"Astera Labs' AI Chip IPO Skyrockets 72% in Debut"

Astera Labs, a company specializing in data center connectivity chips for cloud and AI infrastructure, saw its shares soar 72% in its Nasdaq debut, giving it a market cap of close to $9.5 billion. Amazon, one of its major customers, stands to benefit from this increase as it holds warrants to buy millions of Astera's shares. However, in order to fully benefit, Amazon must purchase up to $650 million worth of Astera's products in the coming years. This development reflects Wall Street's enthusiasm for AI-related companies, and comes as the tech IPO market anticipates Reddit's upcoming debut on the New York Stock Exchange.