Astera Labs extends surge after Wednesday's stellar debut

Astera Labs,

21/03/2024 14:21

(Updates to market open)
    ** Shares of chip firm Astera Labs  ALAB.O  up 14.8% at
$71.19 early Thurs, a day after its eye-popping Nasdaq debut
    ** ALAB surged 72% to close at $62.03 on Wednesday as co
tapped into investor exuberance for artificial intelligence
plays
    ** Stock on Thurs rises as much as 20.9% to $75, giving co a
market value of nearly $11.5 bln
    ** Astera sells data center connectivity chips to cloud and
AI infrastructure companies
    ** Also on Thurs, the Philadelphia Semiconductor index
 .SOX  jumps 3% as Micron  MU.O  hits record high as AI demand
powers its strong forecast
    ** Astera's IPO priced as AI-darling Nvidia  NVDA.O  kicked
off its annual developer conference this week
    ** On heels of Astera's highly successful offering, social
media platform Reddit   RDDT.N  set for its hotly anticipated
NYSE debut on Thurs in another test for investor appetite for
new listings

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))