Abstracts of MPS (MPWR) Note • Initiate Buy | TP $1,706
• Key position in AI power (GPU + ASIC) on Strong demand + VPD module uplift + firm pricing from DrMOS shortages
• Storage / enterprise data / auto design wins → broad recovery
• EPS forecast: $28 (2026E) / $49 (2027E)
• Target based on 35x 2027E P/E • GPU power surging (H100 → B200 → Rubin) + higher density per rack
• Conventional power delivery hits limits → strong demand for high-phase PoL VRMs (12V→1V)
• AI 12V-1V power TAM set for strong growth amid tight supply
• Differentiated tech: leading BCD process + Intelli-Phase + DPPM architectures
• Enterprise Data sales expected +153% / +81% YoY in 2026E/2027E • Long-term capacity target lifted well above $6bn
• New product ramps unlocking SAM in storage, communications & automotive
• Initial high-speed DDR5 orders secured
• Sampling high-voltage AC-DC for 800V data-center architectures
• Automotive: >1,500 new sockets shipped YTD (ADAS + in-vehicle electronics) #MPS# #MPWR#

$VICR closed at 253.50 on August 17th only to be quickly faded and pounded back to the 170s within days. Now this level is acting as strong support-prob a low risk place to stash some shares away. Why did this area that was rejected so quickly turn into support recently? Lets look at whats happened since then. -Vicor purchased an existing building that has clean room space for fab2, this building is the same size as their fab1 which is en route to producing 1.5b a year in product revenue. -This same building location has enough land to build at least 2-3 more fabs. -They purchased another site minutes away with enough land to build yet another 4 fabs, yes they now have space for 7-8 fabs. They have said many times they expect to need a "multiplicity of fabs" because of where GPU/XPU's are headed, next gen advanced packaging architectures make VPD MUST HAVE, not "nice to have." -They filed lawsuits against Delta/MPWR/Quanta/Flex/CLS/Foxconn and many others both in the ITC and in the Texas district court(ITC would not issue a monetary award, only would ban importation of certain infringing products, Texas court could issue monetary award to Vicor-likely lead to settlements before it gets that far) -After they bought that land and filed those lawsuits, they signed a license with a "leading AI OEM" for VPD products that OEM is purchasing from other companies that are infringing Vicor IP. How do we know they are infringing Vicor IP before the lawsuits are decided? Exactly- we dont, but the "leading AI OEM" signed a license anyway-they must know Vicor has a very strong case and can't jeopardize putting their supply chain at risk with an exclusion order issued by the ITC- -Last friday, the ITC accepted the case and decided to move on-and immediately after, Foxconn, Luxshare and Hon Hai(foxconn parent) put out press releases that came off a bit defensive. -Yesterday, Morgan Stanley who is bullish on Delta-says Delta has "high single digit percentage"(I'll assume 7% for conversations sake) of 2026 revenue that could be affecgted by Vicor case. Delta is doing 25b this year, thats 1.75b in revenue that Morgan Stanley believes is potentially using Vicor IP. Vicor is a 12b market cap company-huge implications here.

