I think we can go. All right. All right, welcome to the Astera Labs Fireside Chat. My name is Mark Lipacis. I'm the senior semiconductor analyst at Evercore ISI, very excited to have Astera Labs. We have Desmond Lynch, who's the CFO, and Nick Aberle, who is Senior Vice President of Finance and Head of Investor Relations. Gentlemen, welcome, and thanks for joining. Yeah. Thank you for having us, Mark. Yeah. Des, you're the new guy, right? Maybe as a way to get started and kick us off, can you tell us why did you decide to join Astera Labs? What did you find attractive? How have the first months been? Yeah. Thanks, Mark. Joining Astera Labs has been a really good first couple of months here. I've been really excited to join the company. If I go back to my initial decision to join the company, I would say there's a couple of things that really stood out. Number 1 was the overall size of the market opportunity that the company is going after, and the company is very well-positioned within these end markets. Secondly, I would say the broadening of the portfolio that the company's been able to achieve over a short period of time. The company has made the right investments to go after this large market opportunity, which is really exciting for them. Thirdly, I would say that I've been really seeing the superior business and financial model that the company is striving towards. Having been within the company for the past couple of months, I would say that all of these factors are sort of playing out. Being within the four walls of the company, what has really stood out to me has been the engineering focus of the company, the focus and execution and delivery to customer needs. I saw that up close firsthand with the Scorpio X release that we'd just done earlier in the quarter, and that was a phenomenal effort by the team. The other thing that really stands out to me is really the strong relationships that we have with the customers. We continue to solve complex engineering sort of problems. As I look further ahead, I continue to see the growth opportunities within the company. Really excited to be within the company and these first sort of 90 days have played out really well for me. Excellent. All right. Well, I think, you talk about the broadening of the portfolio. I want to talk about a lot of these products, we're going to jump right into it. Starting with Scorpio, the smart fabric switch, can you provide a brief overview of the product segments, how the business has grown? How do we think about growth over the next couple of years? Yeah. We've been very pleased on the Scorpio switching family. This was a product line we announced in 2024. It does have two different sort of product lines under it. We call it Scorpio P, which is associated with scale-out technologies, and then Scorpio X, which is for scale-up applications. Our growth rate on this sort of business has really been phenomenal. Last year, this quickly became our fastest-growing product line within the company and accounted for about 15% of total company revenue last year. Much of the growth was really driven by the P-Series sort of products and scale-out applications. As we look ahead to the second half of the year, we just announced our 320 -lane high radix solution for scale -up. That will contribute to volume production in the second half of the year, so we're very excited about the opportunities there. We continue to have strong engagements with our sort of customers. Much of the growth really has been driven by our lead customer, but if you look at our diversification efforts on the P-Series, and what we will see is two hyperscalers contributing to revenue here in the second half of the year. On the X-Series, we continue to have strong engagements with our customers, and we expect to see some design wins towards the end of the year, which will contribute into the sort of 2027 and beyond sort of timeframe from there. We are going after a large market here, Mark. We're talking about $4 billion on the scale-out applications, as well as $10 billion on the scale-up, which is really a greenfield sort of opportunity for us. We feel we're very well positioned to continue to grow. By the end of the year, I do expect that Scorpio will become our largest product line within the company, so very excited about the growth opportunities ahead of us here. It's high growth. It's a great market. How do you think about the competitive dynamics? How do you think about share? What kind of share can you achieve in the market? Yeah. I would say that, as Des pointed out, we're talking about a pretty new greenfield opportunity that's very open-ended from a market opportunity and growth standpoint. Very excited to be one of the first guys to really be shipping in material volume. We've done over $100 million of P-Series business last year. First to be shipping Gen 6 solutions for PCI Express for both scale-out and scale-up. We're just really getting started. I think what you'll see over the balance of this year is us continuing to grow that very aggressively, and positioning ourselves to continue to grow in 2027, versus the competition, which is still trying to get stood up with a solution and get it into customers' hands. I think, our approach is just a bit fundamentally different than other folks when you talk about addressing the market. What we've seen historically is general purpose switching solutions trying to be jammed into AI types of applications. From the beginning, we specifically