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Summary

Vicor is transitioning from a power-module manufacturer to an IP-licensing compounder with a high-margin fab, right at the center of the AI infrastructure buildout bottleneck.

VICR’s licensing segment targets a 50% CAGR at near-100% gross margin, enforced by ITC exclusion orders, and is rapidly transforming the company’s valuation profile.

Management’s FY26 revenue guide of ~$570M excludes new licensing deals; capacity expansion and margin leverage are set to drive EPS and multiple expansion.

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Investment thesis

I think Vicor ( VICR ) is still being valued as an analog/semiconductor, manufacturing company when it is actually becoming an IP-licensing compounder with an AI-exposed high-margin fab as the kicker. Their licensing line is near-100% gross

Analyst’s Disclosure: I/we have a beneficial long position in the shares of VICR either through stock ownership, options, or other derivatives.…