{"slug":"credo","name":"크레도","name_en":"Credo Technology","ticker":"CRDO","updated_at":"2026-07-12T08:28:46.306+00:00","canonical":"https://valuechain.wiki/credo","same_as":["https://finance.yahoo.com/quote/CRDO","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1807794"],"citable":"밸류체인 그래프 기준 크레도의 직접 연결 기업은 5곳(관계 기준 공급 3·매출 2)이고, 사슬을 2차까지 넓히면 56곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Credo Technology is directly linked to 5 companies (3 supply, 2 revenue relationships) and reaches 56 companies within two hops; the links are backed by 7 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · AI 인터커넥트 · AEC·PAM4","kicker_en":"Nasdaq · AI interconnect · AEC & PAM4","lead":"AI 데이터센터용 고속 인터커넥트(액티브 전기 케이블·PAM4 DSP) 공급. FY2024 매출 $193M, 상위 2개 하이퍼스케일러가 매출 54%. 마이크로소프트·아마존 등 AI 인프라 고객.","lead_en":"Supplies high-speed interconnect (active electrical cables, PAM4 DSP) for AI datacenters. FY2024 revenue $193M; the top two hyperscalers were 54% of revenue. Customers include Microsoft and Amazon.","segments":{"fy":2025,"parts":[{"desc":"AI 랙 내·서버 간 고속 연결. 광학보다 싸고 전력효율 높은 대안으로 하이퍼스케일러 채택.","name":"AI 데이터센터 인터커넥트 (AEC·PAM4)"}],"total":"FY2025(2025.4 결산) 매출 $436.8M(+126%, AEC 견인)·AI 데이터센터 인터커넥트(AEC·PAM4)","source":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K"},"segments_en":{"fy":2025,"parts":[{"name":"AI datacenter interconnect (AEC, PAM4)"}],"total":"FY2025 (ended Apr 2025) revenue $436.8M (+126%, AEC-driven); AI-datacenter interconnect (AEC, PAM4)"},"returns_yearly":{"2023":46.3,"2024":245.2,"2025":114.1,"2026":79.2},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":1,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"sumco","name":"섬코","name_en":"SUMCO Corporation","tier":2,"returns_yearly":{"2021":-4.3,"2022":-3.9,"2023":21.3,"2024":-48.1,"2025":41.7,"2026":225.8}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":2,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":2,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":2,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"onto-innovation","name":"Onto Innovation","name_en":"Onto Innovation","tier":2,"returns_yearly":{"2021":112.9,"2022":-32.7,"2023":124.6,"2024":9,"2025":-5.3,"2026":103.6}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":2,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"screen-holdings","name":"SCREEN Holdings","name_en":"SCREEN Holdings","tier":2,"returns_yearly":{"2021":40.7,"2022":-13.2,"2023":220.1,"2024":-24.1,"2025":84.9,"2026":86.3}},{"slug":"teradyne","name":"Teradyne","name_en":"Teradyne","tier":2,"returns_yearly":{"2021":36.8,"2022":-46.3,"2023":24.8,"2024":16.5,"2025":54.4,"2026":85.9}},{"slug":"resonac","name":"Resonac","name_en":"Resonac","tier":2,"returns_yearly":{"2021":-2.6,"2022":-4,"2023":37.5,"2024":30.3,"2025":137.9,"2026":80.4}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":2,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"qnity-electronics","name":"퀴니티 일렉트로닉스","name_en":"Qnity Electronics","tier":2,"returns_yearly":{"2026":76.3}},{"slug":"entegris","name":"Entegris","name_en":"Entegris","tier":2,"returns_yearly":{"2021":44.6,"2022":-52.5,"2023":83.5,"2024":-17.1,"2025":-14.6,"2026":72.8}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":2,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"global-unichip","name":"Global Unichip","name_en":"Global Unichip","tier":2,"returns_yearly":{"2021":21.4,"2022":67.6,"2023":99.4,"2024":-13.7,"2025":101.4,"2026":66.4}},{"slug":"besi","name":"BESI","name_en":"BESI","tier":2,"returns_yearly":{"2021":33.7,"2022":-6.1,"2023":121.8,"2024":-9.3,"2025":35,"2026":56.2}},{"slug":"fujimi","name":"Fujimi","name_en":"Fujimi Incorporated","tier":2,"returns_yearly":{"2021":64.7,"2022":-1.6,"2023":40.4,"2024":-24.2,"2025":28.4,"2026":54.6}},{"slug":"shin-etsu","name":"신에쓰화학","name_en":"Shin-Etsu Chemical","tier":2,"returns_yearly":{"2021":6.3,"2022":3.1,"2023":57.8,"2024":-15.6,"2025":7.6,"2026":44}},{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","tier":2,"returns_yearly":{"2021":-2.7,"2022":-3,"2023":63.8,"2024":4.3,"2025":111.5,"2026":42.9}},{"slug":"ebara","name":"Ebara","name_en":"Ebara","tier":2,"returns_yearly":{"2021":58.1,"2022":2.3,"2023":76.1,"2024":41,"2025":84,"2026":32.3}},{"slug":"asm-international","name":"ASM International","name_en":"ASM