designed and developed our solution for AI-based applications. You would see that with the P-Series in terms of how we staged the lane counts and the radix and how it would support all the different elements within the head node, within these AI racks. Now you're seeing it with the X-Series in terms of what we can support both for smaller radix solutions and the larger radix solution that Des just alluded to on the 320 lane 80 port, that's really going to allow you to do single hop to an entire 72 XPU rack. I think the other piece, and you've seen this in our signal conditioning business that we're taking and kind of applying to our approach on fabrics, is this eye towards providing information, diagnostics, telemetry metrics, not just raw horsepower and low latency and low power, right? Being able to tell our customers and fleet managers exactly what's happening in their systems. When you talk about COSMOS, our telemetry software working on a signal conditioning platform, we can tell you about temperatures and link health. When you're talking about on the AI fabric side, you have much more information to digest and serve as a feedback loop to the customer. Being able to have that baseline of software and that visibility into the platform across multiple products and now, higher value, higher protein products like the fabric, is a huge differentiator for us from a competitive standpoint because we're basically providing higher utilization, higher productivity back to our customers, and our products are effectively more than paying for ourselves in those situations. When we think about the original product you came out with, the retimer, you guys made the argument that the COSMOS was a real differentiator, right? Is what you're doing on the Scorpio product, is this an extension of this? Is this an idea where your customer is used to COSMOS and this makes it easier for them to embrace your Scorpio solution? Yeah. That's exactly right. I would view it as COSMOS being the baseline infrastructure that's sitting down and integrated within hyperscaler operating stacks at a fundamental layer. The blood, the sweat, the tears, all that's been poured in over the last couple of years to help support signal conditioning can now be reused and leveraged with the AI fabric portfolio as well. A lot of the work's been done, and now you have more tools from Astera to be able to monitor and observe exactly what's happening in your systems, not just from a link to link standpoint, but actually what's happening with this traffic. Like I said earlier, it just yields higher productivity, better utilization, and that's really what these guys are striving to deliver. They're spending tens of billions of dollars on infrastructure. If we can squeeze in an extra couple percent, it starts to really add up. Hundreds of billions. Yeah, sorry. hundreds of billions. Trillions. Yeah. Right. I think it's forecasted to be over $1 trillion right now, at least in our model for 2027. You started off in Scorpio 64 -lane, and then now you have a product line 32- 320. What is the motivation to go down and have the broader product line? Could you just spell that out? Normally you think, oh, you want more lanes. I think if you look at the lay of the land, there's going to be lots of applications across AI topologies that are going to demand different shapes and sizes of solutions. It was very strategic from our standpoint to get into the market with the P-Series initially with that 64-lane solution because there was customers that were demanding that, and it's been very widely deployed across NVIDIA NVLink-based platforms that were customized by hyperscalers. We've always known that this was just the initial foray into this market. There was going to be a portfolio of solutions, and we've been developing that obviously for the last couple of years. This kind of formal announcement we did in conjunction with earnings was really to highlight that we have multiple solutions across both scale-out and scale-up types of applications to service all these different sockets. It's not trying to jam our 64 -lane into places where it might not fit or it might not be able to service a wider radix demand profile. Super excited about expanding the portfolio. It's going to generate a lot more shots on goal for the company. Now we can go in with more strategic products and attack these different sockets and try to pick up share as a function of a broad portfolio rather than just one or two solutions. When we talk, we spend a lot of time doing field work, talking to all the different hyperscalers, and the one thing that comes through is. The hyperscaler as a group is not a monolith. Everybody has a different approach, and I guess I'm wondering, as you talk about this broad portfolio, is this a reflection of the different customers on the hyperscalers and neo -clouds? Is it because they have different approaches, or is this a given hyperscaler will be using a 32 and a 64 and a 320 -lane solution? Yeah. It's a one-two punch from us, and we've been saying this since IPO, that no two clouds are the same. What these guys are trying to accomplish with their customer bases are completely different. Their workloads are different. You want to be able, to the best of your ability, to service all these different clouds with all the different products and applications that they're trying to deliver to their end customers, right? You're never going to have the perfect choice for each socket. I