On July 1, 2026, Beijing time, the share price of Credo Technology Group Holding (NASDAQ: CRDO) surged 10.69%, closing at $271.95. During the session, the share price rebounded from a low of $244.06 to a high of $275.43, with a swing of 12.77%. Trading volume reached 8.0721 million shares, and total market capitalization climbed to $50.713 billion.

CRDO’s move was not an isolated case. In June 2026, the market repeatedly focused on theme stocks related to optical communications and high-speed interconnects. Musk acquired the optical communications startup Mesh Optical Technologies through his own entity, and the FTC has approved the antitrust review. At Computex 2026, NVIDIA CEO Jensen Huang clearly stated that connectivity has become a “necessity” for AI infrastructure. Marvell CEO Matt Murphy was even more direct, saying outright that the real bottleneck of AI infrastructure is no longer computing power or memory, but connectivity.

Market signals and industry judgment are pointing to the same direction: competition among AI data centers is shifting from an “arms race in computing power” to a “network efficiency race.”

From computing power to connectivity: a model shift in AI infrastructure bottlenecks. Over the past three years, the narrative around global AI infrastructure investment has been highly concentrated—GPU procurement