Credo Technology Group Holding Ltd CRDO

The business

Credo makes the parts that move data very fast over very short distances. The headline product is the active electrical cable: a copper cable with silicon in the connector that cleans up the signal, so a data centre can run 800 gigabits between racks without paying for optics. It also sells optical signal processors, retimers for the connections between chips, and licensed serialiser designs that other people build into their own silicon.

The customer is whoever is assembling artificial intelligence clusters this year. Ten customers are roughly 90% of revenue, identified in the filings only by letter. This is a components business selling into the fastest capital cycle in the industry's history, which is both why it tripled and why the customer table is the first thing to read.