Ben Bajarin doubles down on Credo: photonics-plus-SerDes vertical integration drives growth
BenBajarin · x · 2026-09-16
Creative Strategies analyst Ben Bajarin reiterates a high-conviction bull case on AI interconnect company Credo ($CRDO).
Core thesis:
- Vertically integrated companies hold more sustainable competitive advantages — a reason for the firm's long-standing Credo bullishness that the market still underweights.
- While Credo's AEC and ALC businesses still have runway, the market undervalues what DustPhotonics adds: as interconnect designs move toward NPO, CPO, and scale-in, Credo controls the photonic chip alongside its own SerDes, optical DSP, and firmware. Owning the SerDes is key.
- Credo received Creative Strategies' highest score in its July scorecard for current-cycle strength, its role in connectivity bottlenecks, and scale-up opportunity.
Full interconnect research and AI Infra Summit notes are available via their paid CS Atlas product.
Related event: Analyst Bullish on Credo as Photonics Vertical Integration Seen Undervalued(2 posts)→
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