$CRDO now controls ~86% of the AEC installed base as AI data centers rely on its lower-cost, power-efficient copper cables to connect GPUs and switches across large clusters. That lead becomes super valuable as Credo designs its own SerDes chips and sells complete cables allowing it to capture more revenue from every connection as AI infrastructure scales. And when a single faulty cable can disrupt thousands of GPUs then hyperscalers have little reason to move away from a supplier already proven at scale which makes Credo's market share incredibly difficult to displace.
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