Vicor Shares Moved Higher on a New AI Processing Deal. How Investors Should View the News. Ebube Jones Mon, September 21, 2026 at 10:38 AM PDT 4 min read VICR Businessman pointing arrow graph corporate future growth by Marchmeena29 via iStock As AI chips draw more power, delivering that power efficiently has become a major challenge for data center operators. Investors are paying close attention to companies that can help solve it. Vicor Corporation (VICR) shares climbed almost 18% on Thursday after the Andover, Massachusetts-based company said it had granted a non-exclusive license for its Vertical Power Delivery technology to a new, unnamed AI original equipment manufacturer. More News from Barchart 'Even Though It's Bad for Berkshire' Billionaire Charlie Munger Said to Skip Insurance Because 'You're Paying for the Other Fellow's Frauds' Dear Tesla Stock Fans, Mark Your Calendars for September 30 Nebius's Price Hike Suggests Michael Burry Made a Mistake and Is Shorting the Best Neocloud Stock Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. The move came only days after Vicor announced plans to nearly triple its manufacturing space. The company bought two New Hampshire sites for its ChiP Fab-2 and Fab-3 facilities, which will together cover nearly 1 million square feet. Its existing Andover fab is nearing capacity. With Vicor Corporation stock trading near $226, up almost 107% year-to-date (YTD), what does a royalty-friendly licensing deal mean for Vicor's long-term earnings power, and does it justify the surge? Let's find out. www.barchart.com What the New Deal Involves Vicor announced on Sept. 16 that it had granted a non-exclusive license for its Vertical Power Delivery, or VPD, technology to an unnamed AI equipment maker. VPD helps deliver large amounts of power to AI processors and networking chips from a low-voltage source. It addresses the "last inch" power-delivery issue, where getting power efficiently to the chip becomes difficult. Vicor Corporation's technology is backed by patents developed over roughly a decade. This is not a simple product-supply deal. The license allows the customer to buy VPD modules covered by Vicor's patents from outside suppliers, while Vicor collects royalties. The customer can also buy Vicor's MCM current-multiplier modules from its U.S. factories and receive a lower royalty rate. That gives the customer more sourcing options while allowing Vicor to make money whether it supplies the modules itself or collects royalties from third-party sales. Can Fundamentals Support the Rally? Vicor Corporation posted a strong second quarter even without the recent AI deal. Revenue came in at $143.4 million, up 26.9% from $113.0 million in the first quarter. The year-over-year (YoY) numbers look even better after adjusting for a one-time $45 million patent-settlement payment that boosted the prior-year quarter. On that basis, revenue rose 49.3%. Product revenue increased 31.8% to $112.9 million, while royalty revenue nearly tripled to $30.4 million from $10.4 million. That matters because royalty income carries very little production cost. Gross margin improved to 58.0% from 55.2% in Q1,...
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