# 크레도 (CRDO)
> AI 데이터센터용 고속 인터커넥트(액티브 전기 케이블·PAM4 DSP) 공급. FY2024 매출 $193M, 상위 2개 하이퍼스케일러가 매출 54%. 마이크로소프트·아마존 등 AI 인프라 고객.
Canonical: https://valuechain.wiki/credo · Updated: 2026-07-12T08:28:46.306+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 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).

## Financials & segments
- 총매출: FY2025(2025.4 결산) 매출 $436.8M(+126%, AEC 견인)·AI 데이터센터 인터커넥트(AEC·PAM4)
- 사업부문: AI 데이터센터 인터커넥트 (AEC·PAM4)

## Annual stock return (as of 2026-07-10)
- 2023: +46.3%
- 2024: +245.2%
- 2025: +114.1%
- 2026 YTD: +79.2%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nestlé | lead3 | +22.1% | -4.2% | -9.3% | -18.8% | -1.8% | +17.9% |
| Tempus AI | lead3 | · | · | · | · | +74.9% | -1.4% |
| 이마트 | lead3 | -18.4% | -19.5% | -25.3% | -14.6% | +44.7% | -7.8% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| Datadog | lead2 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| 팔로알토 네트웍스 | lead2 | +56.7% | -24.8% | +111.3% | +23.4% | +1.2% | +76.9% |
| CrowdStrike | lead2 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Illumina | lead2 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| Starbucks Corp | lead2 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| 존슨 컨트롤스 | lead2 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead2 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Airbnb Inc | lead2 | · | -48.6% | +59.2% | -3.5% | +3.3% | +9.5% |
| Costco Wholesale | lead2 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Walmart Inc | lead2 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| Schrödinger | lead2 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| MercadoLibre | lead2 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead2 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| Disney | lead2 | -14.5% | -43.9% | +4.3% | +24.4% | +3.3% | -15.3% |
| Coupang | lead2 | · | -49.9% | +10.1% | +35.8% | +7.3% | -20.3% |
| Netflix | lead2 | +11.4% | -51.1% | +65.1% | +83.1% | +5.2% | -21.7% |
| ServiceNow | lead2 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| 아마존 | lead1 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 마이크로소프트 | lead1 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 크레도 | node | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| TSMC | benef1 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Synopsys | benef1 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 섬코 | benef2 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| GlobalWafers | benef2 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| 어플라이드 머티어리얼즈 | benef2 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 램리서치 | benef2 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| Onto Innovation | benef2 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| KLA | benef2 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef2 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef2 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| Resonac | benef2 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| 도쿄일렉트론 | benef2 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef2 | · | · | · | · | · | +76.3% |
| Entegris | benef2 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| ASML | benef2 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef2 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| BESI | benef2 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef2 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 신에쓰화학 | benef2 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| Tokyo Ohka Kogyo | benef2 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Ebara | benef2 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef2 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| Linde | benef2 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| Cadence Design Systems | benef2 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef2 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Advantest | benef2 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| Air Liquide | benef2 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef2 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 이오테크닉스 | benef2 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| HPSP | benef2 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Photronics | benef2 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 리노공업 | benef2 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| 이코르 | benef3 | +52.7% | -41.7% | +25.4% | -4.2% | -42.8% | +444.2% |
| MKS Instruments | benef3 | +16.4% | -51% | +22.6% | +2.2% | +54.4% | +131% |
| 어드밴스드에너지 | benef3 | -5.7% | -5.4% | +27.5% | +6.6% | +81.6% | +47.2% |
| SMC Corporation | benef3 | +0.9% | +4.5% | +28.6% | -28% | +4.2% | +26.6% |
| 듀폰 | benef3 | +15.4% | -13.4% | +14.4% | +1% | +28.7% | +12.6% |
| 요코가와전기 | benef3 | -15.9% | +23.6% | +30.6% | +18.8% | +52.3% | +9.4% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 지멘스 | benef3 | +12.2% | +5.1% | +20.1% | +28% | +26.4% | +8.7% |
| 티씨케이 | benef3 | -10.1% | -16.9% | +2.8% | -28.7% | +225.7% | -2.5% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| 히타치 | benef3 | +40.6% | +16.7% | +75.4% | +71.1% | +37.5% | -11.8% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |

