Nasdaq · AI interconnect · AEC & PAM4
Credo Technology
Supplies high-speed interconnect (active electrical cables, PAM4 DSP) for AI datacenters. FY2024 revenue $193M; the top two hyperscalers were 54% of revenue. Customers include Microsoft and Amazon.
CRDO Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Credo Technology is directly linked to 5 companies (3 supply, 2 revenue relationships) and reaches 56 companies within two hops; the links are backed by 7 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 (ended Apr 2025) revenue $436.8M (+126%, AEC-driven); AI-datacenter interconnect (AEC, PAM4)
- Segments · AI datacenter interconnect (AEC, PAM4)
Revenue from
- Microsoft High confidence· Revenue ~$193M · FY2024 · annual revenue
Supplies AEC/PAM4 interconnect to Microsoft — a core axis of the concentration where the top two customers are 54% of revenue. - Amazon Medium confidence
Supplies AEC/PAM4 interconnect to Amazon — a top hyperscaler customer tied to rack-scale AI wiring demand.
Pays to
- Synopsys Medium confidence
Pays for synopsys EDA tools and IP licenses. - TSMC Medium confidence
Foundries PAM4 DSPs at TSMC — as a fabless firm, foundry capacity/process is the upstream bottleneck for volume and cost. - Cadence Design Systems Medium confidence
Pays for cadence EDA tools and IP licenses. - components & materials (undisclosed) Low confidence
Parts, materials and R&D (undisclosed). - equipment & infrastructure (undisclosed) Low confidence
Equipment and infrastructure (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +27.4 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +20 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.6 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +2.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -29.7 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Credo Technology | node | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Synopsys | benef1 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -5.2 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +225.8 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +171.6 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +103.6 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +91 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +86.3 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +85.9 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Qnity Electronics | benef2 | · | · | · | · | · | +76.3 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +72.8 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +56.2 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +54.6 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +44 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +42.9 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | +32.3 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +28.8 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +25.1 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +22.9 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | +22.4 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
| Air Liquide | benef2 | +14.1 | +7.9 | +20.9 | +8.5 | -4.8 | +12.5 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | +10.2 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +0.7 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | -4.5 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -6.6 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -30.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
Credo's thesis is bottleneck leverage on wiring inside AI racks. As GPUs are bundled rack-scale, high-speed server-to-server and in-rack links explode, and Credo's active electrical cables (AEC) and PAM4 DSPs are adopted as a cheaper, more power-efficient alternative to optics. FY2024 revenue was $193M with the top two hyperscalers at 54% — heavy concentration, but that is exactly a pure play tied to hyperscaler AI capex. Risks are customer concentration and encroachment from optics and competitors (e.g., Marvell). Graph propagation: hyperscalers like Microsoft and Amazon pull demand, while TSMC foundry and Synopsys/Cadence EDA/IP are upstream.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $308 · Price $257.79 (07-10) · Upside +19%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Bank of America Securities · Vivek Arya | Buy | $340 | Jun 23, 2026 | Report ↗ |
| Stifel Nicolaus · Tore Svanberg | Buy | $350 | Jun 22, 2026 | Report ↗ |
| Evercore ISI · Mark Lipacis | Outperform | $325 | Jun 22, 2026 | Report ↗ |
| Mizuho Securities · Vijay Rakesh | Outperform | $290 | Jun 10, 2026 | Report ↗ |
| Susquehanna · Christopher Rolland | Positive | $235 | Jun 2, 2026 | Report ↗ |
Reiterated Buy with target raised to $340, citing expanding AEC (active electrical cable) demand in AI datacenters and broadening hyperscaler adoption as the earnings driver.