think broadening the portfolio is definitely one big step towards that direction. I think the other piece, and we've been talking about this for a long time as well, is fundamentally building the solution with the software-first mindset, such that we can go iterate and tweak on the fly and be able to turn on or turn off or enhance certain features or optimize certain capabilities in order to specifically support that customer and their cloud. I think it's a great one-two punch for us to be able to provide a larger buffet of solutions from a hardware standpoint, but then also being able to leverage the core software-defined architecture that we've had embedded within our product since day one in order to give them as much flexibility and optionality as possible. On Scorpio X, can you just talk about why your customers are adopting that for scale up when compared to other alternative solutions that they have? Yeah. We're still in the early stages, like we mentioned, of clustering, XPUs and GPUs in large arrays. You had NVIDIA really as the first guy to go down that path with NVL72, and now you're starting to see the hyperscalers do very similar things, right? They all skin the cat in different ways, like we just mentioned, and their choice of protocol, or approach on the back end for scale-up is going to be a customer-by-customer decision. At the end of the day, if you add all those up, if you exclude NVLink and you just look at the merchant-based switching or fabric solutions that will ultimately be available on the market, we see that as being a $20 + billion opportunity, there will be opportunities for PCI Express, there will be opportunities for PCI Express evolving to UALink, there will be opportunities for Ethernet, and each of these guys will pick their different paths. Where you've seen us gain traction initially is in this PCI Express domain for Gen 6 specifically, where we're first to market. We have engagements with over 10 additional unique customers that will use PCI Express in some form today or tomorrow, then eventually evolve to UALink down the road. We've been very strategic in terms of supporting open protocols and open standards to allow for these customers to build their systems around an open approach. That's why we've seen a lot of the initial solid traction, especially on the PCI Express side, and then ultimately expect to see that on the UAL side over the medium to longer term. Got you. How do we think about pricing here? Do we think of a rule of thumb in dollars per PCI Express lane, or as you add features like Hypercast or in-network compute, do you get more? Yeah. We try not to talk specifically about ASPs or even maybe even per dollars per PCIe lane. I think what we've talked about in general is, since the beginnings of the company, targeting with Aries, $50-$100 worth of content for Aries. As we sit here today, being able to service a customer with over $1,000 of content per accelerator, as we've bolted on additional products like Taurus, Scorpio P-Series, Scorpio X-Series. The broadening of the portfolio has been certainly a nice content driver for us. If you look at it on a per-product basis, it's very obvious that as we move from generation to generation, you're going to be having faster speeds. You're going to have more features and functionality, like you mentioned. The capabilities that we're able to provide continue to be higher value add for the customers, and they're certainly willing to pay up for that. I would say as you look from generation to generation on a like for like basis, you will continue to see ASPs go higher, in general, driven by faster speeds and greater functionalities. It's incumbent upon us to continue to deliver these kind of new technologies so that they can grab that productivity and utilization gains like we have in prior generations. Well, from my standpoint, that's exciting to hear because normally in semis, you think you're giving the same ASP for improved functionality over time if I think about historically the CPU. Yep. When ASP goes up, that's a very good thing. You mentioned UALink. Amazon and AMD have publicly stated plans to deploy UALink. I think Jitendra has also mentioned additional customers who are planning to deploy. Can you just talk about the UALink ecosystem, where is it in its development cycle, the maturity, talk about your position in this market? It's been very dynamic and a fast kind of evolving situation. UALink consortium was formed almost two years ago now. They put the first spec out in April of last year. As we sit here today, they just released the second version of the spec a month and a half ago. We've gone through a couple of rounds now. The ecosystem continues to mature across the supplier base, the technology, and the IP availability so that folks can go use UALink IPs and embed it within their solutions. The testing and the qualification machines and equipment are starting to come available as well. You see a very well-rounded ecosystem starting to form. Similar to what we talked about, our evolution as a company and our ability to be successful in the market being driven by building something specifically for AI, that's exactly what UAL set out to do from the beginning. Right. If you think of PCI Express, PCI Express has been around for decades. I don't think they ever assumed that scale-up clustering applications were going to be even a thing when you go back into the 1970s and the 1980s. You were really kind of leveraging older