Reminder that $VICR reports tomorrow before the open. A recap of what has happened since our deep dive published in September: -Three patent suits filed in Texas -A third ITC case filed, then formally instituted against nine corporate families, pleaded as one supply chain powering Google's TPUs -Sites acquired for additional fabs -First vertical power licensing agreement signed -Guidance raised twice in nine days, from 10% sequential growth to over 30%, on the royalties from that license -A royalty price list published on Vicor's own website -Needham to $350, Roth to $375 The Street expects $1.32 in EPS on $187 million in revenue. The report decides what the royalty structure actually looks like, and our Part Three publishes after it.