CRDO值得买入；鉴于强劲的基本面增长（同比增长115%）以及长期AI基础设施逻辑未变，财报后股价回调幅度过大。

Instead, this is a stock that has been completely crushed, and that is exactly what happened to Credo Technology, whose stock ticker symbol is CRDO. Following the earnings announcement, the stock fell by more than 20% at one point, even though the underlying business continued to grow at an exceptional rate.

From the beginning of the year until now, Credo shares are still up by about 20% in 2026. But since reaching their peak at the end of June, Credo shares have plummeted by more than 40%, and I think this breakout has created one of the most interesting buying opportunities in the AI market right now.

In fact, I am buying Credo shares in light of this weakness, but to be very clear, I am not buying just because the stock has gone down. So, when I look at Credo's growth, I think the long-term thesis is actually getting stronger , not weaker like the stock price.

Credo announced first-quarter revenues of $479 million . That was a 115% year-on-year increase and approximately 10% quarter-on- quarter. Non-GAAP net income reached 236 million, and profitability is also growing tremendously.

Adjusted earnings per share reached $1.20. Wall Street was expecting only $1.17. Credo has now achieved seven consecutive quarters of triple-digit revenue growth. Seven consecutive quarters. This is exceptional, and the future outlook wasn't bad either.

Management expects revenues for the next quarter to range between $525 million and $535 million . So, the midpoint is at approximately $530 million. This would represent growth of nearly 100% on an annual basis.

So, let's add these numbers together. This quarter it's 115%, and next quarter it's 100%, yet the stock has collapsed. What does "Credo" actually do? Credo is essentially a communications company, and that may not seem very interesting until you understand what goes on inside modern AI data centers.

This is where "Credo" comes in. Credo is particularly known for something called active electrical cables, or AECs. But back to Credo. Credo places its proprietary semiconductor technology inside the cable assembly to purify and amplify the signal. So, you have now essentially transformed a basic cable into a super-fast smart connection .

Therefore , for short distances within data centers, copper still makes very economic sense, and Credo technology helps to expand the range and speed of copper operation . In other words, Credo helps data center operators avoid using expensive optical technology everywhere.

But, more importantly, Credo is no longer betting on copper alone. Management now describes the company's portfolio as covering communication from millimeters to kilometers with solutions that include both copper and optics. This diversity is important.

We are building massive distributed computing systems, and every time you add more computing, you create more connections, more switches, more cables, greater bandwidth requirements, and potentially more opportunities for a company like Credo .

That's an incredible amount of infrastructure spending, and Credo doesn't need all of it. It only needs a small fraction of the spending on connectivity embedded within those massive AI clusters.

Think about what that means. Nvidia tells us that large companies are spending huge sums of money . Broadcom raises its AI revenue forecast, indicating continued spending by major companies. Credo's revenues are growing by 115%. These are not three separate stories. They all basically tell us the same thing. AI infrastructure spending continues to expand rapidly, and Credo is at the heart of this expansion.

Credo entered the earnings season with very high expectations. The first problem was the gross profit margins. The first concern was that the gross margins not in line with generally accepted accounting principles (GAAP) were 68%, and management projected for the next quarter between 67% and 69%. The profit margin is still excellent, but investors have become accustomed to enormous operating leverage and very high profitability. When you trade with a high valuation, the market doesn't want "good," it wants "better than expected." Therefore , even a slight change in the margin path can become a reason to take profits.

The second problem relates to the growth of AEC cables. The second concern was the outlook for cable works. Credo's active electrical cable business has been one of the key drivers behind the company's tremendous growth. Analysts have raised questions about whether AEC's growth might begin to slow down as business volume grows significantly. These are legitimate concerns because no company grows 100% forever.

The third issue is optics, and I believe optics is the most important part to follow as an investor in Credo going forward. Credo has expanded beyond copper to include optical communication. The company acquired Dust Photonics earlier this year to bolster that optical portfolio. But this visual growth appears to be taking longer than investors had hoped. So, the question is: Can Credo successfully transition from being a winner primarily in the AEC field to a broader communications platform? This is something I'm watching very closely myself, because if the answer is yes, the scalable market will become even larger than it already is.

