$VICR operating profit grew 107% QoQ on 38% revenue growth. Wow. This is the earnings leverage you love to see And the hardware business is doing its part. • Product revenue +16% QoQ to ~$131M • Product gross margin ~52%, up from ~47%, calculated from reported figures • ~$100M of bookings in the first TWO WEEKS of Q4 That last number includes a large second-generation power-delivery order from its lead customer. The new AI licensee has already placed another significant licensing purchase order. Q3 royalties included initial payments. For Q4, management expects at least $43M without new license agreements. Existing agreements could generate more. Alongside that, hardware revenue is expected to grow another ~10% QoQ. I like what this says about the business. Hardware profitability is improving and the licensing customer is already coming back for more. Lets see how Q4 turns out. Q3 was exceptional and shouldnt be annualized. Also, yes of course the market could just punish the multiple and the AI trade is heavy. But just focusing on the company, this was an exceptional quarter