Astera Labs is the closest US‑listed proxy, but its durability rests on the PCIe leg and it carries a concentration caveat – one end‑customer made up over 70% of its 2025 revenue. Marvell’s CXL line is a rounding‑error under 5% of its business, Montage is the truest controller pure‑play yet China‑listed and access‑gated, and Intel/AMD embed CXL in CPUs with no separate revenue. The research concludes, without hedging, that no clean, durable, listed pure‑play on CXL exists – every exposure is to something adjacent.