Why Credo Technology Stock Skyrocketed 245% in 2024
Shares of Credo Technology (NASDAQ: CRDO), which makes high-speed connectivity solutions for the data infrastructure market, skyrocketed 245% in 2024, according to data from S&P Global Market Intelligence. (In 2025, Credo stock is down 3.2% through Tuesday, Jan. 14.)
For context, Credo stock's 2024 performance was nearly 10 times the S 500 index's 25% return and more than 8 times the tech-heavy Nasdaq Composite index's return of 29.6%. Moreover, shares of Credo even outperformed those of the mighty artificial intelligence (AI) chip leader, Nvidia, whose shares soared 171% in 2024.
Credo stock's main catalyst in 2024 was strong demand for its products for AI-enabled data centers. These data centers are growing rapidly to support the powerful demand for AI capabilities.
Source Fool.com
