Corporate structure, material contracts, change-of-control provisions, non-compete enforceability, IP filings and freedom-to-operate, litigation exposure. Where the deal thesis meets the paper record.
The workstream that tests whether the target's people, culture, and systems can execute what the other workstreams describe. Where post-close value destruction most often begins.
Third stage of Grid-to-Chip. P3.1 site power transformer (HV to MV, 48-60+ mo lead times), P3.2 MV distribution, P3.3 hall conversion (SST vs conventional), P3.4 hall interface. 800V DC changes where conversion happens; SSTs sit at the intersection.
Second stage of the Grid-to-Chip framework. P2 as grid access globally. IEA 2.5+ TW queue worldwide. Five regime archetypes: ISO/RTO, VIU, TSO/DSO, state allocation, hybrid infrastructure. Three sub-problems. US deepest case study; UK, EU, APAC, MENA.
The first stage of the Grid-to-Chip framework. P1 is a contract, not a machine. Three-tier vendor taxonomy, 2024-2026 hyperscaler comps, per-tier scorecards with worked aggregates, falsification triggers, watch calendar. Sequencing beats archetype selection.
A reference underwriting of DG Matrix, the first commercially available multi-port solid-state transformer. Interport product, NC State FREEDM Center technology provenance, Nvidia MGX ecosystem qualification (June 17, 2026), $60M Series A led by Engine Ventures with ABB and Mitsubishi Heavy Industr
The AI power buildout runs on two parallel chains and one overlay. Power chain: the stages from generator (P1) to transistor (P5). Heat chain: the stages from die (H1) to atmosphere (H4). AC-to-DC overlay across P3-P5. Cross-cutting layers for storage-and-decoupling and control-and-orchestration.
Solid-state transformers moved from academic research to commercial category in 2026. Two demand drivers created the opening: Nvidia 800V DC AI factory pull (MGX 800V racks H2 2026; native 2027) and constrained conventional MV transformer supply (48-60+ month lead times reported). Primary spotlight
Capex per dollar of revenue growth, incremental vs average unit economics, three downside scenarios, compound stress, and the refinancing risk on 2020-2022 vintage debt.
ADI acquired Empower Semiconductor for $1.5B in July 2026. The deep-dive: what the acquisition actually buys (ECAP silicon capacitors, FinFast IVR platform, Crescendo kilowatt-class vertical power delivery), the four-way on-package contest with Ferric, PowerLattice, and Vicor, the Marvell PIVR ecos
The workstream testing whether reported financials describe the underlying business. Add-back discipline, dynamic working capital modelling, and the OEM balance-sheet financing that CIMs under-disclose.
Capacity vs demand, yield analysis, IP audit across four categories, and tier 1/tier 2 supply chain audit. Where technical DD tests the product, this workstream tests the business making it.