EARNINGS CALENDAR: NEXT 30 DAYS 261 companies report from October 20 through November 13, 2026. TUESDAY, OCTOBER 20, 2026 BEFORE THE OPEN • NOC (Northrop Grumman Corporation) • VICR (Vicor Corporation) AFTER THE CLOSE • NFLX (Netflix, Inc.) WEDNESDAY, OCTOBER 21, 2026 BEFORE THE OPEN • NEE (NextEra Energy, Inc.) • PM (Philip Morris International Inc.) • TDY (Teledyne Technologies Incorporated) AFTER THE CLOSE • HXL (Hexcel Corporation) • IBM (International Business Machines Corporation) • LRCX (Lam Research Corporation) • META (Meta Platforms, Inc.) • SAP (SAP SE) • TSLA (Tesla, Inc.) • TXN (Texas Instruments Incorporated) THURSDAY, OCTOBER 22, 2026 BEFORE THE OPEN • BX (Blackstone) • CRS (Carpenter Technology Corporation) • DTE (DTE Energy Company) • EME (EMCOR Group, Inc.) • FIX (Comfort Systems USA, Inc.) • LMT (Lockheed Martin Corporation) • NBIS (Nebius Group N.V.) • NOK (Nokia Corporation) • PCG (PG&E Corporation) • SPOT (Spotify Technology S.A.) • VLO (Valero Energy Corporation) • WKC (World Kinect Corporation) AFTER THE CLOSE • BE (Bloom Energy Corporation) • MXL (MaxLinear, Inc.) • VRSN (VeriSign, Inc.) • WDC (Western Digital Corporation) TIME NOT SET • TTMI (TTM Technologies, Inc.) FRIDAY, OCTOBER 23, 2026 BEFORE THE OPEN • INFY (Infosys) • NVT (nVent Electric plc) • XOM (ExxonMobil Holdings Corporation) MONDAY, OCTOBER 26, 2026 AFTER THE CLOSE • AMKR (Amkor Technology, Inc.) • CDNS (Cadence Design Systems, Inc.) • CLS (Celestica Inc.) • RMBS (Rambus Inc.) TUESDAY, OCTOBER 27, 2026 BEFORE THE OPEN • CMS (CMS Energy Corporation) • CNP (CenterPoint Energy, Inc.) • GLW (Corning Incorporated) • GLXY (Galaxy Digital Inc.) • GOOGL (Alphabet Inc.) • HUBB (Hubbell Incorporated) • SKHY (SK Hynix Inc) AFTER THE CLOSE • ASMIY (ASM International NV) • EQT (EQT Corporation) • FE (FirstEnergy Corp.) • FFIV (F5, Inc.) • HOOD (Robinhood Markets, Inc.) • NXPI (NXP Semiconductors N.V.) • RBBN (Ribbon Communications Inc.) • STX (Seagate Technology Holdings plc) • TER (Teradyne, Inc.) • UCTT (Ultra Clean Holdings, Inc.) • V (Visa) TIME NOT SET • FCX (Freeport-McMoRan Inc.) WEDNESDAY, OCTOBER 28, 2026 BEFORE THE OPEN • AEP (American Electric Power Company, Inc.) • APH (Amphenol Corporation) • DINO (HF Sinclair Corporation) • EXTR (Extreme Networks, Inc.) • FTV (Fortive Corporation) • KLAC (KLA Corporation) • MYRG (MYR Group Inc.) • PSX (Phillips 66) • TEL (TE Connectivity plc) • UMC (United Microelectronics Corporation) • VRT (Vertiv Holdings Co) • WOLF (Wolfspeed, Inc.) AFTER THE CLOSE • AWK (American Water Works Company, Inc.) • EBAY (eBay Inc.) • EQIX (Equinix, Inc.) • FORM (FormFactor, Inc.) • MSFT (Microsoft Corporation) • NOW (ServiceNow, Inc.) • OLED (Universal Display Corporation) • SIMO (Silicon Motion Technology Corporation) TIME NOT SET • ACMR (ACM Research, Inc.) • FLEX (Flex Ltd.) • GEV (GE Vernova Inc.) THURSDAY, OCTOBER 29, 2026 BEFORE THE OPEN • AES (The AES Corporation) • ALGM (Allegro MicroSystems, Inc.) • AMZN ( Inc.) • ASX (ASE Technology Holding Co., Ltd.) • BTU (Peabody Energy