Asit Sharma

The stock does trade at a premium.

It fails the COLA test.

If you snapped your fingers, would the world miss Astera Labs?

Most people have never heard of this company.

Right now, the answer is, yes, it fails it.

No one would miss this business.

But could it become more important with this Compute Express Link technology I mentioned?

Yes.

Companies like Nvidia are very interested to see that platform developed.

I would urge anyone who wants to invest in this to do your homework, and maybe dollar-cost average in, take a rational position size.

I love this question, Jason, because I think this is a question we need to ask of almost every company that we invest in that is getting a tailwind from all this buildout.

The answer is that Astera's technology is going to be important either way.

I think there's a place for this company, even if

the promise build-out doesn't materialize to the nth degree.

We should remember here, and I should have mentioned this earlier, it does have a high concentration of customers.

Just a handful of these big hyperscalers and big semiconductor players will make up 70% plus of revenue in any given quarter.

That may be spread between three or four companies.

For the time being, it's concentrated in this idea.

But as the years go on, it's going to become less concentrated.

And also, I think either way, it's still going to be around.