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Tori Swanberg

Research Analyst at Stifel

Tori Swanberg is an Analyst at Stifel, specializing in semiconductors and technology hardware with a focus on connectivity and power management solutions. She covers companies such as Monolithic Power Systems (MPWR) and Astera Labs, actively engaging in earnings calls to discuss enterprise data centers, industrial markets, design wins, and hyperscaler custom solutions. Swanberg has been an analyst at Stifel in recent years, participating in Q3 2025 and Q4 2025 earnings discussions, with prior experience not detailed in available sources; her professional credentials include standard FINRA registrations typical for equity research analysts.

Tori Swanberg's questions to Astera Labs (ALAB) leadership

Question · Q4 2025

Tori Swanberg asked Sanjay Gajendra about Astera Labs' ability to address half of the $20 billion SAM by 2030, specifically if there's a shift towards more platform-specific scale-up initiatives over standards, and if this trend is driving the current increase in OpEx.

Answer

Jitendra Mohan, CEO and Co-founder, explained that scale-up topologies often require customization due to the need for maximum bandwidth and performance. He highlighted Astera Labs' unique software-defined fabrics, which allow customization of existing silicon for specific scale-up topologies. He noted the OpEx increase is due to a 'tremendous influx of opportunities' and learnings from 12-15 months in the scale-up domain, justifying R&D investment for long-term growth.

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