AI 高速連接晶片產業總論：MRVL、CRDO、MXL、ALAB 的四極博弈
AI 資料中心的建設浪潮正重塑連接晶片市場版圖。Marvell 是光互連帝王，Credo 是主動電纜霸主，MaxLinear 挑戰 PAM4 DSP 寶座，Astera Labs 則在 PCIe 維度建立護城河。柴柴行者解析四極博弈的競爭格局、護城河強度與估值矩陣。
CRDO
AI High-Speed Connectivity Chips: The Four-Way Battle Between MRVL, CRDO, MXL & ALAB
The AI data center buildout is reshaping connectivity chip markets. Marvell dominates optical interconnect, Credo owns active electrical cables, MaxLinear challenges in PAM4 DSP, and Astera Labs holds a PCIe moat. This industry overview maps all four competitive layers.
Credo Technology (CRDO) 深度研究：銅軸縫隙霸主買下「光替代品」入場券，AI 連接賽道的 M&A 軍備競賽
CRDO 是 AI 資料中心銅軸短距互連的事實壟斷者，FY26 營收三倍、毛利 68.6%、零負債。但 AEC 物理極限與 Marvell 競爭壓頂。2026/4 以 13 億美元收購 DustPhotonics，買下光通訊入場券——複製 Marvell+Inphi 劇本。整合期錯殺才是真正進場時機。
Credo Technology (CRDO) Deep Research: The AEC King Buys Its "Optical Exit Ticket" — M&A Arms Race in the AI Connectivity Race
CRDO holds 88% AEC share in AI data center interconnect — revenue tripled in FY26, 68.6% gross margin, zero debt. The $1.3B DustPhotonics deal buys its optical exit ticket, replicating the Marvell+Inphi M&A playbook. Integration dislocation is the entry window.