USITC 337-TA-1526 puts a legal lever on the 48V-to-12V intermediate bus. The possible futures: IBC survives, IBC collapses under 800V HVDC, or Vicor Factorised Power sidesteps it. MPS exposure along the Nvidia power pathway, licensing versus manufacturing economics, catalyst calendar.
Nvidia publishes the VRM socket as an open standard. Core-rail currents 3x from Hopper to Rubin. Integrated bear/base/bull MPS underwriting with explicit uncertainty bands. Twelve figures. The grid-to-chip pathway's final conversion stage.
OCP standardisation is making the rope substitutable. NVIDIA's GB300, Ecolab's $4.75bn CoolIT deal and CDU/BMS bundling are moving the economics one layer up. Deep-dive with a 100 MW topology calculator, 24 named vendors, and the qualified-path map.
AI is changing the compute-side cooling loop much faster than the facility-side. The layers, qualification as the moat, and where each incremental AI-cooling dollar accrues in the direct-to-chip stack.
Navitas is a gallium nitride pure-play repositioning around Nvidia's 800V direct-to-rack architecture. Revenue halved from $83M (2024) to $46M (2025); today ~$40-50M annualised. Cash $557M. Market cap $3B = ~75x sales, pricing Kyber capture that is not yet verifiable in design-in evidence.
Paired underwriting of the two venture-stage silicon-photonics pure plays through the Rubin Ultra 2027 CPO scale-up window. CPO can win the technology transition and Ayar and Lightmatter can still lose the economics.
Vicor (NASDAQ: VICR) has been selling factorized-power architecture for forty years. The last three years brought VPD and direct-to-pin modules into the mainstream as AI accelerator power density broke the incumbent multi-stage delivery model. Sub-$4B market cap, ~$400M revenue, meaningfully hi
The only independent integrated voltage regulator play left after ADI's $1.5B Empower acquisition. Fe1766, thin-film magnetic inductors on CMOS, TSMC integration, Marvell design win. Six gates, three vetoes, three scenarios.
ADI closed the Empower acquisition for $1.5B on July 7, 2026. Ferric is the standalone integrated voltage regulator play left. Canonical map of the last stage of AI accelerator power delivery: physics, architecture, players, scenarios, and falsifiers.
Copper loses metres each generation as per-link bandwidth scales from 400G to 1.6T. Silicon photonics fabs (GF Fotonix, TSMC), CPO specialists (Ayar Labs, Lightmatter, Ranovus, Celestial AI) and pluggable optical OEMs capture the migrating value.
The AI-DC battery is migrating through six economic roles (backup, ride-through, power smoothing, peak management, grid services, grid-forming). Each role carries a different vendor cohort, revenue mechanism and regulatory gate. Screen for role-stage exposure before chemistry.
Bottom-up build of the five-layer, five-source capital stack financing AI infrastructure 2026-28. Three headline measurements ($0.65T financing · $0.95T formation+procurement · $0.16T refi) plus the framework for a quarterly Ledger.