Corporation) • CARR (Carrier Global Corporation) • COHU (Cohu, Inc.) • COIN (Coinbase Global, Inc.) • CTSH (Cognizant Technology Solutions) • ENTG (Entegris, Inc.) • GSAT (Globalstar, Inc.) • IEP (Icahn Enterprises L.P.) • KTOS (Kratos Defense & Security Solutions, Inc.) • MA (Mastercard) • MCHP (Microchip Technology Incorporated) • ONTO (Onto Innovation Inc.) • PBF (PBF Energy Inc.) • PGY (Pagaya Technologies Ltd.) • PPL (PPL Corporation) • PWR (Quanta Services, Inc.) • RKT (Rocket Companies, Inc.) • SILC (Silicom Ltd.) • STM (STMicroelectronics N.V.) • SWKS (Skyworks Solutions, Inc.) • VISN (Vistance Networks, Inc.) • WCC (WESCO International, Inc.) • XEL (Xcel Energy Inc.) AFTER THE CLOSE • AXTI (AXT, Inc.) • DAR (Darling Ingredients Inc.) • DLR (Digital Realty Trust, Inc.) • EIX (Edison International) • FTAI (FTAI Aviation Ltd.) • INTC (Intel Corporation) • LNT (Alliant Energy Corporation) • MPWR (Monolithic Power Systems, Inc.) • MSTR (Strategy Inc.) • SNDK (Sandisk Corporation) TIME NOT SET • TECK (Teck Resources Limited) FRIDAY, OCTOBER 30, 2026 BEFORE THE OPEN • BP (BP PLC) • CVX (Chevron Corporation) • EXC (Exelon Corporation) • SRE (Sempra) MONDAY, NOVEMBER 2, 2026 BEFORE THE OPEN • BRK/A (Berkshire Hathaway Inc. (Class A)) • CVI (CVR Energy, Inc.) • ON (ON Semiconductor Corporation) • PEG (Public Service Enterprise Group Incorporated) • TSEM (Tower Semiconductor Ltd.) AFTER THE CLOSE • AAPL (Apple Inc.) • BWXT (BWX Technologies, Inc.) • ICHR (Ichor Holdings, Ltd.) • LSCC (Lattice Semiconductor Corporation) • PLTR (Palantir Technologies Inc.) • WMB (The Williams Companies, Inc.) TIME NOT SET • AEHR (Aehr Test Systems) TUESDAY, NOVEMBER 3, 2026 BEFORE THE OPEN • ADTN (ADTRAN Holdings, Inc.) • AEIS (Advanced Energy Industries, Inc.) • AME (AMETEK, Inc.) • APO (Apollo Global Management, Inc.) • ETN (Eaton Corporation plc) • IPGP (IPG Photonics Corporation) • LFUS (Littelfuse, Inc.) • MPC (Marathon Petroleum Corporation) • NLST (Netlist, Inc.) • SMCI (Super Micro Computer, Inc.) • WEC (WEC Energy Group, Inc.) AFTER THE CLOSE • ALAB (Astera Labs, Inc.) • AMD (Advanced Micro Devices, Inc.) • ANET (Arista Networks, Inc.) • NVTS (Navitas Semiconductor Corporation) • PARR (Par Pacific Holdings, Inc.) TIME NOT SET • PNW (Pinnacle West Capital Corporation) • SUN (Sunoco LP) • TLN (Talen Energy Corporation) WEDNESDAY, NOVEMBER 4, 2026 BEFORE THE OPEN • ACLS (Axcelis Technologies, Inc.) • CAT (Caterpillar Inc.) • DHT (DHT Holdings, Inc.) • ETR (Entergy Corporation) • GFS (GlobalFoundries Inc.) • GNRC (Generac Holdings Inc.) • HUT (Hut 8 Corp.) • MELI (MercadoLibre, Inc.) • NI (NiSource Inc.) • Q (Qnity Electronics, Inc.) • RDDT (Reddit, Inc.) • SHAZ (SharonAI Holdings, Inc.) • UBER (Uber Technologies, Inc.) • VPG (Vishay Precision Group, Inc.) • VSH (Vishay Intertechnology, Inc.) • VVV (Valvoline Inc.) AFTER THE CLOSE • APP (AppLovin Corporation) • ARM (Arm Holdings plc) • ATO (Atmos Energy Corporation) • DASH (DoorDash, Inc.) • EMR (Emerson Electric Co.) • MKSI (MKS Inc.) • ORA (Ormat