Astera Soars Up to 76% on AI Demand After $713 Million IPO (2)

Astera Labs Inc. shares jumped as much as 76% in their trading debut after the semiconductor connectivity company’s initial public offering topped expectations to raise $713 million, as investors pile into AI-related stocks.

The shares climbed 68% to $60.58 at 3:18 p.m. Wednesday in New York. The Santa Clara, California-based company and its investors priced the shares Tuesday at $36 apiece, above a marketed range that had already been elevated.

The trading gives Astera, whose backers include Intel Corp. along with Sutter Hill Ventures, a market value of $9.24 billion. Including stock options and restricted share units, Astera has ...