Theme
Power Semis
Power conversion and management silicon - the unloved bottleneck of the AI buildout.
0.477avg corr (252d)
4stocks
Decent co-movementStocks · key Fib levels
- #1VICR$350.21last- fibanchored by Hyperscale AI compute OEMs · U.S. Department of Defense primes · Supercomputing / HPC integrators · Industrial automation OEMs
- ▸2024-Q4: ITC Section 337 complaint filed vs Delta Electronics, Foxconn, others alleging infringement of factorized-power patents - outcome pending.
- ▸2024: 48V-direct-to-PoL ChiP modules qualified into next-gen AI accelerator boards (customer unnamed, widely read as $NVDA-ecosystem).
- ▸2023-2024: Andover, MA ChiP fab brought online - first in-house high-volume module manufacturing, capacity for the AI-power ramp.
- ▸Long-standing aerospace/defense pedigree: VITA-62 / MIL-spec power modules in radar, avionics, satellite buses.
- ▸IP licensing program (announced 2024): royalty-bearing licenses offered to module makers using 48V factorized topologies.
- #2NVTS$16.53last$257.00fib−93.6%vs fibanchored by NVIDIA · Hyperscaler PSU vendors · EV OEM Tier-1 suppliers · Mobile fast-charger OEMs
- ▸2026-05: Named $NVDA partner on 800V HVDC reference architecture for next-generation AI GPU rack power distribution; stock re-rated higher on the disclosure.
- ▸2025-08: GeneSiC acquisition closed, adding full SiC product line and combining GaN + SiC under one roof.
- ▸AI data center: 4.5kW and 8.5kW GaN/SiC PSU reference designs targeting hyperscaler PSU vendors.
- ▸EV: 6.6kW and 11kW GaN onboard charger designs with multiple OEM and Tier-1 engagements.
- ▸Mobile / consumer: GaNFast devices shipping in fast chargers across $AAPL ecosystem peers, $XIACY, Oppo, and others.
- #3MPWR$1331.73last- fibanchored by NVIDIA · undisclosed hyperscalers · undisclosed automotive OEMs
- ▸2024-2025: incumbent power-stage supplier on $NVDA Hopper (H100/H200) generation
- ▸2025: design-win disclosure on $NVDA Blackwell GB200 rack-scale power modules (partial, second-sourced with Infineon)
- ▸2024+: 48V-to-PoL module ramp into hyperscaler custom-ASIC programs (customers undisclosed)
- ▸Auto: 48V mild-hybrid + ADAS power-management sockets at undisclosed European and Asian OEMs
- ▸Enterprise data segment crossed ~40% of revenue in FY2025 vs ~20% pre-2023
- #4ON$94.63last- fibanchored by Tesla · BMW · Volkswagen · Hyundai · BorgWarner · Mercedes-Benz
- ▸2023-11: $1.95B 10-year SiC LTSA with $VWAGY (Volkswagen MEB platform)
- ▸2023-07: Multi-year SiC supply agreement with $BMWYY for Neue Klasse 800V traction inverter
- ▸2022-11: $TSLA SiC traction inverter (Model 3/Y) - onsemi is a confirmed second source alongside $STM
- ▸2024-05: Hyperlux image-sensor design wins with $HYMTF (Hyundai/Kia) ADAS programs through 2030
- ▸2023-04: Long-term SiC supply agreement with BorgWarner $BWA for 800V inverter modules
- ▸2024-Q4: East Fishkill 300mm power-IC fab first revenue (intelligent power)
Co-movement matrix (252d)
MPWR | NVTS | ON | VICR | |
|---|---|---|---|---|
| MPWR | · | 0.48 | 0.65 | 0.49 |
| NVTS | 0.48 | · | 0.43 | 0.39 |
| ON | 0.65 | 0.43 | · | 0.42 |
| VICR | 0.49 | 0.39 | 0.42 | · |
About themes
Themes are editorial groupings - narrative buckets used for technical screens. They exist alongside bubbles, which are validated empirically by capital-flow co-movement.
When a theme's avg correlation is high, the editorial story is also tradeable as a bloc. When it's low, the narrative groups stocks that don't actually move together - useful for thinking, less useful for trading.
Related research
Frequently asked questions
- What are the top stocks in the Power Semis theme?
- QuantAbundancia's Power Semis theme tracks 4 stocks ranked editorially: VICR, NVTS, MPWR, ON.
- Do Power Semis stocks move together?
- The Power Semis theme has a 252-day average correlation of 0.48 across its members - decent co-movement. Editorial themes are narrative groupings, not capital-flow validated; tradability follows correlation, not the story.