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COMPANY RESEARCH / VICR

Vicor

48 V Power-on-Package modules for AI accelerators

Published by FyncaResearch checked How we research

Where it fits in an AI server rack

Sells 48 V Power-on-Package current-multiplier and driver modules, mounted beside or beneath the processor, to power AI accelerators and GPUs (FY2025 10-K); most Advanced Products revenue has come from one or a limited number of customers.

What the evidence establishes

AI-rack evidence

Positioning: Vicor’s 10-K describes 48 V Power-on-Package modules for AI accelerators; no current named rack program.

An explicit AI-server or AI-rack product, design-in, supply role, program, reference design or partnership, such as a part named for rack-scale AI systems or a product sold for AI data centers. For a rack builder, it means the company’s own AI servers or racks. This does not establish revenue, market share, volumes or future sourcing.

Component role48 V Power-on-Package modules for AI accelerators
EvidencePositioning: Vicor’s 10-K describes 48 V Power-on-Package modules for AI accelerators; no current named rack program.
How we knowPositioning A dedicated AI-server or AI-data-center product or reference design, with no named customer. Marketed for AI racks; not a disclosed design win.
Primary sourceVicor — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

No current Blackwell or NVL72 design-in is disclosed in these sources, and Vicor is not on NVIDIA’s 800 VDC partner lists. Customer concentration is high.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Voltage regulators

Multiphase controllers, power stages and 48 V converter modules that step bus voltage down to below one volt at hundreds or thousands of amps, right beside each chip.

Scope of the company links: Multiphase controllers, power stages and 48 V or 800 V bus-converter modules stepping down to under 1 V at the chips. MPS reports stronger sales of power management for AI and server applications and is sampling an 800 V solution; Infineon calls AI data-center power its main growth driver. TI (a 6 V-to-sub-1 V multiphase buck in its 800 VDC architecture), onsemi, Navitas, AOS, Renesas and Analog Devices are on NVIDIA’s 800 VDC silicon lists or have announced 800 VDC work with NVIDIA; Vicor sells 48 V Power-on-Package modules for AI accelerators. Delta (TLVR regulators), Flex (vertical power delivery), Advanced Energy (800 V-to-50 V converters) and Lite-On (power bricks) sell modules. NVIDIA does not say whose power stages sit on a Blackwell board, and press share estimates are not used. Empower (being acquired by ADI) and Claros (being acquired by Navitas) are private; Richtek is a MediaTek subsidiary.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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