Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, December 4, 2024 
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Why Credo Technology Group Rocketed Nearly 50% Today
- Credo makes a unique cable product called an active electrical cable (AEC), which connects data center servers to networking switches. The company claims its AECs take up 75% less space than Direct Attach Copper (DAC) cables and offer 50% more power efficiency versus active optical cable (AOC) alternatives.
Credo Technology's stock surged nearly 50% after the company announced a significant increase in its fiscal third-quarter revenue guidance. Initially, Credo had forecasted revenue to be between $53 million and $55 million, but it revised this to a range of $60 million to $62 million. This upward revision was attributed to robust demand for their high-speed connectivity solutions, particularly in data centers. The company's CEO, Bill Brennan, highlighted the growing need for their products due to the expansion of AI and machine learning applications, which require high bandwidth and low latency. This positive outlook not only reflects well on Credo's current market position but also underscores the potential for future growth in the data center interconnect market.
Read the Full The Motley Fool Article at:
[ https://www.fool.com/investing/2024/12/03/why-credo-technology-rocketed-near-50-percent/ ]
Read the Full The Motley Fool Article at:
[ https://www.fool.com/investing/2024/12/03/why-credo-technology-rocketed-near-50-percent/ ]
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