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 as of 2026-07-09)

## Money in · revenue from (2)
### 마이크로소프트 (high)  → /microsoft.md
- metric: 매출 ~$193M · FY2024 · 연간 매출
- note: 마이크로소프트에 AEC·PAM4 인터커넥트를 공급 — 상위 2개 고객이 매출 54%를 차지하는 집중 구조의 핵심 축.
- [confirms] 뉴스핌 (KO, news, published 2026-04-17) https://www.newspim.com/news/view/20260417000667: "크레도는 AEC(액티브 전기 케이블) 73~75% 점유, AI 데이터센터 연결 수요로 급등."
- [confirms] Quartz (EN, news, published 2025-01-01) https://qz.com/what-is-driving-credo-technology-s-growth-in-ai-interconnects: "마이크로소프트에 AI 인터커넥트(AEC·PAM4) 공급."
- [confirms] SEC EDGAR (EN, filing, published 2024-06-01) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K: "마이크로소프트에 AI 인터커넥트(AEC·PAM4) 공급."

### 아마존 (mid)  → /amazon.md
- note: 아마존에 AEC·PAM4 인터커넥트를 공급 — 랙스케일 AI 배선 수요에 직결된 상위 하이퍼스케일러 고객.
- [confirms] Credo (EN, filing, published 2025-06-01) 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: "Credo FY2025 revenue $436.8M (+126%), AEC-driven inflection; growing hyperscaler demand for AI interconnect."
- [confirms] Quartz (EN, news, published 2025-01-01) https://qz.com/what-is-driving-credo-technology-s-growth-in-ai-interconnects: "아마존에 AI 인터커넥트(AEC·PAM4) 공급."
- [confirms] SEC EDGAR (EN, filing, published 2024-06-01) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K: "아마존에 AI 인터커넥트(AEC·PAM4) 공급."

## Money out · pays to (5)
### Synopsys (mid)  → /synopsys.md
- note: Synopsys EDA 툴·IP 라이선스 지급.
- [confirms] SEC EDGAR (EN, filing, published 2025-12-22) https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm: "크레도가 Synopsys EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "크레도가 Synopsys EDA 툴·IP 라이선스로 칩 설계."

### TSMC (mid)  → /tsmc.md
- note: TSMC에서 PAM4 DSP를 위탁생산 — 팹리스라 파운드리 캐파·공정이 물량·원가의 상류 병목.
- [confirms] Quartz (EN, news, published 2025-01-01) https://qz.com/what-is-driving-credo-technology-s-growth-in-ai-interconnects: "TSMC에서 DSP 파운드리 매입."
- [confirms] SEC EDGAR (EN, filing, published 2024-06-01) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K: "TSMC에서 DSP 파운드리 매입."

### Cadence Design Systems (mid)  → /cadence.md
- note: Cadence Design Systems EDA 툴·IP 라이선스 지급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "크레도가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "크레도가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### 부품·소재 (비공개) (low)
- note: 제조용 부품·소재·R&D(비공개).
- [confirms] SEC EDGAR (EN, filing, published 2024-06-01) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K: "제조용 부품·소재·R&D(비공개)."

### 설비·인프라 (비공개) (low)
- note: 설비·인프라 투자(비공개).
- [confirms] SEC EDGAR (EN, filing, published 2024-06-01) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRDO&type=10-K: "설비·인프라 투자(비공개)."

## 질문별 엔드포인트
- 누가 크레도의 고객인가? 크레도의 매출은 어디서 오는가? → https://valuechain.wiki/credo/customers.md
- 크레도의 주요 공급사는 어디인가? 크레도의 비용은 누구에게 가는가? → https://valuechain.wiki/credo/suppliers.md
- 크레도 주가가 움직이면 누가 수혜를 보는가? 크레도의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/credo/ripple.md
- 증권가가 보는 크레도: 목표주가와 투자의견은? → https://valuechain.wiki/credo/consensus.md

## 이 노드를 다룬 분석 (1)
- [1.6T 광모듈의 돈은 위로 흐른다: 조립이 아니라 레이저가 병목](https://valuechain.wiki/analysis/optical-bottleneck-moves-upstream.md) (2026-07-10)

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._