Robert

Robert asked about the progress of qualifications for Astera Labs' 800G AECs and the expectation of shipping these to multiple hyperscalers this year. He also inquired about the potential for new Scorpio P-Series customers to reach the same size and scale as Astera Labs' main hyperscaler.

Answer

Jitendra Mohan, CEO and Co-founder, stated that 800-gig qualifications are progressing, and Astera Labs expects to gain revenue as volume expands, with multiple customers using 800-gig AECs. For Scorpio P, he confirmed the potential for new hyperscaler customers to reach the same size and scale as the main hyperscaler, as these are mainstream use cases.

Robert asked for clarification on the Q3 guidance, noting it's below the Q2 run rate, and inquired if demand had softened or pulled forward. He also sought details on the holiday comp plan and an update on the lab-grown diamond business's Q2 performance, including comps and margins.

Answer

COO and CFO Joan Hilson stated that momentum continued into Q3, and the guide is measured due to various factors, including incentive cost resets and a cautious consumer environment for Q4. CEO J.K. Symancyk emphasized being well-positioned for holiday with improved inventory at key price points ($250-$500), newness, and focused marketing. For lab-grown diamonds, Joan Hilson reported a 14% penetration rate in fashion, doubling from last year, with strong margins. She noted stabilization in LGD pricing and an increase in natural diamond pricing, contributing to positive AUR movement.