standards and protocols to drive up some of these initial scale-up systems today. It works and it's effective, but it's not as efficient as you could be. UAL is really taking that next step and to say, "Hey, we're going to build something from the ground up that's going to be specifically tailored to driving scale up within AI infrastructure. We're going to pick and choose the best of all the worlds. We're going to use low latency memory semantic approaches from PCI Express. We're going to use the high horsepower front-end SerDes from Ethernet, and we're going to combine it together to provide a best-in-class solution for the masses, folks who want to leverage an open ecosystem and open architecture to drive their platform." I think that's the big piece that's driving people towards checking out the technology and ultimately adopting it. Like I mentioned, we have over 10 customers that are planning on using PCI Express to scale up over the course of the next year and a half, and almost all of them are like, "Hey, we're going to use UALink as the next extension of this," whether it's next generation or the one after that. It's a very natural evolution. It's optimized and specifically tailored for these applications, and the progress that we've seen has been certainly compelling. Is the long pole in the tent just the maturity of the ecosystem? The ecosystem will continue to mature. Folks have to build products. We're building products. We'll have fabric solutions supporting UALink. We'll have signal conditioning solutions supporting UALink. Those will start to become prevalent in customers' hands, I would say towards the later part of this year or early part of next year. Customers, as you mentioned, a couple, AMD and AWS, have endorsed it as the go-to scale-up protocol. I think those guys, in general, have pointed to the late part of next year as initial platform deployment on UAL. I would say revenue to kind of 2028, in between now and then. Obviously, a lot of work to be done on our customer standpoint, from our standpoint, getting these products out, getting them up, getting them qualified in. Yeah, I'm really enthusiastic about the progress that's been made to date. Great. Let's shift gears to the optical roadmap. You acquired aiXscale Photonics. How do we think about your rack opportunity, content opportunity? How does this relate to CPO scale -up? Is this a scale -up technology, scale -out technology? Give us the lay of the land on this product. Optical has been leveraged for scale-out for some period of time now. There's a very large market there, as you well know. Optics within a scale-up domain is still very nascent. When you think about it, the characteristics that make copper so great in terms of performance, low power, low cost, reliability, you're going to continue to use copper everywhere you can. If you listen to some of the keynotes at Computex, it's like, copper if you can, only optical if you must. I think in terms of looking at the next generation to two generations out, certainly you will see an expansion of cluster sizes, and we'll start to move to these multi-rack scale-up topologies where you're not only scaling up within one rack or maybe two racks, but maybe three, four, or more than that. More racks than that going forward. You start to get into the problem of distance to scale up, and you start to expand beyond the domain of copper. In these situations, you'll want to have an optical solution in order to support those larger cluster size scale-up opportunities. We see it as a big market enhancer for us. We plan on obviously shipping a ton of copper-based product into the market for the foreseeable future. To the extent that we can grab these longer distance, bigger dollar opportunities on the optical side as you move to multi-rack scale -up, that's something that we definitely want to participate in as well. I think one of the key points to remember for us, as we attack the market with an anchor socket like Scorpio X, we become a very key piece of that connectivity backbone for scale-up topologies. We want to be able to support electrical connections with that. We also want to be able to support optical connections with that. I would say the long-term goal, you mentioned CPO, is to ultimately optically enable Scorpio X, and you will have a CPO-based switching solution with Scorpio X at the heart of that and optical engines basically bolted on and around it. In the intermediate term, there certainly will be opportunities to ship the fiber coupler that we acquired through the aiXscale acquisition, and then there will be an intermediate step towards NPO as well, where we plan to service that market with some analog mixed -signal solutions as well. We see the signposts and we're working closely with customers to intercept these different market opportunities as they evolve. Having that critical position within the backbone of connectivity with Scorpio X puts us in a really nice place over the long term to benefit from the transition to optical. What IP have you developed on the copper side that you leverage into the optical side? Yeah. The switch itself is going to be a huge piece of the equation. I think that we've also talked about, we haven't unveiled the full plans yet, we'll continue to provide signposts going forward. A lot of the telemetry and observability data that we drive and support with COSMOS today will be very critical within the optical domain. We're working on building out custom PHY