15 AI Stocks That Skyrocketed in Q4

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13. Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Number of Hedge Fund Holders: 30

Stock Price Performance in Q4 2024: ~118%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) offers high-speed connectivity solutions for optical and electrical Ethernet applications. Its products include active electrical cables, digital signal processors, chiplets, and IP licensing for SerDes. The company serves customers in areas like hyperscaling, original equipment manufacturing, and the enterprise and HPC markets.

Credo (NASDAQ:CRDO) experienced the highest rise in its stock price since 2022 after it reported FQ2 2025 results on December 2. The company generated a revenue of $72.03 million, up nearly 63% year-over-year and EPS of $0.07 outperformed the estimates by $0.02. The company also provided an FQ3 revenue outlook between $115 million and $125 million compared to the $86.03 million consensus.

After the earnings, BofA double-upgraded the stock to Buy from Underperform and raised the price target to $80 from $27. The firm highlighted Credo’s shift to a more robust earnings growth model and expects a multi-year adoption cycle for its Active Electrical Cable product, which supports energy-efficient AI clusters. According to analyst Vivek Arya, the company is expected to deliver a strong second half of FY25, driven by AI growth at Amazon Web Services and momentum with major customers like Microsoft, Amazon, and Tesla, along with progress in areas like optical DSP and line card PHY.

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