Sebastian Nagy

Sebastian Naji asked about the ASP and margin profile of Astera Labs' more customized solutions, such as NVLink Fusion, compared to existing products. He also inquired about the drivers of strong growth in the Taurus product line, distinguishing between underlying market growth and Astera Labs' market share gains.

Answer

Jitendra Mohan, CEO and Co-founder, explained that custom solutions like NVLink Fusion offer a higher attach rate (one per accelerator), which can result in similar overall revenue content despite potentially different ASPs compared to native switches. He noted that dollar content per XPU generation has consistently grown. For Taurus, he attributed growth to both market expansion (transition to 800G) and Astera Labs' ability to gain share through its module-based business model, expecting continued strong performance.

Sebastian Nagy asked about the proportion of Credo's business tied to ASIC versus merchant silicon deployments today and its potential trajectory. He also inquired about the timing of customer purchases, specifically how AEC orders align with GPU or ASIC purchases, and any risk of inventory build if customers are purchasing ahead of GPU orders.

Answer

President and CEO Bill Brennan stated that Credo does not track the percentage of business tied to internally developed versus commercially available GPUs, emphasizing that Credo is agnostic to the type of GPU deployed. Regarding purchase timing, Bill Brennan believes all necessary components, including connectivity solutions, are ordered for simultaneous delivery due to the complex supply chains of customers. He also indicated good visibility within the supply chain, suggesting there is no significant bubble of product sitting in inventory.