International","tier":2,"returns_yearly":{"2021":44.2,"2022":2.9,"2023":68.7,"2024":10.3,"2025":25.9,"2026":28.8}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":2,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":2,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":2,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":2,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":2,"returns_yearly":{"2021":14.1,"2022":7.9,"2023":20.9,"2024":8.5,"2025":-4.8,"2026":12.5}},{"slug":"disco","name":"디스코","name_en":"Disco Corporation","tier":2,"returns_yearly":{"2021":-6.6,"2022":27.7,"2023":218.5,"2024":11.6,"2025":49.6,"2026":10.2}},{"slug":"eo-technics","name":"이오테크닉스","name_en":"EO Technics","tier":2,"returns_yearly":{"2021":7.6,"2022":-28.2,"2023":130.5,"2024":-16.2,"2025":163.2,"2026":0.7}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":2,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":2,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":2,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":2,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":2,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":2,"returns_yearly":null},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":3,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":3,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":3,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"smc","name":"SMC Corporation","name_en":"SMC Corporation","tier":3,"returns_yearly":{"2021":0.9,"2022":4.5,"2023":28.6,"2024":-28,"2025":4.2,"2026":26.6}},{"slug":"dupont","name":"듀폰","name_en":"DuPont","tier":3,"returns_yearly":{"2021":15.4,"2022":-13.4,"2023":14.4,"2024":1,"2025":28.7,"2026":12.6}},{"slug":"yokogawa-electric","name":"요코가와전기","name_en":"Yokogawa Electric","tier":3,"returns_yearly":{"2021":-15.9,"2022":23.6,"2023":30.6,"2024":18.8,"2025":52.3,"2026":9.4}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"siemens-ag","name":"지멘스","name_en":"Siemens AG","tier":3,"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":3,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"hitachi","name":"히타치","name_en":"Hitachi","tier":3,"returns_yearly":{"2021":40.6,"2022":16.7,"2023":75.4,"2024":71.1,"2025":37.5,"2026":-11.8}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","tier":3,"returns_yearly":null},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":3,"returns_yearly":null}],"analysis":"크레도의 논점은 'AI 랙 안 배선의 병목 수혜'다. GPU가 랙 단위로 묶이면서 서버 간·랙 내 고속 연결이 폭증하는데, 크레도의 액티브 전기 케이블(AEC)과 PAM4 DSP가 광학보다 싸고 전력효율 높은 대안으로 채택된다. FY2024 매출 $193M에 상위 2개 하이퍼스케일러가 54%로 고객 집중이 크지만, 그만큼 하이퍼스케일러 AI capex에 직결된 순수 플레이다. 리스크는 고객 집중과 광학·경쟁(마벨 등) 잠식. 그래프 파급: 마이크로소프트·아마존 등 하이퍼스케일러가 수요를 끌고, TSMC 파운드리와 시놉시스·케이던스 EDA/IP가 상류.","analysis_en":"Credo's thesis is bottleneck leverage on wiring inside AI racks. As GPUs are bundled rack-scale, high-speed server-to-server and in-rack links explode, and Credo's active electrical cables (AEC) and PAM4 DSPs are adopted as a cheaper, more power-efficient alternative to optics. FY2024 revenue was $193M with the top two hyperscalers at 54% — heavy concentration, but that is exactly a pure play tied to hyperscaler AI capex. Risks are customer concentration and encroachment from optics and competitors (e.g., Marvell). Graph propagation: hyperscalers like Microsoft and Amazon pull demand, while TSMC foundry and Synopsys/Cadence EDA/IP are upstream.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"연간 매출","value":193000000,"period":"FY2024","basis_en":"annual revenue","qualifier":"approx"},"note":"마이크로소프트에 AEC·PAM4 인터커넥트를 공급 — 상위 2개 고객이 매출 54%를 차지하는 집중 구조의 핵심 축.","note_en":"Supplies AEC/PAM4 interconnect to Microsoft — a core axis of the concentration where the top two customers are 54% of revenue.","sources":[{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2026-04-17","url":"https://www.newspim.com/news/view/20260417000667","title":"AI 열기에 4배 랠리 크레도, 초고속 데이터 도로 개척자(AEC 73~75%)","title_en":"Credo, AEC pioneer up 4x on AI (73-75% share)","excerpt":"크레도는 AEC(액티브 전기 케이블) 73~75% 점유, AI 데이터센터 연결 수요로 급등.","excerpt_en":"Credo holds 73-75% of the AEC market, surging on AI datacenter connectivity demand."},{"stance":"confirms","publisher":"Quartz","publisher_en":"Quartz","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://qz.com/what-is-driving-credo-technology-s-growth-in-ai-interconnects","title":"Credo AI 인터커넥트 성장","title_en":"Credo growth in AI interconnects","excerpt":"마이크로소프트에 AI 인터커넥트(AEC·PAM4) 공급.","excerpt_en":"Supplies AI interconnect (AEC, PAM4) to Microsoft."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-06-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K","title":"Credo 10-K","title_en":"Credo Technology Form 10-K","excerpt":"마이크로소프트에 AI 인터커넥트(AEC·PAM4) 공급.","excerpt_en":"Supplies AI interconnect (AEC, PAM4) to Microsoft."