### @custom-ASIC — Confirmed — from the suppliers' filings and calls
Reading the warrants: Astera's Amazon grant vests on $6.5B revenue over seven years, eating ~200bps of quarterly gross margin. Earlier Amazon warrants sit at Applied Optoelectronics ($4B purchase milestones) and Fabrinet. Marvell carries two unnamed-customer warrants tied to custom programs. Vesting on purchases, not time — hyperscaler can't walk without forfeiting shares, supplier pays in margin compression. Reported margins understate product economics while overstating what's left after customer equity participation. Warrants are supply-relationship depth disclosed in a footnote.
- tier: Confirmed (✓)
- source: custom-ASIC / Reading the warrants
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-custom-asic-src-custom-asic-warrants-ingest
- posted: 2026-07-14T14:12:19.174Z