Credo Technology Group Holding Ltd Ordinary Shares Goldman Sachs Communacopia + Technology Conference 2026

Sure. Credo is a pure play high-speed connectivity solutions company. The role we play in AI infrastructure is moving data reliably and efficiently across the network. Specifically, our business has really taken off as AI clusters have taken off. Given the fact that we connect GPU to GPU to switches to switches, we play that role. We help customers optimize the valuable compute resources. Our North Star is really reliability and power efficiency. If we can deliver solutions that can help customers get clusters up more quickly in days versus weeks, there is a compelling financial impact to that. If we can keep clusters up at 99.9% availability, there is also a huge return on that. We focus on a broad range of solutions, from millimeter length all the way to kilometer length.

Our flagship product is really a system-level solution where, if you think about us as a semiconductor company, we have very unique and differentiated leading-edge SerDes IP. With that platform, we build semiconductor solutions, but beyond that, we have gone to the system level, designing complete connectivity solutions. You will see that more and more as we develop as a company. One of the things that for the new people to the story, incredible story during the last three to four years. If we go back to our IPO, we were sub-$200 million in revenue. Over the past two years, we have more than doubled and then more than tripled. We actually had six quarters in a row where we achieved more than 20% sequential growth over that period of time. That puts us at a base going into fiscal 2027 at more than $1.3 billion.

We have indicated that we are going to grow at a 10% or greater sequential level quarterly throughout the year. I think as we look at the markets that we address now, you can measure that market opportunity in tens of billions of dollars. I think the growth story, although we have had an incredible run so far, we are still at the early stages of the growth story.

Yes. I have been in this role 13 years, and the first time I got that question was about 12 years ago, as I talked about Credo being a company that was going to develop connectivity solutions for both copper and optical. At that point, the number of copper connections in a data center was greater than 95%, and today, the same ratio exists. With that said, we have been very successful extending the life of copper over the last five or six years. We have grown into what is going to be a multibillion-dollar revenue company. Our investments over the last couple of years have been almost exclusively from a real innovation and disruption standpoint in the optical area. Customers will decide on what type of connectivity solution they use based on the requirements of that connection. For short connections where copper can be used, the debate is over.

Copper will be used because it's fundamentally more reliable, more power efficient, and a lot of times lower cost. When you've got connections that are longer than you can achieve with copper, of course, optical is the default choice. With that comes opportunity because with laser-based solutions, there's a fundamental reliability challenge as compared to copper, which is probably 100 or 1,000 times more reliable. With reliability becoming much more important as AI clusters become a much bigger part of the market, and considering that the connection between a GPU or NIC and that first switching layer, that there's no redundancy. Now you've got tens of thousands of GPUs all interconnected together and dependent on each other. There's an increasing requirement for better reliability. That's our North Star, right? That's our differentiation, and we'll get into that more.

But as it relates to the debate, we believe it's going to be heterogeneous. We've got a complete portfolio of solutions from millimeter to kilometer, from copper to optical. Even with optical, we've got different flavors of light sources, micro-emitters as well as laser-based. So we're agnostic to the conversation, although some people identify us as a copper company. We self-identify as a connectivity company that is agnostic to the medium.

Well, I think there will be a very strong understanding at that point that we're a broad-based connectivity company. Just as I emphasized, you'll see us doing very well with products that are laser-based, reliability differentiated. You'll see us with different light sources. You'll see us with copper solutions as well. You'll see us as a company that is not only addressing the pluggable market broadly. You'll see us playing a role in a big way in scale-up networks, and you'll see us being a company that's helping to break the memory wall, the physical fan-out issues that exist and become a more popular topic in the upcoming years. I think five years from now, I think people will be surprised that although we've scaled tremendously over the last three or four years, that's really the beginning of the story.

I expect to be a much larger company.

Yeah. I would say number one is execution. If you look at the path that we've been on the last few years, execution is by far the most important thing. Scaling like we have as a company and broadening our portfolio and making sure that we deliver the same level of quality, reliability, responsiveness to customers, it's really an execution game. In the upcoming years, that's going to continue as the number one key priority. I would say the ramp of our optical portfolio is probably next on that list.

We're in the very early stages. Of course, we've been an optical DSP component supplier for quite some time, and that business is going very well. We acquired a team, DustPhotonics, that focuses on leading-edge silicon photonics PICs. That will broaden our components portfolio. Also we're going to be in the module of this, or we're going to build ZeroFlap Optics, which are a very differentiated optical transceiver solution that addresses that reliability challenge. I think that, I guess the question was about outperforming?