Credo Technology (CRDO) Q4 FY26 earnings call

Credo has become the connectivity beneficiary of AI clusters scaling into hundreds of thousands of GPUs, positioning reliability as its stated North Star. The thesis now pivots from a copper AEC engine toward an optical inflection — DSPs, SiPho PICs and ZeroFlap optics — weighted to the back half of FY27 and deepened by the just-closed Dust Photonics deal. With demand broadening across hyperscalers and Neo clouds, execution and supply-chain depth, not order visibility, are the swing factors against heavy customer concentration.