Credo Technology delivered 206% YoY revenue growth to $1.335B, driven by massive copper cable deployments for AI data center clusters. Growth is normalizing, with Q1 guidance at +7% QoQ; optics are expected to accelerate from H2 FY27, targeting $600M+ in FY27 optics revenue. Non-GAAP operating margin surged from 8.5% to 48%, but margin compression is expected as optics, a lower-margin business, becomes a larger revenue contributor.