金吾财讯 | Astera Labs(ALAB)盘中持续下探，截至发稿，报197.63美元，跌幅达7.12%，成交额4.4亿美元。消息面上，瑞银研究指，自2019年推出重定时产品以来，Astera Labs已成功守住亚马逊的市场份额，并采取措施扩大其产品在其他超大规模数据中心的应用，充分证明了其产品质量和执行力。然而，考虑到Astera Labs进军竞争日益激烈的交换机市场及其高估值，瑞银仅给予“中性”评级。分析师Winkler称：“下一阶段——进军PCIe交换机市场(始于2025年第二季度)——带来了显著更高的竞争风险。虽然PCIe交换机市场规模约为重定时市场的四倍，但该市场也存在博通(AVGO)和微芯科技(MCHP)等实力雄厚的现有企业，占据超过50%的市场份额，此外还有迈威尔科技(MRVL)等新晋企业。该机构预测，到本十年末，Astera Labs的市场份额将达到约25%(目前不足5%)，但需要持续有效地应对竞争。”
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