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.
