Benzinga
Published Mar 21, 2024 12:56
Updated Mar 21, 2024 14:10
Astera Labs, AI Stock And Supplier To Nvidia, AMD, Intel, And Amazon, Surges 72% In Nasdaq Debut
Benzinga - by Surbhi Jain, .
Astera Labs Inc (NASDAQ:ALAB), a semiconductor connectivity solutions provider, experienced a remarkable debut on its first day of trading. The company’s IPO witnessed an impressive 72% surge in its share price – reflecting the ongoing excitement surrounding AI technologies.
Shares of the AI company surged from the IPO price of $36 to close at $62.03 on its Nasdaq debut. That gives Astera Labs a market cap of about $9.5 billion.
Read Next: Stocks At Record Levels Even As Rate Cut Hopes Fade: ‘The Strength Of AI Hype Is Truly Historic’
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