Layer 7 · VICR — Vicor Corporation
Thesis
Vicor makes the 800V-to-48V and 48V-to-PoL DC-DC power conversion modules that are core to NVIDIA's Rubin-era 800V power architecture. Q1 EPS $0.44 beat by 18.92%, revenue +20.2% YoY, book-to-bill >2, backlog +70% QoQ. Tier B because the price wasn't surfaced (needsmanualcheck) plus heavy insider selling reported mid-May. Fundamentals Tier A.
What it does + financial print
Layer 7 power conversion. Vicor's tech is the modular vertical-power-delivery architecture — Gen 5 vertical converters that sit directly under or alongside the AI accelerator package, delivering current at extreme density. The NVIDIA Rubin design win is the structural anchor: 800V bus to the rack, then Vicor modules step it down to 48V and then to PoL on the GPU.
Q1 FY26: revenue $112.97M, +20.2% YoY. EPS $0.44, beat by 18.92%. Gross margin 55.2%. Book-to-bill >2; backlog $300.6M, +70% QoQ. Q2 guide $126M; FY26 ~$570M. Gen 5 vertical and 800V-to-48V converters target a $5B+ AI compute power market by 2027. Stock +17.88% on Q1 print. 1Y return 413%. Insider selling reported in mid-May. Market cap ~$11.62B implies ~$260 area.
Bull case
What promotes to Tier A is a verified live price plus an NVIDIA Rubin volume-ramp disclosure that anchors the 2026-2027 revenue ramp. The tech is genuinely best-in-class in vertical AI power.
Gap / bear case
Heavy insider selling mid-May is a real signal — when insiders are selling into a 413% 1Y move, position sizing matters. Customer concentration on NVIDIA Rubin timing is binary; any pushout would hurt.
Trigger to upgrade / downgrade
Upgrade trigger: NVIDIA Rubin volume confirmation plus insider-selling pause. Downgrade trigger: any pushout on Rubin 800V rollout timing.
The trade
- Entry zone: Pending price verification — target ~$250 area on broker check - Stop: 2×ATR below entry once verified - Position size: 1% of NLV - Catalyst date: Q2 print late July; NVIDIA Rubin product disclosures Computex / GTC - Conviction: 7/10