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🎤 CRDO — Conference Transcript — Sep 10, 2026

🎤 Conference Transcript

Communacopia + Technology Conference 2026 — Goldman Sachs

Event date: September 10, 2026

Source: StockAnalysis transcript: https://stockanalysis.com/stocks/crdo/transcripts/740963-goldman-sachs-communacopia-technology-conference-2026/

James Schneider (Analyst, Goldman Sachs): Asked Credo's positioning in AI infrastructure and its competitive advantages.

Bill Brennan (CEO, Credo Technology Group): Credo is a pure-play high-speed connectivity company moving data reliably and efficiently across AI networks. Its portfolio spans copper and optical solutions from millimeter to kilometer lengths. Reliability, power efficiency and system-level SerDes-based solutions are the core differentiators. Credo reported more than 20% sequential growth for six consecutive quarters and said the FY27 revenue base exceeds $1.3 billion.

James Schneider (Analyst, Goldman Sachs): Asked about copper versus optical and the timing of physical limits.

Bill Brennan (CEO, Credo Technology Group): Copper remains preferable for short links because it is reliable, power-efficient and often lower cost; optical is the default for longer links. The future is heterogeneous, with Credo offering copper, laser-based optical and micro-emitter solutions.

James Schneider (Analyst, Goldman Sachs): Asked what may surprise investors in five years.

Bill Brennan (CEO, Credo Technology Group): Credo expects to be recognized as a broad connectivity company spanning AECs, optical, copper, scale-up networks and memory-wall solutions, and expects to be substantially larger.

James Schneider (Analyst, Goldman Sachs): Asked about upside into 2027.

Bill Brennan (CEO, Credo Technology Group): Execution and the optical portfolio are the main priorities. Upside could come from AEC expansion, deeper customer partnerships, neocloud adoption, ZeroFlap Optics, ALCs and memory-wall products.

James Schneider (Analyst, Goldman Sachs): Asked about ZeroFlap Optics customer adoption.

Bill Brennan (CEO, Credo Technology Group): ZeroFlap originated from xAI's need to improve cluster bring-up and uptime. Credo developed telemetry and software to detect eye height, SNR, post-FEC errors, bit-error rates, dust, multipath interference and latent ESD damage, allowing unstable links to be mitigated before they disrupt a cluster. Credo said clusters could be brought online in days rather than weeks and reach 99.9% uptime.

James Schneider (Analyst, Goldman Sachs): Asked about ALCs and customer feedback.

Bill Brennan (CEO, Credo Technology Group): Micro-emitter technology targets up to 30 meters with reliability and power efficiency advantages versus laser optics, while also reducing cable volume by 75%. Credo expected qualification after an OCP demonstration and production in FY28.

James Schneider (Analyst, Goldman Sachs): Asked about optical growth.

Bill Brennan (CEO, Credo Technology Group): Optical production was expected to reach hundreds of thousands of units per month by the end of the fiscal year, then double and triple by FY28 and grow further in FY29.

James Schneider (Analyst, Goldman Sachs): Asked about AEC demand and durability.

Bill Brennan (CEO, Credo Technology Group): AEC demand should grow with short-reach connectivity, 1.6T transitions and data-center densification. Credo's broader strategy is to offer customers a portfolio of reliable, power-efficient choices rather than depend on one product.

James Schneider (Analyst, Goldman Sachs): Asked about margins and financial outlook.

Dan Fleming (CFO, Credo Technology Group): Fiscal 2027 sequential growth was expected to be 10% or more each quarter, with approximately 20% growth into Q3 and 30% into Q4; a $1B quarter was within sight in early FY28. Gross margin was guided around 68%, broadly consistent with the prior year, with operating leverage potentially returning toward 2:1 in FY28.

James Schneider (Analyst, Goldman Sachs): Asked about M&A appetite.

Bill Brennan (CEO, Credo Technology Group): Credo expects to continue pursuing engineering teams and technologies additive to connectivity. Any adjacency would need to provide a differentiated system-level solution.

James Schneider (Analyst, Goldman Sachs): Thanked management.

Bill Brennan (CEO, Credo Technology Group): Thanked Goldman Sachs.

Dan Fleming (CFO, Credo Technology Group): Thanked Goldman Sachs.

End of transcript.

*Cleaned speaker-labelled rendering of the public StockAnalysis transcript; page-extraction repetition and spacing normalized while retaining substantive remarks and Q&A.*

📝 Summary

Key Points:

Credo framed itself as a broad high-speed connectivity company spanning copper and optical solutions from millimeter to kilometer lengths, with reliability and power efficiency as the core differentiators.
Management said FY27 revenue is expected to grow at least 85% year over year, with optical revenue above $600M; Q3 and Q4 sequential growth was described as roughly 20% and 30%, respectively.
ZeroFlap Optics targets link-flap detection and mitigation, with customer deployments designed to improve cluster time-to-online from weeks to days and support 99.9% uptime.
ALC/micro-emitter products target up to 30-meter reach with lower power and higher reliability than laser alternatives; production is expected in FY28 after qualification.
Credo expects optical production to reach hundreds of thousands of units per month by fiscal year-end and double or triple by FY28. Gross margin should remain around 68%, with operating leverage potentially returning toward 2:1 in FY28.

Q&A Highlights:

James Schneider, Goldman Sachs — copper versus optical: Copper remains preferable for short links due to reliability, power and cost; optical is used for longer links. Credo expects a heterogeneous market and positions itself across both media.
James Schneider, Goldman Sachs — ZeroFlap customer adoption: The product was developed after xAI experienced link flaps and poor cluster uptime. Credo added telemetry and software to identify link instability, dust, multipath interference and latent damage, enabling proactive mitigation.
James Schneider, Goldman Sachs — financial upside: Management pointed to execution, AEC expansion, optical ramps, neocloud adoption and new ALC/memory-wall products as potential upside drivers.

Notes:

Conference date: September 10, 2026. This is an investor-conference transcript, not a quarterly earnings call.
Source: StockAnalysis full transcript, https://stockanalysis.com/stocks/crdo/transcripts/740963-goldman-sachs-communacopia-technology-conference-2026/
Main risks are execution during rapid scaling, customer concentration/ordering variability, optical qualification timing and maintaining margins as the product mix changes.