APAC Technology Credo Asia NDR implications - AI infrastructure acceleration intact leveraging high reliability connectivity

研报英文原文证据摘录

APAC Technology Credo Asia NDR implications - AI infrastructure acceleration intact leveraging high reliability connectivity

cal for scale-up rack to rack connections in the same

pod (save on laser drivers and fiber connectors and at 2-4W vs. 8-12W per link) .

The solutions fit a niche for connecting adjacent racks and switches and for ASIC

GPU to GPU connections to extend the reach of copper between DAC (direct

attach copper cables) used to connect CPU and GPU, ACC (active copper cables)

used in NVIDIA’s GB200/300 for NVLink GPU to GPU connections and AOC (active

optical cables) aggregating clusters of racks in the data center. The company is

working toward ALC cables which could extend copper’s reach out to 30 meters

which would be a risk to some CPO connections if it commercializes in 2-3 years.

See our report on CPO (link) where we view more scale-out opportunity and in a

few years scale-up connecting GPUs at higher optical speed connections as the

technology matures though we will monitor how well rival cable based

technologies like the ALC from Credo and Mediatek would develop (Sunny Lin).

3. UBS view on Bizlink - positive read-through for its AEC cable opportunity.

We also publish a separate note on the implications for Bizlink (link). On the

divergence between Credo and Bizlink's latest quarterly results, Credo reiterated

that neither company should be viewed as a reliable proxy for the other as product

mix and customer mix are different. Bizlink remains Credo's primary AEC supplier.

Credo highlighted examples of Bizlink helping Credo to win orders through new

specification development and competitive pricing. On AEC, Credo expects TAM

to continue to expand, supported by growth in AI-related capex, increasing