that will be very prevalent and material within the optical domain as well. There's different pieces of the puzzle that we continue to gather. The fiber coupler is a differentiated technology that I think that will provide us very nice advantages in terms of the connector capabilities of the solution. All in all, software, hardware, IP, think we're in a really good spot. Yeah, we've got to continue to execute, and there's a lot of work to be done still, but pretty excited about the opportunity. Let's come back to your original product. The retimers, by our estimate, it grew 65% in 2025. What's continuing to drive the strong growth here? Yes. We've been very pleased with our performance on the retimer business. As you mentioned, it really has been the backbone of the company, and we saw some really nice growth last year. We expect that growth to continue in 2026 and beyond. It's really speeds and complexities continue to sort of grow. The attach rates for retimers continues to remain strong. The other fact I would point out is we're in the middle of the transition from Gen 5 -Gen 6. Just in the recent earnings call, we talked about one-third of our revenue being attributed towards the Gen 6 Solutions. An important part here is as you move from generation to generation, you usually see a 20%-25% uplift in the ASP. That ASP, coupled with the strong attach rates, gives us confidence in the growth rates of the business going forward, and we're very pleased with our performance here, Mark. Got you. When you guys IPO'd, I'll admit, I did not know what a retimer was. Now it seems lots of companies are coming out with retimers also. What helps you keep share in this market? I would say that incumbency is a very strong factor, and especially within an environment where you're sitting on a link and conditioning signals back and forth across an extremely eclectic backdrop of different types of CPUs, different types of memory, different types of networking devices, different types of storage, different types of CPUs. You have a whole variety of different things that you need to support in different combinations. Interop and understanding all the nuances within all these different endpoints is a highly critical, valuable piece of the equation here. We've shipped millions and millions and millions of these devices into the field. There's very few AI systems that have been deployed globally that don't have Aries embedded in them today. The amount of learnings and tribal knowledge that has been gathered over the course of the last couple of years through this very wide deployment, basically battle-tested through the gauntlet is a huge differentiating factor for us. As we move to Gen 6, kind of same story, kind of first to market. We've talked about a third of our total business being PCI Express Gen 6 in just the most recent quarter. I don't think anybody else is really shipping any type of material volume at this point. It's a very easy transition for customers that know that we've been proven, we've been battle-tested with Gen 5, and we're well positioned to help and service and support on Gen 6. You can continue to use and leverage the COSMOS infrastructure that you've already spent money and time and resources on to embed into your operating stack. Certainly it's going to become more competitive. This is a very large and fast-growing market, so it's not going to be handed to us, but feel like we have a very good, strong position and we view ourselves as being the leader in this space for Gen 6 and the generations to come. Got you. All right, let's shift to the Leo CXL controllers. When I think about this market, I always think whenever there's this new protocol, it's hard to get the industry to embrace it. It always seems to take longer to play out than once it starts playing out, it plays out faster than you expect, and it seems that that may be the case with CXL. Can you talk about where we are in this cycle? What's driving increased interest right now? Yeah. I would say some of the supply chain dynamics within the memory space is really leading to renewed interest from customers. Historically, our play here has really been associated with general purpose compute. Just at the end of last year, we did announce our deployment with the Microsoft Azure platforms, which will come in to the revenue profile in the back half of this year and continue to ramp into 2027, Mark. What I would say is we're also having interesting discussions on AI inferencing sort of opportunities. Just as part of the earnings call, we did announce our KV cache option, and we did announce the fact that we did have a design win with a hyperscaler, which will ramp into sort of 2027 timeframe. I agree with your comment. We've seen the market been sort of stop-start. Also, the deployment of these sort of new technologies does sort of take time. With that, we will be cautious with sort of overall sort of outlook, but we do see this as being a sort of large market opportunity for us. We've sized it over sort of $4 billion. What we'll continue doing is providing signposts for investors as we sort of go along to indicate the sort of progress. Again, we've invested very early into this sort of CXL space, and we're excited now we're seeing this come back around from opportunity perspective. Got you. Is there a synergy on the Leo CXL and Scorpio when we talk about KV cache offload use cases? Yeah. Synergy from the perspective of, as I've been talking about COSMOS running