Technologies, Inc.) • SEI (Solaris Energy Infrastructure, Inc.) • SITM (SiTime Corporation) • VIAV (Viavi Solutions Inc.) TIME NOT SET • CRCL (Circle Internet Group, Inc.) • RAL (Ralliant Corporation) THURSDAY, NOVEMBER 5, 2026 BEFORE THE OPEN • AAOI (Applied Optoelectronics, Inc.) • AMTX (Aemetis, Inc.) • CMI (Cummins Inc.) • CNR (Core Natural Resources, Inc.) • DCO (Ducommun Incorporated) • DDOG (Datadog, Inc.) • DIOD (Diodes Incorporated) • DUK (Duke Energy Corporation) • EVRG (Evergy, Inc.) • FWONA (Liberty Media Corporation (Series A)) • INOD (Innodata Inc.) • MTSI (MACOM Technology Solutions Holdings, Inc.) • NRG (NRG Energy, Inc.) • NVMI (Nova Ltd.) • PDFS (PDF Solutions, Inc.) • SO (The Southern Company) • SPCX (Space Exploration Technologies Corp.) • SYNA (Synaptics Incorporated) • TRGP (Targa Resources Corp.) • TTD (The Trade Desk, Inc.) • WIX ( Ltd.) AFTER THE CLOSE • AKAM (Akamai Technologies, Inc.) • AOSL (Alpha and Omega Semiconductor Limited) • ATEN (A10 Networks, Inc.) • CLNE (Clean Energy Fuels Corp.) • ED (Consolidated Edison, Inc.) • EOG (EOG Resources, Inc.) • LITE (Lumentum Holdings Inc.) • NET (Cloudflare, Inc.) • PSIX (Power Solutions International, Inc.) • WLDN (Willdan Group, Inc.) TIME NOT SET • HIMX (Himax Technologies, Inc.) FRIDAY, NOVEMBER 6, 2026 BEFORE THE OPEN • ALMU (Aeluma, Inc.) • CLMT (Calumet, Inc.) • VST (Vistra Corp.) TIME NOT SET • WULF (TeraWulf Inc.) MONDAY, NOVEMBER 9, 2026 BEFORE THE OPEN • CAPL (CrossAmerica Partners LP) • CEG (Constellation Energy Corporation) • CENX (Century Aluminum Company) • DOCN (DigitalOcean Holdings, Inc.) • FN (Fabrinet) • KKR (KKR & Co. Inc.) • SANM (Sanmina Corporation) • STRL (Sterling Infrastructure, Inc.) • VECO (Veeco Instruments Inc.) AFTER THE CLOSE • HIMS (Hims & Hers Health, Inc.) TIME NOT SET • VG (Venture Global, Inc.) TUESDAY, NOVEMBER 10, 2026 BEFORE THE OPEN • AIP (Arteris, Inc.) • AXON (Axon Enterprise, Inc.) • RIOT (Riot Platforms, Inc.) • TEM (Tempus AI, Inc.) WEDNESDAY, NOVEMBER 11, 2026 BEFORE THE OPEN • AEE (Ameren Corporation) • AEVA (Aeva Technologies, Inc.) • ASM (Avino Silver & Gold Mines Ltd) • CIFR (Cipher Digital Inc.) • COHR (Coherent Corp.) • CORZ (Core Scientific, Inc.) • DK (Delek US Holdings, Inc.) • DKL (Delek Logistics Partners, L.P.) • ECHO (EchoStar Corporation) • ENS (EnerSys) • KGS (Kodiak Gas Services, Inc.) • LEU (Centrus Energy Corp.) • MARA (MARA Holdings, Inc.) • POWI (Power Integrations, Inc.) • QCOM (QUALCOMM Incorporated) • SKM (SK Telecom Co., Ltd.) • SU (Suncor Energy Inc (Canada)) • TE (T1 Energy Inc.) AFTER THE CLOSE • UGP (Ultrapar Participacoes SA) THURSDAY, NOVEMBER 12, 2026 BEFORE THE OPEN • BTBT (Bit Digital, Inc.) • FRMI (Fermi Inc.) • PANW (Palo Alto Networks) • POET (POET Technologies Inc.) • SBET (Sharplink, Inc.) • SLNH (Soluna Holdings, Inc.) • WYFI (WhiteFiber, Inc.) AFTER THE CLOSE • AMAT (Applied Materials, Inc.) TIME NOT SET • BDCO (Blue Dolphin Energy Company) • TRT (Trio-Tech International) FRIDAY, NOVEMBER 13, 2026 BEFORE THE OPEN • MOVE (Corvex, Inc.)

