从无人问津到市值250亿，这家芯片公司凭什么？

Core Viewpoint - The article highlights the significant growth and potential of Credo, a semiconductor company specializing in active electrical cables (AEC), amidst the booming demand for AI infrastructure, particularly from major cloud computing companies [2][3][4]. Group 1: Company Overview - Credo's stock price has more than doubled this year, reaching $143.61, with a market capitalization nearing $25 billion, up from approximately $1.4 billion at its IPO in 2022 [2]. - The company is positioning itself as a key supplier in the expanding AI infrastructure market, which is projected to be worth trillions [2][3]. Group 2: Market Potential - Morgan Stanley analysts predict that the AEC market will reach $4 billion by 2028, driven by investments from major cloud companies like Amazon and Microsoft [3]. - Analysts forecast that Credo's annual revenue will grow by at least 50% by 2028, with sales expected to exceed $1 billion by the 2026 fiscal year [3][4]. Group 3: Product and Technology - Credo's AECs are designed to connect multiple GPUs in servers, with the potential for each server to require up to nine cables, significantly increasing the demand for their products [5][6]. - The AECs are more reliable than traditional fiber optic cables, helping to prevent costly downtime in AI data centers [6][7]. Group 4: Client Relationships and Collaborations - Credo is increasingly collaborating with major cloud computing companies during the early planning stages of large AI clusters, indicating strong demand for its products [6][7]. - The company anticipates that three to four clients will contribute over 10% of its revenue in the coming quarters, including new large-scale clients [6][7]. Group 5: Future Outlook - The demand for AI infrastructure is described as "insatiable," with Credo facing unprecedented market demand for its next-generation products [9]. - The AI data center spending is expected to reach $1 trillion by 2030, presenting significant opportunities for Credo and its competitors [4][8].