A specialized Broadcom providing the ultra-fast data connections within cloud data centers.

Marvell Technology, but singularly focused on the highest-speed data transfer chips for the internet's infrastructure.

• High-Speed SerDes IP: Credo licenses its foundational SerDes (Serializer/Deserializer) intellectual property, which enables high-speed data communication within chips and systems.
• Line Card PHYs: These are integrated circuit (IC) products, including retimers, gearboxes, and MACsec devices, designed for high-speed Ethernet ports in network switches and routers to maintain signal integrity and extend reach.
• Active Electrical Cables (AECs): Credo produces smart cables that embed its high-speed SerDes chips to provide longer reach, lower power consumption, and better performance than passive copper cables for data center interconnects.

Credo Technology (CRDO) sells primarily to other companies (B2B).

Its major direct customers are Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs). Credo's products, which include high-speed connectivity solutions such as optical DSPs, SerDes IP, and Active Electrical Cables (AECs), are integrated into products manufactured by these OEMs and ODMs.

These OEM and ODM customers then supply their products and services to end markets such as:

• Hyperscale data centers
• Enterprises
• Communications service providers

While Credo Technology's 10-K reports indicate a concentrated customer base (e.g., its top two customers accounted for 42% and 24% of its total net revenue for the fiscal year ended April 29, 2023), the company does not publicly disclose the specific names of these major OEM and ODM customer companies due to confidentiality agreements typical in the semiconductor industry.

• TSMC (symbol: TSM)

Bill Brennan President and CEO and Chairman

Bill Brennan has served as Credo Technology's Chief Executive Officer and a member of its Board since September 2014, and previously held the same roles for its predecessor entity from December 2013 to September 2014. Prior to joining Credo, he was Executive Vice President of Vital Connect, Inc., a biosensor technology company, where he managed business strategy and partner development from August 2011 to November 2013. Mr. Brennan also served as Vice President in the storage business unit of Marvell, a semiconductor company, from May 2000 to August 2011. His earlier career included a role as an Account Manager with Texas Instruments Incorporated from June 1986 to January 1993. Mr. Brennan received his B.S. in Electrical Engineering and Computer Science from the University of Colorado.

Daniel Fleming CFO

Daniel Fleming has served as Credo Technology's Chief Financial Officer since August 2015, bringing over 20 years of financial leadership experience in the semiconductor and solar industries. Before Credo, he was VP of Finance at Siva Power, overseeing finance, accounting, and administration. His past roles include various financial management positions at SunPower, Marvell Semiconductor, Xilinx, and Prism Solutions. Mr. Fleming earned an M.B.A. in Finance from the Kelley School of Business at Indiana University and a BSEE from Penn State.

Lawrence Cheng CTO, Founder, and Board Member

Lawrence Cheng has served as Credo Technology's Chief Technology Officer and a member of its Board since September 2014, having previously held the CTO and board member roles for the predecessor entity from September 2008 to September 2014. Before co-founding Credo, he was an Engineering Director of analog design for Marvell from November 1997 to August 2008. From 1994 to 1997, Mr. Cheng was a Staff Engineer at Actel Corporation. He received an M.S. in Electrical Engineering from Purdue University.

Job Lam COO, Founder, and Board Member

Job Lam has served as Credo Technology's Chief Operating Officer and a member of its Board since September 2014. He served as CEO, COO, and a board member of Credo's predecessor entity from August 2008 to November 2013, November 2013 to September 2014, and August 2008 to September 2014, respectively. Before founding Credo, Mr. Lam held various roles at Marvell, from Senior Design Engineer to Senior Design Engineering Director, from June 1997 to August 2008. He also worked as a member of the technical staff at Amlogic, Inc., and as a Senior Design Engineer at Integrated Device Technology, Inc. Mr. Lam holds a B.S. in Electrical Engineering from Oklahoma State University and an M.S. in Electrical Engineering from the University of Minnesota.

Jim Laufman Chief Legal Officer

Jim Laufman leads the legal and compliance functions and serves as Corporate Secretary for Credo Technology Group. He has decades of experience leading legal departments, serving as general counsel for public companies such as Integrated Device Technology, Marvell Technology, and Infinera Corporation. Most recently, Mr. Laufman served as Chief Legal Officer and Corporate Secretary for Automation Anywhere.

The key risks to Credo Technology's (CRDO) business operations include customer concentration, intense competition from larger industry players, and macroeconomic uncertainties coupled with geopolitical trade tensions.

1. Customer Concentration: A significant portion of Credo Technology's revenue is derived from a limited number of hyperscale customers. In fiscal year 2025, a single customer accounted for a substantial 67% of the company's total revenue, and this concentration was even more acute in Q3 2025, where one customer drove 86% of revenue. This reliance on a few major clients creates a significant financial vulnerability, as any change in their purchasing patterns, or decisions to develop components in-house, could severely impact Credo's top line.
2. Intense Competition and Limited Scale: Credo operates in a highly competitive industry for high-speed connectivity solutions, competing with much larger and better-funded companies such as Broadcom, Marvell Technology, Synopsys, and Cadence Design Systems. Credo's relatively smaller scale, profitability, and cash position compared to its rivals make it challenging to compete effectively and invest as heavily in innovation, which could hinder its ability to protect technological moats and pricing power.
3. Macroeconomic Uncertainties and Geopolitical Risks: Credo is exposed to global macroeconomic uncertainties, including recessions, inflation, and potential slowdowns in AI infrastructure spending. Furthermore, the company faces significant international trade risks, particularly those stemming from geopolitical tensions and trade wars between the U.S. and its major trade partners, such as China semiconductor tariffs. These factors can affect demand for its products, supply chain stability, and overall financial performance.

