By Kit Norton
Shares of Astera Labs surged Wednesday, building on a strong gain from Tuesday as investors appeared bullish on the maker of semiconductor-based connectors for cloud and artificial infrastructure ahead of Nvidia earnings and after the company gave upbeat commentary at a technology and media conference
Astera Labs stock jumped 14% to $278.45 on Wednesday, putting it on pace for a record closing high. Investors continued to buy shares after Astera Labs stock shot up 13% on Tuesday.
The stock has gained 44% in May, part of a 68% advance this year. Astera Labs shares have soared 348% since it began trading March 20, 2024.
At a J.P. Morgan technology, media and communications on Tuesday, Astera Labs executives sounded an optimistic note on the company's Scorpio X fabric switches, networking hardware used by data centers. Meanwhile, Astera Labs also has a strong relationship with Nvidia and is collaborating on its NVLink Fusion system for hyperscaler customers.
Evercore ISI raised its Astera Labs price target to $297 from $215 on Tuesday and kept an Outperform rating on the shares. The price target hike was due to rumblings that hyperscaler interest is increasing for offerings from Astera Labs.
Write to Kit Norton at kit.norton@barrons.com
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(END) Dow Jones Newswires
May 20, 2026 12:58 ET (16:58 GMT)
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