15 AI Stocks That Skyrocketed in Q4

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8. Astera Labs, Inc. (NASDAQ:ALAB)

Number of Hedge Fund Holders: 39

Stock Price Performance in Q4 2024: ~153% 

Astera Labs, Inc. (NASDAQ:ALAB) designs and manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure. The company is headquartered in California and its offerings include an intelligent connectivity platform with mixed-signal products, microcontrollers, sensors, and COSMOS software, which manages and optimizes resources at a cloud scale. The company provides smart fabric switches, DSP retimers, memory controllers, and Ethernet smart cable modules for AI and cloud connectivity. Astera Labs serves hyperscalers and system OEMs and focuses on AI and cloud solutions.

Astera Labs (NASDAQ:ALAB) has been quite an analyst favorite in Q4. It also unveiled its Scorpio Smart Fabric Switch portfolio, including the first PCIe 6 switch designed for AI workloads in cloud-scale accelerated computing. The portfolio features the Scorpio P-Series for GPU-to-CPU/NIC/SSD connectivity and the Scorpio X-Series for GPU clustering, offering optimized performance, reliability, and energy efficiency for AI platforms.

The company received multiple positive ratings and upward price target revisions from firms such as Barclays, Stifel, Roth MKM, Craig-Hallum, and Evercore ISI along with others at the start of November 2024. Morgan Stanley raised the company price target twice in the last two months of Q4. First in November from $74 to $94 and later in December to a price target of $142.

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