Here is every stock currently in the Invesco QQQ Trust $QQQ: NVIDIA $NVDA 8.49% weighting Apple $AAPL 7.71% Microsoft $MSFT 6.02% Micron Technology $MU 4.69% Amazon $AMZN 4.43% Advanced Micro Devices $AMD 3.34% Google (Class A) $GOOGL 3.15% Google (Class C) $GOOG 2.92% Tesla $TSLA 2.87% Broadcom $AVGO 2.83% Meta Platforms $META 2.77% Walmart $WMT 2.31% Intel $INTC 1.99% Cisco Systems $CSCO 1.93% Costco Wholesale $COST 1.86% Palantir Technologies $PLTR 1.84% Lam Research $LRCX 1.62% Applied Materials $AMAT 1.57% Netflix $NFLX 1.52% Palo Alto Networks $PANW 1.32% Space Exploration Technologies $SPCX 1.21% Amgen $AMGN 1.06% Texas Instruments $TXN 1.03% SanDisk $SNDK 1.01% Linde $LIN 1.00% KLA $KLAC 0.99% CrowdStrike Holdings $CRWD 0.98% T-Mobile US $TMUS 0.88% PepsiCo $PEP 0.85% Gilead Sciences $GILD 0.83% Marvell Technology $MRVL 0.82% Seagate Technology blockstack:native 0.82% Qualcomm $QCOM 0.78% Analog Devices $ADI 0.77% Shopify $SHOP 0.76% Western Digital $WDC 0.69% ASML Holding $ASML 0.68% Booking Holdings $BKNG 0.68% Vertex Pharmaceuticals $VRTX 0.62% Intuitive Surgical $ISRG 0.58% Starbucks $SBUX 0.54% Fortinet $FTNT 0.53% Adobe $ADBE 0.52% Automatic Data Processing $ADP 0.50% Constellation Energy $CEG 0.45% ARM Holdings $ARM 0.44% MercadoLibre $MELI 0.44% AppLovin $APP 0.42% Intuit $INTU 0.42% Comcast $CMCSA 0.42% DoorDash DASH 0.41% CSX CSX 0.40% Marriott International MAR 0.39% Monster Beverage MNST 0.39% Cadence Design Systems CDNS 0.38% Regeneron Pharmaceuticals REGN 0.38% Cintas CTAS 0.36% Synopsys SNPS 0.35% Mondelez International MDLZ 0.35% Airbnb ABNB 0.34% Datadog DDOG 0.33% Ross Stores ROST 0.33% O'Reilly Automotive ORLY 0.32% Warner Bros Discovery WBD 0.32% Lumentum Holdings LITE 0.30% American Electric Power AEP 0.30% Honeywell International HON 0.30% PACCAR PCAR 0.29% Baker Hughes BKR 0.28% Monolithic Power Systems MPWR 0.27% Diamondback Energy FANG 0.25% NXP Semiconductors NXPI 0.25% Fastenal FAST 0.25% PDD Holdings PDD 0.25% Teradyne TER 0.23% Autodesk ADSK 0.23% Honeywell Aerospace HONA 0.22% Astera Labs ALAB 0.21% Coca-Cola Europacific Partners CCEP 0.21% Xcel Energy XEL 0.21% PayPal Holdings PYPL 0.21% Paychex PAYX 0.20% Exelon EXC 0.20% Nebius Group NBIS 0.20% Keurig Dr Pepper KDP 0.19% IDEXX Laboratories IDXX 0.19% Roper Technologies ROP 0.19% Axon Enterprise AXON 0.19% Ferrovial FER 0.18% Strategy MSTR 0.18% Thomson Reuters TRI 0.18% Take-Two Interactive Software TTWO 0.18% Workday WDAY 0.18% Microchip Technology MCHP 0.17% Old Dominion Freight Line ODFL 0.17% CoreWeave CRWV 0.16% Rocket Lab RKLB 0.16% Dexcom DXCM 0.15% Alnylam Pharmaceuticals ALNY 0.15% GE HealthCare Technologies GEHC 0.14% Kraft Heinz KHC 0.14% Copart CPRT 0.13%

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Weekly|Singapore Gathering, Malaga ECOC Happy Hour, AI Labs Keep Training, Optics Supply Tightens, AIDC Power, CRM Dreamforce, PLTR Sovereign AI, BE First, thank you to everyone who joined our gathering in Singapore this week. Registration and attendance were well beyond our expectations, and the atmosphere was amazing. Members of both our analyst and developer teams were present and had great conversations with investors and industry experts. Next, our analyst Fabian will attend ECOC in Malaga, Spain on Sep 22-23 and will host a happy hour there. Please RSVP if you are interested. Coming back to the market, the AI hardware selloff after Amodei’s call for restraint looked overdone to us, and the subsequent rebound suggests investors are reconsidering what a slowdown would actually mean. We spoke with people at three frontier labs: internal training and compute expansion are continuing, while additional safety checks are more likely to lengthen evaluation and public-release timelines. Safety risks deserve attention, but our base case remains limited disruption to near-term infrastructure demand. The enterprise side helps explain that view. In our 41-company Tokenomics panel, less than 5% of AI spending goes to the most advanced frontier models. Existing deployments can keep expanding as models become cheaper, more reliable, and