underneath all of this, right? COSMOS is going to be leveraged across Aries, Taurus, Leo, Scorpio. That's all a common framework that's going to be utilized by our customers. I think that is an important piece. We're getting a lot more questions around CXL, and certainly, we've seen activity and engagement kind of start to percolate around this, for obvious reasons. It's a situation where we just need to kind of block and tackle along our way here. Everybody's trying to skin the cat a little bit differently. We have the ability to ultimately service these customers and these appliances and these applications with not just the CXL controllers, but these oftentimes are going to need switching products, they could need signal conditioning products. Again, kind of speaking to the breadth of the portfolio, our goal is always going to be to maximize the amount of content that we see on a per system or per platform basis. We see CXL just being additive to that and being able to kind of pull in some of our other pieces. Got you. Okay. We didn't talk about Taurus and AEC. Where is Taurus in kind of the deployment cycle? What kind of traction are you seeing on Taurus? We continue to see sort of strong traction and sort of good growth on the sort of Taurus product family. Last year, it was probably around 15% of total company revenue. Most of this growth has really been driven by the 200G and 400G solutions. We do expect 400G to continue to be strong throughout this year. Really importantly, our growth has really been driven by our sort of lead customer. As we move to the 800G transition, which we expect to take place in the second half of this year, we will see diversification beyond our sort of lead customer, which will be nice for us to see here. Looking sort of further beyond that, we'll continue to see the 1.6T deployments, and we have strong sort of engagements with customers. We continue to see strong sort of growth rates in terms of the Taurus, and it remains an important part of the portfolio here. Okay. I want to ask about your content per accelerator. I think when you IPO'd, you were in the hundreds of dollar range. I think now you're in the thousand dollar plus range. How do we think about the next three to five years? As a sell side analyst, I would pull out my log scale, semi-log scale chart and draw a line from 100- 1,000 and then say, "Well, in three to five years, it should be $10,000." What's wrong with that math? That's certainly the goal. We're in a great position today with higher value, more critical pieces of the overall portfolio, such as Scorpio X, that we're sitting at the table with our customers talking about the next generation, the next generation after that. The connectivity challenges that you see coming down the road are going to be only more complex and more critical than they are today. There's a very kind of long-term visibility here in terms of what we need to do in order to service those next pieces. You bring up a very good point. When we started cutting our teeth in the market, it was kind of with these IO-based products, signal connectivity solutions, which are great, and they've built a very substantial piece of business for us. The ability to layer on and build out the portfolio to service these next-generation connectivity challenges is really what's driving that content growth. You have the big secular trend that you mentioned earlier, a $1 trillion worth of infrastructure going into space will certainly benefit from that trend. Our goal is to grow faster into the market, and the way that we do that is with more capable solutions as we go generation-to-generation, the additive nature of new solutions coming to market. When you start to think about us getting into the custom solution space, we start to get into the optical connectivity space. These are all going to be incremental opportunities above and beyond what we service today and drive that $1,000 of content with. Do not want to quote an exact number. At some point, maybe you draw a line and you do get up to that level. From what we can see today, in the next several generations, we very confidently say that our content opportunity per accelerator will continue to grow at a very robust clip. I think a lot of people in this market, they are concerned about customer diversification. Can you just at the highest level, at the IPO, GPU versus ASIC attach, and then today, where it could go two to three years from now? Yeah. This is another amazing point of just how much the market's changed from when we went IPO just to today. It was just not a long time ago, a couple of years plus. What we called an AI system back then was a Hopper-based platform, HGX, with eight Hopper GPUs. As we sit here today, it's a rack of 72 GPUs all together in a very dense situation. Yeah, a lot of our initial traction in the market was by definition GPU-based when we started to come into the market. NVIDIA was the front runner and deployed widely across all the big hyperscalers, all the neo clouds, AI factories. As we've evolved over the last couple of years, you've started to see the rise of the XPU and these guys designing and developing and delivering solutions that are optimized for their own workloads and their own platforms to give them optionality to use AMD, NVIDIA, and then their own solutions. Yeah, as a function of that, we've seen a faster-growing business on the XPU side. I think just in terms of those volumes growing, number one. Number 2, NVIDIA does a