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Rich Shannon

Senior Research Analyst at Craig-Hallum Capital Group

Richard Shannon is a Senior Research Analyst at Craig-Hallum Capital Group, specializing in technology and semiconductor sector equity research. He covers specific companies including Astera Labs, Ambarella, AXT, Coherent, Credo Technology Group, IonQ, AEVA Technologies, Atomera, and Rigetti Computing, with a strong performance track record featuring a 55% success rate, average return of 57% per rating on TipRanks where he ranks #20 out of 10,088 analysts, and a 62% average return elsewhere. Shannon joined Craig-Hallum in 2011 after roles as a senior analyst at Northland Capital Markets and Piper Jaffray, an associate at UBS, and as an operating systems programmer at IBM. He holds a BS in Computer & Electrical Engineering from Purdue University, an MBA from the University of Minnesota, and is a CFA charterholder, with past recognition as the #1 semiconductor analyst in the Wall Street Journal’s Best on the Street survey.

Rich Shannon's questions to VICOR (VICR) leadership

Question · Q4 2025

Rich Shannon sought clarification on Vicor's previously stated goal of achieving roughly $300 million in revenue from royalties and licensing between 2024 and 2026, asking if this target is still expected and how it relates to the doubling of royalty revenues from 2025 to 2026. He also asked for an update on the progress of second-gen VPD engagements with a hyperscaler and an OEM mentioned in the previous quarter.

Answer

CEO Patrizio Vinciarelli confirmed that the $300 million goal for royalties and business licensees is a relatively near-term goal (not for 2026, but in a couple of years' timeframe) and that they expect to go beyond that, with the opportunity far exceeding what has been captured thus far. VP of Global Sales and Marketing Phil Davies explained that the next step for second-gen VPD engagements involves a global FAE team boot camp in the next couple of weeks, after which they will selectively engage with target hyperscalers and OEM chip companies.

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Question · Q4 2025

Rich Shannon sought to understand the content opportunity per XPU for Vicor's 2nd Gen VPD technology, asking if it's proportional to power or current and what it might look like on a per-unit basis.

Answer

CEO Patrizio Vinciarelli noted that a factorized power system for GPUs a few years ago was a $100 million/year opportunity, and the current opportunity will double that, with a hyperscaler presenting another $100 million opportunity. VP of Global Sales and Marketing Phil Davies added that the opportunity per XPU could be between $200-$400, depending on the current and number of rails, for a 2000-A up to a 4000-A type of product.

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