Results landed and they were not close. Astera Labs posted second quarter revenue of 392.4 million where the street modelled about 361, adjusted earnings of 80 cents against a 69 cent estimate, with the top line growing 104 percent year over year and 27 percent sequentially. Guidance did the heavier lifting, since management guided the current quarter to 540 to 560 million dollars where the street sat near 417, with earnings guided at 1.16 to 1.21 against expectations of 81 cents. Scorpio X fabric switches entered volume production ahead of schedule and PCIe 6 products passed half of quarterly revenue. The odd part is the tape, because after a double digit pop the shares gave most of it back within a session, settling near 318 after tagging 365 intraday. Analysts still moved, plenty of targets exiting the 200s in the aftermath. My own read is that expectations, not results, priced this one, which is why I trade the ALABUSDT perpetual on Bitunix both directions rather than picking a side. Not advice, sizing beats conviction here.