easier to integrate. Greater scrutiny also creates work for security platforms and identity providers: enterprises need to monitor agents in production, govern what they can access, and retain logs they can trust. Drug discovery gives us another reason to be constructive on AI demand beyond the current enterprise rollout. The Morgan Stanley Healthcare Conference commentary points to early spending across the workflow: TMO is already seeing AI-driven high-throughput experiments lift reagent consumption, CRL expects more shots on goal to support preclinical demand, and DHR is seeing early lab-automation adoption. SDGR says pharma AI budgets are increasingly incremental, with BMS an early proof point. Morgan Stanley’s healthcare specialist Dan Bone also highlighted Novo Nordisk’s use of Claude Science for drug-discovery challenges, GenScript’s completion of Lilly’s TuneLab validation loop for wet-lab services, and $290mn of financing for Anew Labs, which spun out of ByteDance’s internal drug-discovery team in June. The rally in names such as TWST shows investors are taking notice. For us, the demand case is that more AI-generated candidates can support repeated rounds of modeling, screening and physical validation, expanding compute use alongside laboratory spending. It is early to size that compute opportunity, but the evidence of incremental budgets and reagent consumption makes drug discovery a credible additional source of AI demand. Physical delivery remains the harder constraint across the infrastructure names we cover. CIOE orders and production schedules extend into 2027, but 3nm DSPs, lasers, and PCBs determine which optics vendors can ship. On power, our follow-up channel work supports 2.4–3.0MW of turbine nameplate per MW of IT for the off-grid designs we examined; that ratio doesn’t apply to the entire turbine market. Oracle’s results reinforce the value of earlier energization for Bloom, with permitting, manufacturing, and service capacity still the key checks. This Week’s Reports AI labs keep training despite the pacing debate. Our interviews point to longer evaluation and release timelines with limited near-term disruption to training investment or enterprise inference demand. Optics: orders extend into 2027, and access to supply determines who delivers. Our conference and CIOE notes track higher laser pricing, tight 3nm DSP capacity and the NPO/CPO ramp, with leading vendors best placed to turn strong demand into shipments. AIDC: nameplate capacity needs to be translated into dependable IT power. We answer six investor questions with new channel checks and a rebuilt off-grid sizing framework, separating redundancy, site derating and project readiness from headline turbine supply. Cybersecurity: AI safety concerns strengthen the case for platform and identity security. Our note maps the gaps exposed by agent incidents to runtime monitoring, non-human identity governance, isolation, vulnerability management and tamper-resistant logs. Premium Report Snapshot A portion of our research is reserved for Premium subscribers and is not distributed via Substack. Below is a snapshot of what Premium subscribers received this week beyond the Substack feed. Research | CRM: Dreamforce Clarifies Claudeforce Monetization as Salesforce Cedes the UI Deep | PLTR: Sovereign AI Expands the Opportunity; Partner Delivery Sets the Long-Term Ceiling Research & Roadshow | BE: Oracle Reinforces the Time-to-Power Thesis; Delivery Remains the Test Weekly Expert Interviews Summary A snapshot of the expert interviews we conducted during the past week is below; full transcripts and takeaways are available on the FUNDA platform. Meta: Muse Monetization and Advertising Share (META, GOOGL) Enterprise AI: Token Budgets and Model Routing (GOOGL) Microsoft: Internal AI Spend and Usage Mix (MSFT) RoboSoft: Workflow Automation and AI Spend Growth LendingClub: Production AI and Model Routing (LC, AMZN) Delta: Vertical Power Supply Bottlenecks and 800V Architecture (FLEX, GOOGL, MPWR, META) Vicor: Vertical Power Economics at Very High Current (VICR, NVDA) Detailed Report