Stock Track | Credo Technology Soars 5% on Optimism Over AI Data Center Boom

Stock Track2024-12-09

Shares of Credo Technology Group Holding Ltd (CRDO) surged 5.01% in overnight trading on Sunday, as investors cheered the company's strong positioning to benefit from the wave of investment into AI data centers.

Credo, a provider of high-speed connectivity solutions for data centers, saw its stock rally after reporting better-than-expected second quarter earnings and issuing an upbeat revenue forecast. The company is benefitting from accelerating deployments of AI infrastructure by cloud giants like Microsoft and Amazon, who are among Credo's largest customers.

Analysts were quick to raise their outlook on Credo, with some firms like BofA Securities double upgrading the stock to a Buy rating. They cited the company's rapidly growing addressable market from AI demand, as well as its leadership in key technologies like Active Electrical Cables that enable high-performance data transfer.

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