Nomura Smid Cap Core Fund on Astera Labs, Inc.
Thesis
Astera Labs provides connectivity solutions for AI and cloud infrastructure and gives the fund exposure to the broader AI supply chain. The company benefited as hyperscalers maintained robust capital expenditure commitments and investors looked beyond the largest chip names for AI infrastructure beneficiaries. The thesis depends on continued investment in data centers and connectivity as the AI capital expenditure cycle broadens.
“hyperscaler capital expenditure commitments remained robust”