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.
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
Every new power architecture destroys one conversion layer and creates another. The investable question is where the value migrates. SiC + GaN + POL + on-package IVR, mapped to Nvidia's 800V direction of travel.