1. Vertical Integration by Major Hyperscale and AI Chip Developers: Major customers, particularly hyperscale cloud providers (e.g., Google, Amazon, Microsoft, Meta) and large AI chip developers (e.g., Nvidia), are increasingly designing and developing their own custom silicon, including critical high-speed interconnect components such as SerDes and optical DSPs. This vertical integration strategy allows these companies to optimize performance, power efficiency, and cost specifically for their massive data center and AI/ML infrastructures, directly reducing their reliance on external component suppliers like Credo Technology. This trend poses a significant threat by potentially shrinking the total addressable market for Credo’s core products as large potential customers become in-house competitors.

2. Disruption from Alternative High-Speed Interconnect Technologies and Architectures: The industry for high-speed connectivity is undergoing rapid technological evolution, particularly with the emergence of co-packaged optics (CPO), advanced silicon photonics, and novel chiplet architectures. While Credo is actively developing solutions for these areas, the highly dynamic landscape means that new technologies or competing architectural approaches from startups or established competitors with different core competencies could gain significant market traction. If an alternative technology or integrated solution becomes dominant and Credo's offerings are not optimally positioned or adopted, it could erode their competitive advantage and market share in key growth segments like AI/ML interconnects and next-generation data centers.

• The high-end Ethernet Connectivity market, which Credo serves with its Ethernet lines including optical DSPs, Line Card PHYs, AECs, and SerDes Chiplets, exceeds $5 billion. Emerging solutions for the USD and PCIe segments are expected to add an incremental $3 billion, bringing the total to over $8 billion.
• The global optical Digital Signal Processor (DSP) market is projected to grow from approximately $3.7 billion in 2025 to about $12.5 billion by 2035.
• Credo's strategic positioning in AI and cloud computing infrastructure presents an estimated market opportunity of $1.2 billion by 2026.
• For data center interconnects, the market potential is $8.3 billion, and Credo holds approximately 15% market share.
• In 5G infrastructure, the market potential is $4.5 billion, where Credo has about 7% market share.
• The global automotive semiconductor market is projected to reach $67.2 billion by 2025. Credo's current market share in this sector is approximately 2-3%.
• The electric vehicle connectivity market is anticipated to reach $12.6 billion by 2026.

Credo Technology (CRDO) is poised for significant revenue growth over the next 2-3 years, driven by several key factors within the high-speed connectivity market:

1. Surging Demand in AI and Hyperscale Data Centers: The unprecedented build-out of AI infrastructure and hyperscale data centers is generating exponential demand for high-bandwidth, energy-efficient, and reliable connectivity solutions. Credo's offerings are integral to these expanding environments.
2. Continued Growth and Expansion of Active Electrical Cables (AECs): AECs are a primary revenue driver, with Credo achieving volume production with major hyperscaler customers. The company is also expanding its AEC product line from intra-rack to rack-to-rack solutions, broadening its total addressable market due to their power efficiency and reliability benefits.
3. Advancements and Adoption of Optical Digital Signal Processor (DSP) Solutions: Credo's optical DSP business is gaining significant momentum, with expectations for its revenue to double in fiscal 2026. Strategic moves into 3-nanometer technology for 1.6T optical DSPs and the introduction of ZeroFlap optical transceivers are set to enhance market opportunities.
4. Entry and Expansion into the PCIe Market: Credo is strategically expanding its product portfolio to include PCIe AECs and retimers, targeting PCIe Gen6 market opportunities. Production revenue for PCIe retimers is anticipated in calendar 2026, which significantly broadens the company's addressable market.
5. Deepening Relationships and Diversification with Hyperscale Customers: While maintaining strong ties with its largest customers, Credo is focused on diversifying its customer base. Management anticipates that additional hyperscalers will ramp up their adoption of Credo's solutions, with several expected to surpass 10% of revenue contribution, reducing customer concentration risk and driving further growth.

Share Repurchases

• Credo Technology Group Holding Ltd. has a share repurchase program in place.

Share Issuance

• Credo Technology went public in January 2022.
• Shares outstanding for Credo Technology increased by 65.79% in 2023 from 2022, by 5.82% in 2024 from 2023, and by 16.81% in 2025 from 2024.
• As of June 13, 2025, there were 171,641,835 ordinary shares outstanding.

Capital Expenditures

• Capital expenditures for Credo Technology Group Ltd. were -$36.06 million for the trailing 12 months ending May 3, 2025.
• Capital expenditures were -$15.65 million for the trailing 12 months ending April 27, 2024, -$21.71 million for the trailing 12 months ending April 29, 2023, and -$17.58 million for the trailing 12 months ending April 30, 2022.
• Credo's capital expenditure plan projects $68 million for May 2026, rising to $217 million by May 2030, consistently representing approximately 11% of revenue.