Astera Labs (ALAB) 深度研究：AI 連接神經系統的壟斷者，還是估值已提前透支？ Astera Labs（ALAB）是 AI 基礎設施連接晶片市場中護城河最清晰的純玩家。PCIe 6.0 Retimer 佔市場逾 50%，76% 毛利率零負債，Q1 2026 年增 93%。Scorpio Scale-up Switch 開啟第二成長曲線，但 20x+ NTM EV/Rev 估值已充分定價。四道濾網評級：放行但等待。
Astera Labs (ALAB) Deep Research: The AI Connectivity Monopolist — or Is Valuation Already Overextended? Astera Labs (ALAB) holds 50%+ PCIe 6.0 Retimer share, 76% gross margin, zero debt, and 93% YoY growth in Q1 2026. Scorpio Switch targets a $20B Scale-up market — but at 20x+ NTM EV/Rev, valuation has fully priced in success. Four-Filter verdict: Pass but Wait for a better entry.
