Fifteen-essay series profiling specific vendors + technologies shaping AI infrastructure: Vicor direct-to-pin, Menlo Micro SSCB, Skeleton HSC, Navitas + EPC GaN, Wolfspeed SiC, CoolIT + Submer cooling, Kairos + X-energy SMRs, Fervo geothermal, Bloom SOFC, Cerebras wafer-scale, Groq LPU, specialised GPU cloud, Ayar Labs + Lightmatter CPO, Compass + Vantage modular. Scheduled Oct 27 → Dec 15 2026.
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.
Wolfspeed emerged from a 91-day prepack in Sep 2025. This piece works bottom-up through where silicon carbide climbs in the AI data centre stack, sizes Wolfspeed's exposure by equipment layer, and delivers three scenarios for the reorganised common.
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