华泰证券：“小英伟达” Astera Labs(ALAB.US)为AI瓶颈破局关键

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智通财经APP获悉，华泰证券发布研报称，3月20日，有“小英伟达”之称的Astera Labs(ALAB.US)在美国纳斯达克上市。公司获该称号鉴于其产品对AI发展的重要性，以及针对解决AI瓶颈的能力。AI计算的瓶颈主要来自算力、生态、功耗、内存和延时五个方面，而当前瓶颈已从算力转移到互联连接。英伟达(NVDA.US)拥有高算力和软件生态两大护城河，已针对解决前两大瓶颈，而ALAB的高速数据...

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Mohan等三位前德州仪器高管于2018年创立。ALAB共发行1980万股，上市定价为36美元(在原32-34美元区间之上)，首日收盘后达62.03美元，涨幅逾70%，3月25日市值接近130亿美元。公司上市前的最后一轮融资在2022年，当时市值为31.5亿美元。公司的投资者包括富达、英特尔等知名硅谷资本。互联解决方案针对AI计算瓶颈，产品管线完善欲与InfiniBand平分秋色Astera  Labs主要提供用于云和AI基础设施的传输连接芯片，以增加数据中心里AI计算的数据传输速度。公司目前三条产品线：1)Aries智能DSP再生器及Retimer芯片用于增强处理器之间的连接；2)Taurus智能电缆模块通过以太网扩展服务器和交换机之间的传输;3)Leo数据和内存连接半导体可扩大云和AI基础设施的内存潜能。对标英伟达收购的Mellanox，博通也加入战团，互联技术成破局关键2019年英伟达以69亿美元收购Mellanox，当年该公司的营收为13.3亿美元，PS为5.2x，盈利为3.93亿美元，PE为17.6x。ALAB的传输技术与其可比。Mellanox的Ethernet和InfiniBand技术可增加传输速度以实现横向扩展架构(即通过添加更多服务器节点来增加处理能力)。这次收购奠定了英伟达在数据中心的领导地位。英伟达提供独家的NVLink和NVSwitch互连技术，用于增强芯片之间和服务器之间的传输速度，从而解决数据中心网络的延时和内存共享。目前Compute  Express  Link(CXL)新型开放式互连技术为较有潜力对标该技术，而ALAB的核心产品线都广泛运用CXL。值得注意的是，博通(AVGO.US)也在今年3月推出了基于CXL的PCIe  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