Vicor Corporation
Information Technology · Electronic Components
Structural: AI-rack power density (NVL72 ~120kW today, ~250kW Rubin-class roadmap) breaks the legacy 12V bus; 48V-direct-to-PoL with point-of-load vertical power modules is now the default GPU power topology, and Vicor's patented current-multiplier VTM is one of the few production architectures that delivers 1500A+ at <1V at the die edge.
Royalty-bearing IP licensing program (filed against $NVDA-ecosystem peers) is an optional second leg if litigation lands.
(1) ChiP-scale 48V-to-PoL design wins ramping with the next AI accelerator cycle; (2) ITC complaints vs Delta/Foxconn-tier module makers could convert into running royalties; (3) new ChiP fab (Andover) lifts gross-margin ceiling as utilization climbs; (4) defense/aerospace backlog is non-cyclical ballast; (5) sticky sole-source designs once qualified into a GPU board.
(1) hyperscalers ($GOOGL $META) are vertically integrating power delivery in-house; (2) $MPWR + $ADI + $TXN compete aggressively on multi-phase 48V VRMs; (3) revenue lumpy on single-customer concentration; (4) Andover fab underutilization weighs on margins until volume ramps; (5) litigation IP thesis is binary and slow.
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