Key Highlights

  • Astera Labs (NASDAQ:ALAB) reported record third quarter Revenue of USD 584.9 million, up 49% from the prior quarter and 154% from a year earlier, led by Scorpio fabric switches.
  • Super Micro Computer (NASDAQ:SMCI) reported net sales of USD 19.9 billion, but cash used in operations was USD 434 million as receivables rose by USD 3.56 billion.
  • Arista Networks (NYSE:ANET) grew third quarter revenue 58.5% to USD 3.66 billion, above its own guidance of USD 3.3 billion, with fourth quarter revenue guided to USD 3.9 to 4.0 billion.
  • Navitas Semiconductor (NASDAQ:NVTS) reported net revenues up 38% to USD 13.99 million, while the loss from operations widened to USD 34.4 million from USD 19.4 million.

Astera Labs (NASDAQ:ALAB): Scorpio Becomes the Largest Product Family

Astera Labs (NASDAQ:ALAB) reported third quarter fiscal 2026 results on November 3, 2026, for the quarter ended September 30. Revenue of USD 584.9 million was up 49% sequentially and 154% year over year. The company makes semiconductor-based connectivity products for rack-scale AI infrastructure, and said Scorpio fabric switches became its largest product family. GAAP gross Margin was 72.3%, GAAP Operating Margin was 30.6%, and GAAP Net Income was USD 182.9 million, or USD 0.99 per diluted share. Non-GAAP operating margin reached 44.7%. The roughly USD 82 million gap between GAAP and non-GAAP Operating Income (own arithmetic) comes chiefly from stock-based compensation, acquisition-related costs and Fair Value adjustments. Fourth quarter revenue guidance of USD 730 million to USD 750 million has a midpoint about 26% above the third quarter (own arithmetic). Risks include the timing of customer deployments, the pace of PCIe and UALink adoption, competition and dependence on AI infrastructure spending. Fourth quarter non-GAAP Diluted Earnings per Share are guided to USD 1.62 to USD 1.66. The extract did not include a balance sheet, so cash is not stated.

Super Micro Computer (NASDAQ:SMCI): Record Sales Consume Cash

Super Micro Computer (NASDAQ:SMCI) announced unaudited results for the first quarter of fiscal year 2027 on November 3, 2026, for the quarter ended September 30, 2026. Net sales were USD 19.9 billion, roughly 80% above the prior quarter's USD 11.1 billion (our own arithmetic). Gross margin was 12.7% against 17.5% in the prior quarter, and net income was USD 1,594 million, or USD 1.75 per diluted share. Cash used in operations was USD 434 million. Accounts Receivable climbed to USD 9.7 billion from USD 6.1 billion, and inventories rose to USD 15.1 billion from USD 12.9 billion. When sales scale this fast, customers pay after products ship, so profit shows up before cash does. Cash fell to USD 6.9 billion, while bank Debt and convertible notes totaled USD 8.6 billion. The company stressed that the figures are preliminary and unaudited, so final results could differ materially. Interest expense rose to USD 82.5 million from USD 24.9 million a year earlier. Second quarter net sales are guided to USD 19.5 billion to USD 21.5 billion, and listed risks include customer concentration, lower margins on larger deals and tariffs.

Arista Networks (NYSE:ANET): Revenue Beats Guidance but Gross Margin Slips

Arista Networks (NYSE:ANET) reported third-quarter results for the period ended September 30, 2026, on November 3, 2026. Revenue reached USD 3,657.6 million, up 58.5% from the same quarter of 2025, and the company called it the highest year-over-year growth since its IPO. GAAP diluted earnings were USD 1.22 and non-GAAP diluted earnings were USD 1.20, an unusual ordering caused by a USD 134.5 million gain on strategic investments that boosted GAAP income and was stripped out of the non-GAAP number. Non-GAAP gross margin fell to 64.0% from 65.2%, even as non-GAAP operating margin rose to 49.1%. Inventories climbed to USD 3,209.8 million from USD 2,247.1 million at year-end, which ties up cash and carries Supply risk. Cash and equivalents plus marketable securities sum to about USD 14.4 billion (simple arithmetic on two Balance Sheet lines). Revenue guidance for the fourth quarter is USD 3.9 to 4.0 billion. That outlook implies sequential growth of roughly 7% to 9% (simple arithmetic). The risk list cites tariffs, sole-source components and large purchases by a limited number of customers.

Navitas Semiconductor (NASDAQ:NVTS): Data Center Lifts the Quarter, Not the Year

Navitas Semiconductor (NASDAQ:NVTS) filed its Quarterly Report for the period ended September 30, 2026 on November 3, 2026. Net revenues were USD 13.99 million against USD 10.11 million, and the company tied the increase mainly to U.S. data center related revenue. Over nine months, revenue fell 14% to USD 33.1 million because of weaker mobile and consumer sales, primarily in China. The company designs gallium nitride and silicon carbide power chips for AI data centers. Selling, general and administrative expense climbed 252% to USD 18.4 million on Stock Compensation and Acquisition costs. Research and Development was USD 15.1 million, or 108% of revenue. Navitas closed its Claros acquisition on October 6, 2026, paying about USD 126 million in cash, net of cash acquired, plus roughly 6.9 million Class A shares. Operating expenses rose 72% to USD 39.9 million. Management expects continued net operating losses and negative operating cash flow, and the extract did not include the cash balance. The company is small by revenue, and no trading-volume data was supplied, so thin-trading risk could not be assessed.

Where Things Stand

Astera Labs hit 154% growth because Scorpio switches moved into high-volume production on top of existing products, and management points to widening design wins. Astera Labs (NASDAQ:ALAB) is guiding to another sequential step-up, though growth from a record base depends on large AI deployments. Super Micro Computer (NASDAQ:SMCI) grew sales sharply but absorbed cash, with unaudited numbers. Arista Networks (NYSE:ANET) beat its own guidance while gross margin slipped. Navitas Semiconductor (NASDAQ:NVTS) grew from a small base and remains unprofitable at the operating line. Watch Aries 7 sampling, collection of Super Micro's USD 9.7 billion of receivables, Arista's fourth quarter report and Claros integration.