great job of servicing their customers with the full shop, right? Up and down, left to right. You have switches, you have TPUs, you have the GPUs, now you have CPUs as well. In the XPU domain, we can service and support more because they don't do their own scale-up switches. We participate in all the same places we would on a GPU-based platform, and we can help support the scale-up platform, which is good for our signal conditioning business. Tons of connections with Aries that we can service for scale up, and then obviously with the big Scorpio X switch to scale up as well, that's another big opportunity. Both sides growing very fast. XPU, just more dollar content per platform, and then those volumes have started to kick up as well. It's been a great spot. Got you. We're running close to the end here. I want to ask, what do you think, as you talk to investors, is the biggest either misperception or the biggest disconnect between your view of your market position and the fundamentals and where the investment community is? Yeah, I would say, and I can start, and if Des, you have anything you want to say. I think folks tend to get hung up on exactly what's happening in the next month or two months or quarter or two quarters, and what's happening with the next generation of this or that. What are the attach rates? Hopefully what we tried to paint a picture of today is we're really looking at multiple generations, and we have high confidence that as these next generation solutions come to market, the content opportunities start to get a lot more meaning for guys like us that are supporting the connectivity backbone, which is becoming a much more critical piece of the overall platform to be able to service and support the scale-up of very dense cluster sizes. I would say that we're really excited, not just about what's happening in the next quarter or two with certain design wins, but what we can accomplish over the next two, three, four years down the road. As our position as an AI infrastructure connectivity provider continues to become even more critical and drive that content higher. I don't know if that's misunderstood, but I feel like you've got to almost come up out of the weeds a little bit to realize that there's a longer-term path here, a lot of opportunity, and we're building the company and really scaling our operations to be able to support that. I've only been here a couple of months, but I would say the couple of things that really stand out is investors are really looking at how big the switching, the scale-up opportunities could be. I think we've touched upon that today. We see this as being a greenfield opportunity and really a sizable sort of market by the 2030 timeframe. The other thing that I would say that gets a lot of attention is the optical sort of roadmap. I think Nick gave you some sort of good color on our sort of progress. We've been investing here the past couple of years into the optical roadmap. We see some nice plays on the NPO and then ultimately leading to the CPO sort of roadmap, and we'll be a good participant in this market in that sort of timeframe. Again, as Nick sort of said, it's usually dealing with sort of what's going on today, tomorrow, but we are much more focused on the long term. We have that very robust sort of roadmap here. Mark, to continue. Nick, I thought you were going to lead with the death of copper. That was last quarter, Mark. Okay. That was so three months ago. That was three minutes ago. Yeah. Right. Do you think investors are in aligned with you? I think you probably alluded to this when you talk about your roadmap. Yeah. Are investors fixated on this still, or there's a fixation? Yeah, I mean. Copper play or? Yeah, it's like the metaphor is when everybody freaked out about DeepSeek and inferencing was bad for demand for compute, right? I think we view optical as not something that's going to take away from copper, but something that's going to be an incremental opportunity for us. We'll provide more color and information and market data around this over the next couple of quarters. It's going to add meaningful amounts of incremental market opportunity for Astera Labs above and beyond what we support today. We want to be a diverse supplier across all these connectivity mediums. Yeah, we see it as a positive. Yeah, I think as we've talked more about it and started to give some signposts around it, I think it's giving people a little bit more confidence. Yeah, we have a lot of work to do still, so yeah, totally understand that there'll be a lot more questions and discussions around it. I think you talked about CPO and near-package optics and the photonics product, that growth vector. Yep. Kind of a polite way to suggest that maybe people are not completely tuning in. Yeah. I would say it's been. Again, we've been dropping sort of breadcrumbs along the way here, Mark. The acquisition of the aiXscale was really important for us. It helps provide that sort of piece. As we continue, we see we're developing our sort of NPO solution in-house just now. That'll come out to the market. We'll be in time for that sort of ramp. Further out, we'll have the CPO sort of solution. Excited about the continued investments we're making within the optical space. Well, the red light blinking means we've ran over, as I thought we would. Des, Nick, thanks so much for joining, and thanks for sharing the insights about Astera Labs. Looking forward to. Yeah. Appreciate it, Mark. [See you soon.]