今天開盤可能要小心台灣光纖產業鏈拉回，因為Credo 這個搞銅線連接的數字太好了， 本來Rack 跟Rack 的連接都是用光纖，但因為太貴，reliability 又比較差, 所以有些改成銅線連接。難怪之前整理季度數據，還在納悶光纖業3Q25營收都低於市場預期。One of key Serdes vendors Credo reports 5% higher sales in 3Q25. Driven by strong core AEC shipment, Credo guides 25-29% qoq sales and 152% yoy growth for 4Q25 and share price is up more than 15% post the market closing. To fill up 4Q25 demand, the company boosted its MOI to 5.2 months, up 8% qoq and 26% yoy. Non GAAP gross margin guidance of 64-66% for 4Q25 is in line with Bloomberg consensus estimates. Please read our earlier posted report why data center IC yoy sales outpacing customers’ on