Interesting timing around $VICR On September 30: Delta showed a 660kW 800VDC power system built for Vera Rubin. Trane, Eaton and Danfoss demonstrated a 3.5MW cooling system running directly on 800VDC. And that same day, Vicor raised Q3 growth guidance from >20% to >30% because VPD royalties came in higher than expected. Then one day later, EPC announced new 6kW converters taking 800V directly down to 12.5V and even 6V - explicitly moving power conversion closer to the AI processor. I don’t think 800V itself is the $VICR thesis. The interesting part is what happens at the other end of the power chain. Fewer conversion stages. Lower intermediate voltages. Conversion moving closer to the processor. And suddenly Vicor is getting paid for VPD. Am I surprised? Absolutely not. I started writing about $VICR around two months ago, opened a position and kept building it. Today I’m just happy to see the thesis starting to play out. And the best part? Royalties were never the core of my thesis. I saw them as additional optional upside. The bigger piece for me is manufacturing. Vicor expects to complete the FAB1 modernization by year-end, expanding capacity for its newer high-density power modules and improving the manufacturing platform needed to support higher volumes. Then there’s FAB2. If demand for high-density power delivery develops the way I expect, Vicor is building the manufacturing capacity to actually capture it. Royalties showing up this early are a pretty nice bonus.