Why Is Credo Technology (CRDO) Stock Price Down 7.71% Today, July 29? AI Connectivity Selloff Deepens After the Fed Decision

Credo Technology fell ~7.7% amid a broader AI-chip and AI-connectivity de-risking move after the Fed held rates steady, pressuring long-duration growth valuations as yields rose. The move appears sector-driven rather than tied to a confirmed company-specific reset, highlighting elevated sensitivity of AI-infrastructure proxies to macro discount-rate repricing and semiconductor breadth. Near-term tone remains risk-off while the stock trades below key moving averages.