This leads us to the fourth problem, which some may not see as a problem, and that is evaluation. Credo has become one of the most sought-after AI infrastructure stocks in the market. When a company grows this fast, investors are willing to pay huge multiples, but the high valuation creates fragility. If expectations turn from absolutely perfect to merely excellent, the stock can easily drop 20% overnight, which is exactly what we just saw.

Therefore, I don't want anyone watching this video to think that I am claiming that "Credo" is risk-free. That's definitely not the case. This is a volatile, high-growth semiconductor company, and it can move dramatically in either direction. But for me, the risk-to-reward ratio is very convincing after this significant decline.

Looking here, you can see that earnings are expected to grow by more than 85% this fiscal year , and are trading at a price-to-earnings ratio of 27, which may seem superficially high to some. But for growth exceeding 85 %, I think that's good.

From another angle, we are looking here at the value of the firm to earnings before interest, taxes, depreciation and amortization, and the share price to free cash flow. Those multiples are also trading at some of the lowest levels we've seen for this particular stock, and I like that.

Look at the business instead of the stock price. Revenue grew by 115%, and next quarter growth is expected to be approximately 100% . The net income not in accordance with generally accepted accounting principles was 140%. They have nearly $800 million in cash, and the company operates within one of the fastest-growing areas of technology.

So you should ask yourself, has the long-term AI network thesis weakened after the latest earnings report? For me, the answer is no. If anything, broader industry evidence continues to support this , which is why I believe this intense selling is overdone.

I am not asking if "Crido" is low, I am asking if I am being offered a better risk return for work whose long-term thesis remains valid at this lower price. For me, the answer is yes.

The second thing is that demand for AEC will fall faster than I expect. A slowdown in growth is normal , but a deterioration in actual demand would be something else entirely. Third, optical technologies failed to achieve the expected growth. I want Credo to become a more inclusive communication platform . If visual technologies continue to be delayed or fail to gain momentum, this reduces the chances of an upward move.

Fourth, loss of key clients. Customer concentration means that losing one major company could have a huge impact on that particular company.

The fifth point will be the evaluation. I love this job. But that doesn't mean I'm prepared to pay any price for it. There is always a price point at which expected returns cease to be reasonable. And with today's discounted prices , this is one of the AI companies that I'm increasingly interested in.

Artificial intelligence creates an unprecedented level of computing power. And that kind of computing needs a means of communication. As groups grow larger, communication becomes more difficult. The need for higher bandwidth becomes a necessity. Energy efficiency becomes more important. Companies are willing to spend money to solve these problems because keeping expensive graphics processing units idle is more costly . Credo is directly exposed to this trend.

The latest earnings report showed that the business is still growing at an extremely rapid pace . The market simply wanted more. So, yes, the stock may absorb the shock and end up falling even further. Credo itself is a very volatile company. I am not trying to pinpoint the bottom precisely. I am working on building my position within the company. And when I see the company I wanted to own has achieved revenue growth of 115%. They expect further growth of 100% in the next quarter. Well, when a stock is being repriced at a much lower price, that's exactly the kind of situation where I'm ready to start buying aggressively.

Here's a trade I recently opened on Credo shares. I sold a cash-covered put option with an expiry date of October 16 and an strike price of $135 per share. This means I am prepared to buy those shares if they fall further to 135 or lower. In return, I earned $330 in income per contract. Therefore, the liquidity or margin required here is approximately 13,500.

So, this is why I'm interested in "Creto," in buying "Creto," and in selling puts on " Creto" after the intense selling we've seen. Not because the stock is low, but because I believe the market has temporarily created a gap between the stock price and the long-term business opportunity.

Do you think that " Creto" represents a buying opportunity here after the significant decline, or do you see that the valuation and expectations of a slowdown in "AEC" still make the stock risky? If you were to buy, what price would be right for you?