Credo Technology Group (CRDO) Stock on November 30, 2025: Earnings Countdown, AI Connectivity Boom and Lofty Valuation

Published: November 30, 2025 — Informational article, not investment advice.

Snapshot: Where CRDO Stands Today

As of November 30, 2025, Credo Technology Group Holding Ltd (NASDAQ: CRDO) is heading into its next earnings report as one of the standout winners of the 2025 U.S. stock market.

According to Investing.com, CRDO is trading around $177.60 today, up sharply from a previous close near $164, with an intraday range from roughly $167.48 to $177.98 and a 52‑week band of $29.09 to $193.50. ^[1]

Google Finance’s list of top gainers also places Credo among the stronger movers, showing an 8%+ daily gain in its latest session. ^[2]

Over a longer window, CRDO is even more striking:

From April 4, 2025 to November 30, 2025, the stock is up about 423%, putting it among the very best‑performing large‑cap U.S. names in that period. ^[3]
Over the past two years, one technical analysis service estimates a +740% move, with the share price oscillating between $16.92 at the low and $187.62 at the high, albeit with a modest ~9% pullback observed between mid‑September and November 30, 2025. ^[4]

In short, Credo has gone from niche semiconductor name to AI‑themed market star. The question now: what happens as earnings hit?

The Big Near‑Term Catalyst: Q2 FY2026 Earnings on December 1

The next major event for CRDO is its second‑quarter fiscal 2026 earnings report, scheduled for Monday, December 1, 2025, after the U.S. market close. Multiple sources, including Zacks and Nasdaq, confirm this timing. ^[5]

What management guided:

In its Q1 FY2026 release and subsequent commentary, Credo guided for Q2 (quarter ending November 1, 2025) revenue in the $230–240 million range, implying roughly 5% sequential growth and around 120% year‑over‑year growth at the midpoint. It also telegraphed non‑GAAP gross margin of 64–66% and non‑GAAP operating expenses of $56–58 million. ^[6]

What Wall Street expects: estimates vary slightly by provider, but cluster tightly:

Zacks/Nasdaq highlight a consensus EPS estimate of about $0.49 and revenue around $235 million, implying a ~600% year‑over‑year EPS surge and +226% revenue growth. ^[7]
A separate preview from Seeking Alpha cites consensus Q2 revenue of roughly $235 million and EPS near $0.50, framing it as another strong AI‑driven quarter. ^[8]
Other aggregators, including Benzinga and Investing.com, point to EPS expectations in the $0.42–0.49 range and revenue near $234–235 million. ^[9]

Different services use slightly different non‑GAAP assumptions, but the message is consistent: analysts are betting on triple‑digit growth continuing, with margins staying high.

How Credo Got Here: Q1 FY2026 Was a Blowout

The enthusiasm around Monday’s report is rooted in a genuinely explosive last quarter.

In its Q1 FY2026 results (three months ended August 2, 2025), Credo reported: ^[10]

Revenue of $223.1 million, up 274% year‑over‑year and about 31% sequentially
Product revenue of about $217.1 million, up ~279% year‑over‑year, driven largely by its HiWire active electrical cables (AEC) and optical products
GAAP gross margin of 67.4% and non‑GAAP gross margin of 67.6%
GAAP diluted EPS of $0.34 and non‑GAAP diluted EPS of $0.52

Earnings trackers note that this print beat prior revenue and non‑GAAP EPS estimates by a wide margin, continuing a multi‑quarter pattern of upside surprises. ^[11]

Fundamental data providers now estimate Credo’s last‑twelve‑months revenue around $600 million, with revenue growth of ~176% year‑over‑year, far outpacing both its industry’s ~0% growth rate and the median of its communication‑equipment peer group. ^[12]

That sort of growth rate is precisely why CRDO has become one of 2025’s defining AI infrastructure stories.

What Credo Actually Does in the AI Stack

For all the talk about “AI stocks,” Credo doesn’t make GPUs or big training clusters. It sells the plumbing—high‑speed connectivity hardware and IP that lets data move between chips, servers and racks fast enough to keep AI accelerators busy.

