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COMPANY RESEARCH / CRDO

Credo Technology

Active electrical cables, PCIe retimers and optical DSPs

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Where it fits in an AI server rack

Sells ZeroFlap active electrical cables (100G to 1.6T) plus optical DSPs, ZeroFlap optical transceivers and Toucan PCIe retimers to hyperscalers and neoclouds; fiscal 2026 (ended May 2, 2026) revenue was $1.3B, up from $436.8M. The Toucan Gen6 x16 retimer joined the PCI-SIG 6.x Integrators List on Aug 31, 2026.

What the evidence establishes

AI-rack evidence

Disclosed: Credo’s fiscal 2026 10-K describes its AECs, DSPs, retimers and customer concentration; its Aug 31, 2026 release covers Toucan’s compliance.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component roleActive electrical cables, PCIe retimers and optical DSPs
EvidenceDisclosed: Credo’s fiscal 2026 10-K describes its AECs, DSPs, retimers and customer concentration; its Aug 31, 2026 release covers Toucan’s compliance.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so.
Primary sourceCredo Technology — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

Top 10 customers were about 90% of fiscal 2026 revenue and two were 10% or more, all unnamed, and Credo does not say which racks use its cables. The PCIe retimer is newly compliant and its volumes are not disclosed.

Specialist business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

PCIe retimers & switches

Chips that recover and re-send high-speed PCIe or CXL signals over long board traces and cables, or fan one set of lanes out to many devices.

Scope of the company links: Astera Labs sells Aries retimers and Scorpio P-Series PCIe 6 switches, which an NVIDIA executive says integrate with Blackwell-based MGX (Mar 18, 2025). Marvell’s Alaska P PCIe 6 retimers were adopted by Supermicro, TE Connectivity and TeraHop (Dec 9, 2025). Credo’s Toucan Gen6 x16 retimer was PCI-SIG listed on Aug 31, 2026; Broadcom’s PCIe interconnect chips serve AI and non-AI uses (10-K); Microchip’s Switchtec Gen 6 switches are sampling; Montage calls itself one of the two major PCIe 5.0 retimer suppliers and says retimers are core components of AI servers (2025 results). No source says which retimer or switch a given NVL72 tray uses.

Active electrical cables

Copper cables with a retimer or DSP chip in each plug that cleans up the signal, extending copper’s reach to several metres at a fraction of the power of optics.

Scope of the company links: Copper cables with signal chips in the plugs, mostly for NIC-to-switch and switch-to-switch links. Credo sells complete ZeroFlap AECs to hyperscalers; Marvell’s Alaska A 1.6T AEC DSP names Amphenol, Molex and TE as cable partners (Jun 27, 2024); Astera Labs sells Aries and Taurus smart cable modules for AECs; BizLink and Luxshare sell retimed active copper cables (Luxshare showed a 1.6T OSFP AEC at OCP 2025); Microchip sells the META-DX2C 800G AEC retimer. Semtech’s CopperEdge redrivers power linear active copper cables (ACCs), such as Amphenol’s 1.6T OSFP ACC, a lower-power alternative to retimed AECs. No source ties a specific cable to NVL72. Montage launched PCIe 6.x and CXL 3.x AEC solutions in January 2026.

Optical transceivers

Pluggable 800G and 1.6T modules that convert electrical signals to light and back for links that leave the rack.

Scope of the company links: 800G and 1.6T pluggable modules (OSFP) for the rack’s scale-out links. NVIDIA names Coherent, Eoptolink, Fabrinet and Innolight as pluggable-transceiver leaders (Mar 18, 2025). Innolight, Eoptolink and Accelink list 1.6T OSFP modules in their 2025 annual reports, Coherent and Lumentum describe 800G/1.6T modules in their 10-Ks, and AOI has a first 1.6T volume order of over $200 million from an unnamed hyperscaler. Fabrinet is a contract manufacturer (NVIDIA was 16.3% of FY2026 revenue), not a module brand. NVIDIA sells LinkX-branded optical transceivers without naming their makers. TFC supplies optical engines and passive parts that go inside modules, and Credo sells ZeroFlap optical transceivers. None of these sources gives volumes or says which system a given module ships into. Cisco ships 1.6T OSFP and 800G linear-drive optics with its Silicon One systems, and Luxshare lists 800G and 1.6T optical modules in small-batch supply.

Optical DSPs & drivers

PAM4 digital signal processors, laser drivers and amplifiers that encode, equalize and retime the signal at each end of an optical link.

Scope of the company links: PAM4 DSPs retime and equalize each lane; drivers and TIAs amplify the electrical signal on each side of the laser and photodiode. Marvell (PAM DSPs, laser drivers, TIAs and LPO chipsets for AI data centers, FY2026 10-K), Credo (Bluebird, a 3 nm 200G-per-lane DSP for 1.6T modules, plus 100G-per-lane families, FY2026 10-K) and MACOM (TIAs and modulator drivers for 800G–3.2T modules, FY2025 10-K) are mapped, and Semtech’s TIA and modulator driver were demonstrated in NVIDIA’s 1.6T DR8 OSFP transceiver at OFC 2026. Broadcom’s optical DSP line could not be read from a primary source in our review, so Broadcom is mapped under lasers only. Linear-drive (LPO/LRO) modules drop some DSP functions, and NVIDIA says its co-packaged switches need no DSP retimers.

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