The upside case is an architecture transition where power delivery, not compute, sets deployment speed. Execution can drive strong revenue growth, but concentration and valuation keep outcomes asymmetric.

If AI infrastructure keeps pushing rack power density onto the critical path, Vicor can compound via higher content-per-system (advanced modules) plus a more repeatable royalty stream—yet equity upside is still gated by customer concentration and today’s already-premium valuation.

Picks-and-shovels for the compute buildout: power density/efficiency becomes a binding constraint as compute scales, making Vicor’s module/IP stack more valuable even without being an AI model maker.

Vicor’s path to outsized outcomes is less about unit volume and more about architecture-driven mix shift: higher-value advanced modules per compute system, plus royalties that scale with industry adoption of high-density power delivery. The non-linearity comes when power delivery becomes the gating item for deploying compute (time-to-power), pulling Vicor into larger sockets and longer-lived programs. The limiter is that the market already prices Vicor as a premium data-center power beneficiary, so execution breadth (multiple scaled platforms and durable royalties) matters more than narrative.

The biggest risks are (1) platform-decision concentration in AI compute power architectures, (2) durability/repeatability of royalty economics versus one-off events, and (3) valuation: even a strong operating outcome can be offset by multiple compression if growth stays lumpy.

$98.33