According to the company and multiple independent profiles, Credo’s portfolio includes: ^[13]

HiWire active electrical cables (AECs) used inside data centers as lower‑power, lower‑cost alternatives to short‑reach optical links
Optical DSPs (digital signal processors) embedded in high‑speed optical modules
Line‑card PHYs and SerDes chiplets/IP (serializer/deserializer technology) that run at cutting‑edge speeds (up to 224G PAM4 per lane, enabling 1.6 Tbps ports)
Retimers, including PCIe retimers, that extend reach and maintain signal integrity inside increasingly dense AI and cloud servers

Several 2025 announcements underline how aggressively Credo is leaning into the AI connectivity theme:

In September 2025, it announced the acquisition of Hyperlume, bringing microLED‑based optical interconnect technology into its portfolio to improve bandwidth and energy efficiency in next‑generation AI data centers. ^[14]
In early November 2025, it unveiled Weaver, described as an industry‑first memory fanout gearbox designed to sharply increase memory bandwidth and density for AI accelerators and xPUs, targeting up to roughly 10× I/O density improvements and multi‑terabyte‑per‑second throughput. ^[15]
Through 2025, Credo also introduced a 1.6T “Bluebird” optical DSP, rolled out 224G PAM4 SerDes IP on TSMC’s N3 process, and continued to extend its PCIe retimer family—key blocks for future 200‑gig‑per‑lane AI networks. ^[16]

On the go‑to‑market side, the company is showcasing its AI connectivity portfolio at events such as ECOC 2025 and the OCP Global Summit 2025, positioning itself squarely in front of hyperscalers and cloud providers. ^[17]

All of this feeds into one narrative: if AI workloads keep scaling, the amount of high‑speed copper and optical connectivity needed explodes—and Credo wants to be the vendor of choice.

Today’s Flow: Weekend Buzz, Institutional Buying and Heavy Trading

Despite being a weekend, CRDO is still very much in the conversation going into December.

A weekend analysis focused on AI stocks notes that Credo enters the final month of 2025 as “one of the hottest AI infrastructure plays on Wall Street,” highlighting that institutional investors are still building positions even at elevated prices. TS2 Tech

Recent data points include:

A MarketBeat report showing F M Investments LLC increased its stake by 22.4% to 43,167 shares, and that large holders such as JPMorgan, Nuveen, Swedbank and others have also been adding or initiating positions. ^[18]
Separate filings indicate Legal & General Group plc has raised its CRDO holdings as well. ^[19]
CRDO appears as a notable holding in institutional funds such as the MDT Small Cap Core Fund, where it accounts for about 1.6% of the portfolio as of November 30, 2025. ^[20]

Trading activity has been intense:

Quiver Quant notes that CRDO was up about 2% on November 28, with roughly $22.5 million in trading volume, and ranked among the top ~1% of most‑searched tickers on its platform over the last day. ^[21]
MarketBeat and other outlets have also flagged sessions where the stock jumped 8%+ in a single day, reinforcing its reputation as a high‑beta AI name. ^[22]

This mix of strong price momentum, heavy trading, and ongoing institutional accumulation is central to the weekend narrative investors are digesting on November 30.

The Other Side of the Tape: Insider Selling and Equity Distribution

While institutions are net buyers, insiders have been doing the opposite.

Regulatory filings and news reports highlight that: ^[23]

CEO William (Bill) Brennan sold roughly $11.6 million worth of shares in recent weeks.
Over the last three months, insiders collectively sold around 973,000 shares, estimated at roughly $149 million in value, although insiders still retain close to 12% ownership of the company.
Multiple senior executives (including the CTO, COO and CFO) have filed sales or indicated intentions to sell stock.

In October 2025, Credo also entered into an equity distribution agreement with Goldman Sachs, allowing the company to sell up to $750 million of ordinary shares into the market over time. This gives Credo financial flexibility but also introduces potential future share dilution if the program is actively used. ^[24]

For a stock that has already multiplied several times, the combination of high valuation and consistent insider selling is one of the key concerns referenced by more cautious analysts.

Valuation: “Hottest AI Plumber” Also Means “Priced for Perfection”

Given its enormous run, CRDO no longer trades like a sleepy mid‑cap chip company.

Analysts at Zacks and Nasdaq point out that Credo currently trades at about 96× forward earnings, versus roughly 39× for the broader semiconductor industry. ^[25]

Other valuation and forecast services put the picture this way:

GuruFocus estimates the average 12‑month analyst price target around $148, with a range from $34 to $165, implying potential downside from recent trading levels above $170. ^[26]
TipRanks data shows the most recent analyst rating as “Buy” with a target around $182, slightly above today’s price, underscoring that some analysts still see upside despite the premium. ^[27]

Put simply, expectations are extremely high. The market is paying a premium for a company that:

Is growing revenue at triple‑digit rates
Operates with gross margins north of 60%
Sits directly in the flow of hyperscale AI spending

But high expectations cut both ways. Any wobble in Monday’s guidance—on revenue growth, margins, hyperscaler demand or AI infrastructure spending—could trigger a sharp reaction.

