Astera Labs", which is also moving very high today. We are up by approximately 14%. So, tell us about your vision for "Astera".
我的意思是，“Astera”是把握这一趋势最清晰的方式：AI 系统正越来越成为一组需要以极高速率相互通信的芯片，因为可以加入更多加速器、内存和处理器。这些设备之间的连接正成为限制系统实际能产生多少算力效用的因素。
这就是为什么他们上周交出了一份惊人的财报，环比增长49%，同比增长超过150%。
I mean that "Astera" is the clearest way to take advantage of the fact that AI systems are becoming more and more a collection of chips that need to communicate with each other at extremely high speeds, given the possibility of adding more accelerators, memory, and processors.
The connection between these devices becomes the limiting factor to how useful the computing power the system can actually produce. That's why they delivered an amazing earnings report last week, growing 49% quarter-on-quarter and more than 150% year-on-year.
他们最新的产品“Scorpio X”年度经常性收入已突破10亿美元大关。最让我感兴趣的是管理层在电话会议上谈到的内容。他们表示，现在每个加速器对应的内容价值已超过1000美元，而且每一代几乎可以翻倍。
这非常重要，因为如果 Nvidia 及其加速器不是 Astera 这轮爆发的原因——多亏了 AMD 和谷歌的定制芯片——那么上周 Nvidia 发生的事就无关紧要。所以，无论加速器的表现如何，Astera 都能继续增加收入，因为它在每一代都针对更大、更复杂的架构增加更多连接内容。
可以把它想象成一栋房子；每次翻修时你给房子增加的插座越多，Astera 的利润就增长得越多。我认为他们因为属于 AI 交易板块而受到了惩罚，但实际上，德州的数据中心是否为他们增长、Jensen 是否还是 Nvidia 的 CEO，都无关紧要，他们都会继续成功做好自己的工作。
Their latest product, "Scorpio X," has surpassed the $1 billion mark in annual recurring revenue. The part that interests me most is what management talks about in the conference call.
They stated that the content for each accelerator is now worth more than $1,000, and can nearly double with each generation. This is huge, because what happened last week with Nvidia doesn't matter if Nvidia and its accelerators weren't the reason for the Astera boom, thanks to AMD and Google's custom chips.
So, Astera can continue to increase revenue regardless of the performance of the accelerators, because it adds more connectivity content in each generation against a larger and more sophisticated architecture.
Think of it like a house; the more sockets you add to the house with each renovation, the more Astera's profits increase. I think they were punished for being part of the AI trading business, but in reality , it doesn't matter if the data centers in Texas grew for them or if Jensen is no longer CEO of Nvidia, they will continue to do their work successfully.
是的，你也可以看到他们确实深陷 AI 交易之中。我在看一些数据时，发现图形和我们刚才谈到的 Digital Ocean 非常相似。该股自年初以来上涨了30%，但过去一个月确实受到了影响。
即便有财报后这波强劲反弹，他们也下跌了36%。我看图表时，是的，Rick，这里的通道线稍微宽一些，但形态非常相似。
Yes, you can also see that they are really stuck in AI trading. As I was looking at some numbers, I found the picture very similar to what we just talked about regarding Digital Ocean.
The stock has risen 30% since the beginning of the year, but it has really been affected over the past month. They have fallen by 36% even with this strong post-earnings rally.
As I look at the chart, yes, the channel lines are a little wider here, Rick, but it's a very similar setup .
如你所说，图形相似。这是我在我们所有图表中都注意到的一件有趣的事：我们有一个总体向下的下滑趋势。在这个案例中，我们从499.48开始。我们可以连接这里随后的峰值点。然后我们还有一条类似的边界线横跨较低水平。
同时，我们再次看到这里有一条更陡、更清晰的蓝色趋势线指向下方，我们还没有真正接近突破它，但价格已回落至之前的支撑区。这里有一个缺口水平，然后另一个小缺口，再之后一个更低的水平，大致就是我们在这里接近180水平触底的位置。
所以，如果我们继续下行，136——这里是旧峰值，也是我们在缺口后记录底部附近的区域——是一个值得关注的潜在区域。我们这里还有52周低点97.89。同时，上行方面，我们从这些峰值回调后在此低点的收盘价与250附近的几个支撑位一致。
另外，这里278有一个小缺口，302有一个相对峰值。然后，想到这里的移动平均线，我们正在上穿深蓝色的短期5日指数移动平均线。该均线目前位于213.11。我们可以看到251日指数移动平均线非常接近21日均线，所以年度和月度均线彼此接近，它们也非常接近趋势线，我们的蓝色趋势线。
因此，这给了我们一个汇聚点，可观察是否可能突破该水平。相对强弱指数（RSI），就像我们上一张图表一样，已不再处于超卖区。然而，我们仍低于向下倾斜的红色趋势线。所以，再次，如果你有看涨论点，这里会有类似的看法：RSI 突破这条下降趋势线，同时价格也完成自己的突破。
这里的成交量分布略有不同。我们有这个交易密集区，包含我们接近170的控制点。我们有点从这个点反弹了。我们目前处于交易清淡的区域。没有太多成交量可用，但一旦我们开始接近285左右，情况又会显著活跃起来。366以上又变得清淡（交易疲弱）。
A similar image, as you say. This is an interesting thing I've noticed in all our charts, which is that we have this general slide downwards. Here in this case, we start at 499.48.
We can connect the subsequent peak point here. Then we also have a similar boundary line that extends across the lower levels. Meanwhile, once again, we have a sharper and clearer trend line here in blue pointing downwards, and we are not really close to breaking through it yet, but the price has retreated to a previous support zone.
A gap level here, then another small gap, and then a subsequent lower level is roughly where we reached the bottom near the 180 level here . So, if we continue moving downwards, 136, which is an old peak here, and around where we recorded a bottom after the gap, stand out as an area of potential interest.
We also have our 52-week low at 97.89 here. Meanwhile, to the upside, our close from this low point here after our pullback from those peaks is in line with a few more support levels near 250.
Also, a small gap here at 278, and a relative peak at 302. Then, when we think of the moving averages here, we are crossing over our short-term 5-day exponential moving average in dark blue.
This average is currently at 213.11. We can see that our 251-day exponential moving average is very close to our 21-day average, so the annual and monthly averages are close to each other, and they are also very close to the trend line, our blue trend line .
Therefore, this gives us a point of convergence to monitor for a potential breakout above that level. The Relative Strength Index (RSI), just like our last chart , is no longer in the oversold zone.
However, we are still below the downward-sloping red trend line . So, once again, we would have a similar view here if you had a bullish thesis, which is a breakout of this downtrend line on the Relative Strength Index while the price is also making its own breakout.
The size profile is slightly different here. We have this heavily traded area which contains our control point near 170. We have kind of bounced off that point. We are in an area with weak trading at the moment here .
There isn't much volume to work with, but once we start to get to around 285, things start to pick up dramatically again. Things get thin (weak trading) again above 366.
好的。目前我们交易在217.24，上涨近14%。
Okay. Currently, we are trading at 217.24, up nearly 14%.