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Credo has the widest gap between fundamentals and share price among optics names, but also the worst chart, so it merits a staged, half-size entry rather than a full one. The optics selloff is macro, not fundamental: markets priced a 92-93% chance of a 25bp Fed hike, the 10-year yield hit 5.04%, the highest since 2007, and chip stocks fell 5% after Dario Amodei called for slowing frontier AI. Rate moves cut optical multiples before the rest of AI hardware, and they are still compressing. x.comÂ
