$Astera Labs(ALAB.US) I didn't have a heavy position in this stock before. Watching it go from $100 to $190, I'm not jealous anymore, I'm filled with regret.

On April 21st, Amazon announced a $100B, 10-year Trainium chip deal with Anthropic. ALAB rose 10% that day, up over 60% for the month, nearly doubling since the end of March. This isn't hype; it's because their Aries PCIe retimer and Scorpio Fabric Switch are the core of Trainium interconnectivity—you can think of ALAB as the "blood vessels of the Trainium cluster," data can't flow without it.

The fundamentals are solid too—Q1 revenue of $270.6M, gross margin of 75.7%, cash reserves over $1.1B with zero debt. RBC raised the target price from $225 directly to $250, citing "Scorpio revenue surging from $130M to $390M."

But buying at this high level makes me nervous—P/S of 35, P/E over 140+, any single disappointing number could trigger a model-driven sell-off. The Q1 earnings report on May 5th will be the key node determining its next move. I'd consider it if it pulls back below $160, or wait until after the earnings report. This "selling shovels in the AI gold rush" story is spot on, but the valuation is stretched way too thin. Just have to wait for the market to give an opportunity.