If you are looking for a semiconductor stock that is not Nvidia and has actually crushed Nvidia so far this year, you are not chasing another GPU name. You are looking at Credo Technology (CRDO -12.58%), a company that does something far less glamorous and, in this cycle, just as important. Credo is wiring the artificial intelligence (AI) build-out together, and markets have started to price that in. Credo is up 80% this year, while Nvidia is up only 20%.
What Credo does
Credo's specialty is high-speed connectivity for data centers, especially the links that move data in and out of accelerators and across racks when thousands of GPUs are working together. The company sells active electrical cables, serializer-deserializer chips, and IP blocks that let hyperscalers push 800G and 1.6T connections over cheaper copper within the rack instead of fiber.
NASDAQ: CRDO
Key Data Points
That sounds technical, but the idea is really kinda simple. As AI clusters grow from hundreds of accelerators to tens of thousands, the network becomes just as important as the chip. If you cannot move data quickly and efficiently, those expensive GPUs will just sit idle. Credo's products reduce power use, simplify cabling, and cut costs at the physical layer, which lets cloud providers scale AI infrastructure without blowing up their budgets.
Riding the AI infrastructure wave
What changed for Credo over the last two years was that these links went from nice-to-haves to mandatory. Hyperscalers began standardizing on architectures that use Credo-style connectivity to drive next-generation AI pods, and multiple cloud customers ramped to the point where each represented more than 10% of revenue. Instead of being a small supplier, Credo became a critical piece of how big tech physically builds AI data centers.
You can see that shift in how people talk about the stock. Commentaries now frame Credo as a "high-speed, high-stakes AI infrastructure play" rather than a niche chip design house. The stock has followed suit, with multi-year gains that far outpaced broader semiconductor indexes as investors realized that wiring can be a bottleneck just like compute.
Image source: Getty Images.
Why markets pay up for this story
The reason markets reward Credo so richly is not only growth. It is also the structure of its business. The company has shown it can scale volume into large hyperscale contracts while keeping gross margins in a range more typical of established chip leaders than small hardware vendors. It also sits in a sweet spot, benefiting from Nvidia and Advanced Micro Devices selling more accelerators without being tied to any single vendor's roadmap. If AI demand stays strong, all those chips still need to talk to each other, which means more work for Credo.
There are real risks. Competition in connectivity is fierce, and hyperscalers negotiate hard. Valuation has climbed to levels that assume Credo can keep capturing sockets as new standards arrive. But if you believe the AI build-out will continue to grow in size and complexity, it is not hard to see why investors have treated Credo as a supercharged way to play that theme.
Corning belongs in the same conversation
Zoom the camera out a little, and you start to see another quiet winner behind the scenes: Corning (GLW -8.27%). Credo handles links inside and between racks, but those racks sit in campuses tied together by oceans of fiber. Corning is supplying that glass. Meta Platforms, for example, has committed up to $6 billion through 2030 to Corning fiber-optic cable for its AI data centers, reflecting how much more fiber AI needs than traditional cloud.
NYSE: GLW
Key Data Points
At the 2026 OFC conference, Corning rolled out multicore fiber and high-density micro cables that pack more capacity into each strand and duct, specifically pitched at AI data centers that are running out of physical space for more lines. In other words, Credo and Corning are solving two sides of the same problem: how to move more data, more cheaply, through networks that were never designed for this kind of load.
Nvidia will continue to define much of the compute story in AI, but the market's excitement around Credo in 2026 shows that ownership of the plumbing can be just as powerful. Add Corning's fiber into that picture, and you start to see a broader truth. The new super-semiconductor winners in this cycle are the ones making sure all those famous chips can actually work.
