HOW TO PLAY It

for industry incumbents, real growth is often dependent on innovative new products. Vicor corp., in Andover, massachusetts, has been selling high-performance power components— from legacy dc-to-dc converters to semiconductor-centric power solutions—since it was founded in 1981 by italian-born entrepreneur Patrizio Vinciarelli. Newer high-speed processors, such as those used in Ai, demand more power and have ignited a transition to 48V power distribution. heat matters more at 48V, and Vicor’s new “Power-on-Package” chip-set technology handles heat dissipation far more efficiently. Vinciarelli, a physicist who taught at Princeton and was a fellow at Geneva’s cerN particle collider, has over 150 patents and personally owns a $975 million stake in Vicor (52% of the equity). shares trade for 26 times my forward estimate of $1.80, for 30% growth.