Astera Labs (ALAB) Q1 FY26 earnings call

Astera is at an inflection as scale-up AI fabric (Scorpio X) moves from preproduction into initial volume, broadening a franchise historically anchored in signal conditioning toward switching, custom silicon and optics. Management framed rising per-accelerator content and a widening custom/UALink/optical roadmap as multi-year drivers while stepping up R&D that pressures near-term margin. Forward stance is confidently expansionary into 2027.