Analyst Views: From Rating Upgrades to “Handle With Care”

Recent analyst and commentator opinions about CRDO cluster into a few themes:

A Seeking Alpha contributor upgraded the stock from “Hold” to “Buy” ahead of Q2 earnings, arguing that a recent ~30% pullback was an overreaction and that Credo’s revenue diversification and AI exposure still justify a bullish stance. ^[28]
Zacks, in its November 28 preview, highlights Credo’s dominant growth in AEC and optical products, its push into PCIe retimers, and its focus on 1.6 Tbps‑class connectivity, but concludes that given customer concentration and premium valuation, the stock may warrant caution rather than aggressive chasing. ^[29]
A GuruFocus note earlier in the year downgraded Credo from “Strong Buy” to “Hold” after a steep price surge, citing stretched valuation and the risk of volatility if sentiment shifts. ^[30]

On the other side, broader data‑driven analyses emphasize the strength of the underlying business:

ValueSense points to revenue growth of about 176% year‑over‑year and multi‑year CAGRs above 80–120%, vastly outpacing peers like Cisco, HPE and Nokia. ^[31]
Technical‑trend services note that while Credo’s uptrend has slowed modestly since mid‑September, the longer‑term trajectory remains firmly bullish, with the stock still up more than 740% in two years. ^[32]

The debate, then, is not whether Credo is growing quickly—it clearly is—but how much of that growth is already reflected in the share price.

Governance and Strategic Moves: Board Changes, Patents and Partnerships

Beyond earnings and the share price, several structural developments are shaping Credo’s story as of late 2025:

In October 2025, long‑time semiconductor figure Lip‑Bu Tan resigned from Credo’s board, and Brian Kelleher—with senior experience at NVIDIA and other chipmakers—joined as a Class III director. This refresh adds heavyweight AI and semiconductor experience to the boardroom. ^[33]
At its Annual General Meeting in October, shareholders approved the election of directors, executive compensation and the appointment of Ernst & Young as auditor, signaling continued investor support for management’s strategy. ^[34]
Patent disputes around Credo’s active electrical cables (AECs) have been substantially cleared through settlements and licensing:
- A settlement and license agreement with Amphenol resolved active electrical cable patent litigation. ^[35]
- A separate agreement licenses Credo’s active electrical cable patents to The Siemon Company, monetizing its IP and reducing legal overhang. ^[36]

These steps collectively reinforce a strategy built on owning key IP, embedding deeply in AI and cloud ecosystems, and maintaining the financial flexibility to invest aggressively.

Key Things for Investors to Watch in Monday’s Earnings

Looking ahead from November 30, the market’s reaction to CRDO is likely to hinge on a handful of datapoints and themes:

Q2 Revenue vs. the $230–240M Guide
- A print materially above the midpoint could support the current premium; a miss or guide‑down would be more problematic. ^[37]
Non‑GAAP Gross Margin and Operating Leverage
- Credo is targeting 64–66% non‑GAAP gross margin and has already shown expanding non‑GAAP operating margins. Sustaining that while ramping AI volumes is critical to the long‑term thesis. ^[38]
Hyperscaler Concentration and Demand Commentary
- Zacks notes that a small number of major customers each account for >10% of revenue, which makes Credo vulnerable if any hyperscaler slows spending. Investors will be listening for hints of order timing, ramp schedules and any delays. ^[39]
Optical and PCIe Retimer Traction
- Management has talked about doubling optical revenue in fiscal 2026 and winning PCIe retimer designs for next‑generation AI servers; concrete updates here could support long‑term growth narratives. ^[40]
Capital Allocation and Dilution
- With a $750 million at‑the‑market equity program in place and recent heavy insider selling, investors may pay close attention to share count trends and any commentary on how aggressively Credo intends to issue stock at current valuations. ^[41]

Bottom Line on November 30, 2025

As of November 30, 2025, Credo Technology Group Holding Ltd sits at the intersection of explosive AI data‑center growth and aggressive market expectations:

The company has delivered triple‑digit revenue growth, expanding margins and a suite of products that appear central to the physical infrastructure of AI. ^[42]
The stock has multiplied several times over in two years and now trades at a premium valuation, supported by strong institutional interest but offset by sustained insider selling. ^[43]
Analysts are broadly positive on the business but divided on whether the risk–reward at current prices is attractive ahead of another potentially volatile earnings event. ^[44]

For traders and investors following CRDO into Monday’s report, the story on November 30 is clear: the fundamentals have rarely looked stronger, but the bar has rarely been higher.

$CRDO - Credo Technology - AI data center infrastructure