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"qualifier":"aec_hyperscaler_customer"},"note":"아마존에 AEC·PAM4 인터커넥트를 공급 — 랙스케일 AI 배선 수요에 직결된 상위 하이퍼스케일러 고객.","note_en":"Supplies AEC/PAM4 interconnect to Amazon — a top hyperscaler customer tied to rack-scale AI wiring demand.","sources":[{"stance":"confirms","publisher":"Credo","publisher_en":"Credo","kind":"filing","lang":"en","published_at":"2025-06-01","url":"https://investors.credosemi.com/news-events/news/news-details/2025/Credo-Technology-Group-Holding-Ltd-Reports-Fourth-Quarter-and-Fiscal-Year-2025-Financial-Results/default.aspx","title":"크레도 FY2025 결산 (매출 $436.8M, +126%)","title_en":"Credo FY2025 results (revenue $436.8M, +126%)","excerpt":"Credo FY2025 revenue $436.8M (+126%), AEC-driven inflection; growing hyperscaler demand for AI interconnect.","excerpt_en":"Credo FY2025 revenue $436.8M (+126%), AEC-driven inflection; growing hyperscaler demand for AI interconnect."},{"stance":"confirms","publisher":"Quartz","publisher_en":"Quartz","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://qz.com/what-is-driving-credo-technology-s-growth-in-ai-interconnects","title":"Credo AI 인터커넥트 성장","title_en":"Credo growth in AI interconnects","excerpt":"아마존에 AI 인터커넥트(AEC·PAM4) 공급.","excerpt_en":"Supplies AI interconnect (AEC, PAM4) to Amazon."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-06-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K","title":"Credo 10-K","title_en":"Credo Technology Form 10-K","excerpt":"아마존에 AI 인터커넥트(AEC·PAM4) 공급.","excerpt_en":"Supplies AI interconnect (AEC, PAM4) to Amazon."}]},{"direction":"cost","counterparty":"Synopsys","counterparty_slug":"synopsys","confidence":"mid","metric":{"qualifier":"eda_ip"},"note":"Synopsys EDA 툴·IP 라이선스 지급.","note_en":"Pays for synopsys EDA tools and IP licenses.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-12-22","url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys FY2025 연차보고서(10-K)","title_en":"Synopsys FY2025 annual report (10-K)","excerpt":"크레도가 Synopsys EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"credo designs chips on synopsys EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"크레도가 Synopsys EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"credo designs chips on synopsys EDA tools and IP."}]},{"direction":"cost","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"mid","metric":{"qualifier":"foundry"},"note":"TSMC에서 PAM4 DSP를 위탁생산 — 팹리스라 파운드리 캐파·공정이 물량·원가의 상류 병목.","note_en":"Foundries PAM4 DSPs at TSMC — as a fabless firm, foundry capacity/process is the upstream bottleneck for volume and cost.","sources":[{"stance":"confirms","publisher":"Quartz","publisher_en":"Quartz","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://qz.com/what-is-driving-credo-technology-s-growth-in-ai-interconnects","title":"Credo AI 인터커넥트 성장","title_en":"Credo growth in AI interconnects","excerpt":"TSMC에서 DSP 파운드리 매입.","excerpt_en":"Buys DSP foundry from TSMC."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-06-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K","title":"Credo 10-K","title_en":"Credo Technology Form 10-K","excerpt":"TSMC에서 DSP 파운드리 매입.","excerpt_en":"Buys DSP foundry from TSMC."}]},{"direction":"cost","counterparty":"Cadence Design Systems","counterparty_slug":"cadence","confidence":"mid","metric":{"qualifier":"eda_ip"},"note":"Cadence Design Systems EDA 툴·IP 라이선스 지급.","note_en":"Pays for cadence EDA tools and IP licenses.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"크레도가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"credo designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"크레도가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"credo designs chips on cadence EDA tools and IP."}]},{"direction":"cost","counterparty":"부품·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"제조용 부품·소재·R&D(비공개).","note_en":"Parts, materials and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-06-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K","title":"Credo 10-K","title_en":"Credo Technology Form 10-K","excerpt":"제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]},{"direction":"cost","counterparty":"설비·인프라 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"설비·인프라 투자(비공개).","note_en":"Equipment and infrastructure (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-06-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K","title":"Credo 10-K","title_en":"Credo Technology Form 10-K","excerpt":"설비·인프라 투자(비공개).","excerpt_en":"Equipment and infrastructure (undisclosed)."}]}]}