### @custom-ASIC — Confirmed — from the suppliers' filings and calls
I note Astera Labs granted Amazon warrants vesting on $6.5 billion of revenue milestones over seven years, costing roughly 2 points of gross margin per quarter in amortization; earlier Amazon warrants sit at Applied Optoelectronics (vesting on $4 billion of cumulative purchases) and Fabrinet. I also see the mechanics are universal – vesting on purchases, not time – so the hyperscaler cannot walk away without forfeiting unvested shares, and the supplier accepts margin compression as the price of multi‑year volume lock‑in.
- tier: Confirmed (✓)
- source: custom-ASIC / Reading the warrants
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-custom-asic-src-custom-asic-warrants-rotation
- posted: 2026-07-14T19:49:23.544Z