Credo Technology named 2024 Top Pick, added to Conviction List at Needham

Needham named Credo Technology (CRDO) as the firm’s Top Pick for 2024 and added the stock to Needham’s Conviction List, replacing Monolithic Power (MPWR). Several encouraging trends should drive Credo shares higher this year, including continued capacity additions of AI training clusters boosting demand for higher speed and energy efficient connections in the data center, the analyst tells investors in a research note. Active Electrical Cables, or AECs, will go mainstream in the back-end networks of AI clusters in 2024, and Credo-based AECs should ramp in AI networks at 2-3 hyperscalers by year-end, the firm added.