Vicor guided the same quarter three times in 71 days. Jul 21: Q3 up nearly 10%. Sep 21: up more than 20%. Sep 30: up more than 30%, so above $186.4M. The product forecast never moved. Both raises came from one source: royalties on Vicor’s first non-exclusive Vertical Power Delivery license. Back out what was already contracted, and that license works out to roughly $28.7M in a single quarter. For comparison, Vicor’s royalty for all of 2025 was $57.4M. $VICR reports tomorrow before the open. Here’s what we’re watching. First, is it a run rate or a catch-up? If the license pays per unit sold, part of Q3 is back royalties on units that already shipped. Vicor has done this before: Q3 2025 royalty spiked, then fell 33% the next quarter. Whatever the Q4 guide implies for royalty answers this. Second, opex. The May license added $4.4M to SG&A for contingent legal fees. Royalty has no cost of goods, but it isn’t free. If opex jumps again, the new license carries the same cut. Third, the product side. Customer feedback on Gen2 VPD, and how quickly the fab reaches $1.5B in capacity. Fab space isn’t what limits Vicor right now. Customers are. Our line is simple. Q4 royalty under $25.4M means the new license doesn’t recur. Anything above that means Vicor now has two engines, and the second runs at nearly 100% gross margin. Part 1 and Part 2 are on our Substack. Part 3 drops after the print tomorrow!

$AMZN has been one of my biggest positions for a few months now and watching this fly 5% in a day in crazy. I still think it offers the best RR out of the Mags and possibly in the entire market.

I'm up close to 7000% since 2018. Yes, I wasn't investing during the dotcom crash or the GFC (Too young, I'm 31). The comment I hear most when me or others post YTD returns: "This year doesn't count because everything boomed." Yet I don't see many people with returns like mine. But you know what? Let's say you're right. I started investing in late 2017. I've been through the 2018 China tariffs, the COVID crash, the Russia-Ukraine war in 2022, the 2025 tariff war and the 2026 Iran war. Through all of that, I'm up close to 7,000%, around 61% CAGR over about nine years. Two weeks ago, I was closer to 9,000%. So before dismissing everyone who posts their returns, look in the mirror. If you're not doing well in these "special" times when supposedly everything booms, you're not in much of a position to judge.