Home Tech  Summary Astera Labs is capturing greater system value in AI data centers by moving up the interconnect stack, expanding from retimers to switches and orchestration software. Transition to Nvidia Blackwell and the rise of Scorpio switches are driving higher revenue per accelerator, offsetting retimer headwinds, and positioning ALAB for long-term growth. The company's software-defined architecture and COSMOS platform create high switching costs and strategic lock-in, underpinning durable competitive advantages against peers. We Are/DigitalVision via Getty Images Introduction Astera Labs ( ALAB ), with fewer than a thousand employees, plays an outsized role in the connective tissue of the world's AI data centers. My thesis is that Astera is moving up the AI interconnect stack, capturing Analyst’s Disclosure: I/we have a beneficial long position in the shares of ALAB, AMZN, AVGO, GOOG, GOOGL, META, MSFT, NVDA, TSM either through stock ownership, options, or other derivatives.…