One of my favorite names reports September 1st and I can’t wait for this one. $CRDO is the first quarter where the photonics acquisition actually shows up in the numbers. They closed DustPhotonics on May 28 for $750 million. The quarter ended August 1, so this print carries about two months of it. Here’s why that deal was such a big deal. $CRDO already owned the SerDes and the DSPs. What they didn’t own was the silicon photonics, the light generating layer itself. Dust gave them that across 800G, 1.6T and 3.2T, on both near package and co packaged designs. They went from selling components into someone else’s optical module to owning the entire stack. Management guided combined optical revenue above $600 million in fiscal 2027 with accretive margins. The whole company did $1.34 bill
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