Credo Technology (CRDO) Climbs 9% as Firm Eyes ‘More-Than-Triple’ Revenue Growth in Next 2 Years

CRDO -5.16%

We recently published 10 Stocks Delivering Massive Returns. Credo Technology Group Holding Ltd (NASDAQ:CRDO) was one of the best performers on Tuesday.

Credo Technology extended its winning streak to a fourth consecutive day on Tuesday, jumping 9.16 percent to close at $134.72 apiece as investor sentiment was bolstered by a highly optimistic outlook for this year and the next, with revenues targeted to more than triple year-on-year.

In a statement, the company said it expects revenues to grow by “more than 200 percent year-over-year” amid the rapidly growing demand from the AI sector.

Credo Technology Group Holding Ltd (NASDAQ:CRDO) also released preliminary results on its third quarter earnings performance ending January 31, with expectations of $404 million to $408 million in revenues, or above the high-end of its previous guidance of $335 million to $345 million.

Official results are scheduled for release after market close on March 2.

In other news, Credo Technology Group Holding Ltd (NASDAQ:CRDO) announced that its PCIe 6.0 technology-capable Toucan PCIe retimer has recently earned PCI-SIG compliance.

The said product, which achieved compliance at PCIe 5.0 technology speeds, ensures interoperability, signals integrity, and low-power performance across industry-standard platforms. This enables customers to deploy the technology and previous generation systems, avoiding compatibility and debugging challenges common with legacy-only solutions while preparing for future PCIe technology transitions.

While we acknowledge the potential of CRDO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.