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The AI Optics Trade: Path To Higher ASPs And Margin Re‑Rating

Writer: Henriot Investment Management LLC
Henriot Investment Management LLC
Jul 1
7 min read

  • I believe the company's SerDes/optics roadmap positions it to capture AI-driven hyperscaler bandwidth demand while trading at conservative forward multiples versus peers.


  • Growth will be driven by AI bandwidth expansion, hyperscaler design wins and a heavy backlog-to-revenue cadence as networking accelerates. I expect share gains in 12–18 months.


  • Valuation looks attractive on a forward PEG and EV/EBITDA basis relative to Broadcom, Marvell, and Lumentum, implying upside if Credo hits 2025 targets.


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