Along the lines of Qualcomm: Silent AI wave winner sells everything it can make

While the market's attention is focused on Nvidia and hyperscalers, one small Massachusetts company with 1,074 employees is supplying power modules for the world's most powerful AI chips - and for the first time ever, demand has dramatically outstripped its production capacity. This company reported orders at more than 2x sales in April, backlog jumped 70% quarter-over-quarter to $301 million, and the stock has exploded since mid-April. Moreover, the company's licensing business may turn into something resembling Qualcomm over time.

The market is reacting euphorically. The title shot up more than 28% after Q1 results and has since continued to rise on a wave of optimism around second-generation Vertical Power Delivery technology and an expected International Trade Commission (ITC) verdict in 2027 that could force competitors to pay the company for licenses.

Top points of the analysis

• The company delivers unique Vertical Power Delivery power modules that solve the problem of powering…