Astera Labs rises after stellar debut

Astera Labs,

21/03/2024 12:47

** Shares of Astera Labs  ALAB.O  up 4.4% at $64.78
premarket, a day after chip firm's stellar debut on the Nasdaq
    ** ALAB surged 72% to close at $62.03 on Weds as co tapped
into investor exuberance for artificial intelligence plays
    ** Astera, which sells data center connectivity chips to
cloud and AI infrastructure cos, had market value of about $9.5
bln as of Weds
    ** The 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))