AI Buildout & Market Opportunity - AI buildout is central to Credo's performance, mirroring the trend from a few years ago when AI clusters first emerged [1] - High-speed connectivity, particularly connecting vast numbers of GPUs (10,000 to 1 million) in AI clusters, is a key enabler for AI functionality [2] - Data centers are driving the need for higher bandwidth, creating opportunities for Credo's solutions [5] - Overall capex trend is positive news for Credo [9] AECs (Active Electrical Cables) & Technology - AECs connect GPUs to switches and switches to switches within data centers [6] - AECs extend the life of copper connectivity [6] - AECs offer reliability, moving 800 billion bits of information per second consistently without failure, crucial for preventing AI cluster downtime [7] - AECs are more power-efficient compared to optical cables, using approximately half the power for a given link [8][11] - AECs offer system cost benefits compared to optical connections [8] Financial Performance & Market Position - Credo's stock is up over 300% over the last year [11] - Credo has been in the high-speed connectivity market for over a decade [12]