Robert Bresnahan, an American politician and businessman serving as the representative for Pennsylvania’s 8th congressional district, reported dozens of new stock trades on July 9.

One of them, Credo Technology (NASDAQ: CRDO), stuck out, as Bresnahan had not invested in the artificial intelligence (AI) company before.

Now, it appears the suspicion was warranted, as the stock has gained nearly 90% since he purchased it on June 3 and almost 187% in the past six months.

Credo stock soars on AI demand

Credo Technology has been on a run this year. Its shares jumped 20% this week alone following strong first-quarter earnings that blew all Wall Street expectations and demonstrated the company’s growing role in the sector.

The surge was largely fueled by the rapid adoption of Credo’s active cable technology that connects data center servers with network switches more efficiently than traditional fiber or copper cabling. 

What’s more, Credo’s customers now include big tech firms such as Amazon (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), and Elon Musk’s xAI, each accounting for more than 10% of the revenue. 

Analysts are bullish, TD Cowen raising its CRDO price target from $140 to $160 on Thursday, September 4. The company is likewise optimistic, expecting fiscal 2026 revenue between $230 million and $240 million and a targeted year-over-year growth of roughly 120%.

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