Another strong report from $CRDO -- investors.credosemi.com/news… Stock is probably down AH because the reported $479M revs vs $473M estimates looks like a small beat (and the market wanted more) but the price action is ignoring the massive ramp that is going to happen in the second half of FY2027. $CRDO just reported their FY2027 Q1: Revenues were up +114% YoY Net income was up 141% YoY When $CRDO reported FY2026 Q4 revs a few months ago they didn't give official FY2027 guidance however on the earnings call management said revenues would be up at least 80% YoY. Two weeks ago Goldman Sachs met with management and then increased their FY2027 numbers... their new revenue estimate implies 96% YoY If we assume Goldman Sachs is closer to the right number for FY2027 (they're probably still leaving room for upside raises), and gross margins stay around 68% and net income margins stay around 50%, then $CRDO should do around $1.3B of net income in FY2027 which means the stock is trading AH at 28x FY2027 EPS with EPS likely growing in the 90-100% range (maybe higher). I suspect management will give an update on that unofficial FY2027 guidance, might go from "at least 80%" to "at least 85% or at least 90%" Coming into this print, this is where consensus was on QoQ revenue growth for the next 4 quarters: Q1 +7.8% Q2 +9.6% Q3 +27.1% Q4 +23.8% So, when I say the big ramp is coming in the second half of FY2027, this is what I mean... alot of this is coming from their optics business. 3 months ago management said "at least 80% growth in FY2027" but now they have more visibility so a bump up on that number means the ramp in 2H will be even bigger than expected. Additionally, the massive ai/dc capex buildout from $SPCX over the next 1-2 years could be the wildcard for $CRDO because that growth is definitely not included in current guidance / estimates. Finally, I think $CRDO will grow EPS at a ~60% CAGR for the next 3 years so the stock looks very mispriced to me at 28x FY2027 EPS NFA DYOR. *We are long $CRDO. .