Credo Technology

GPUs buy silicon; returns hinge on utilization. Collectives, HBM, schedulers, power/thermal, and inference batching decide effective output from hundred-billion AI CapEx. Hub NVIDIA; complements AVGO/ANET; constraints TSM/MU; physical layer VRT. See CPU industry.

Credo FY2026 revenue $1.335B (+206%), Q4 $437M (+157% YoY), Non-GAAP EPS $1.16, ~68% GM, ~$1.4B cash. Q1 FY27 guide $465–475M. AEC / SerDes is core to AI rack high-speed connectivity, but hyperscaler concentration (Amazon, etc.) is extreme. See AVGO, ANET, NVDA, CLS.