Core Insights - Vicor Corporation's intellectual property (IP) is crucial for performance in high-growth markets such as AI, automotive, and industrial sectors, with licensing being essential for supply chain resilience and scalability [1][2] Licensing and Revenue Impact - The International Trade Commission issued a Limited Exclusion Order (LEO) in 2025, banning the importation of infringing bus converters and related computing systems, which is expected to contribute nearly $300 million to Vicor's revenues through 2026 [2] - Vicor's licensing revenues in Q3 surpassed its quarterly investment in R&D, indicating a strong focus on innovation compared to competitors who rely on copying [4] Growth Strategy - Vicor is enhancing its IP licensing practice, led by General Counsel Andrew D'Amico, supported by an in-house team and external legal partners [3] - The company anticipates that its IP licensing practice will grow to represent a larger portion of its module business, driven by the demand from OEMs and hyperscalers for licenses and renewals [5] Product Development and Market Position - Vicor's high-density power systems, including bus converters and Vertical Power Delivery (VPD), are critical for high-performance computing, positioning the company favorably in the market [5] - The company designs and manufactures modular power components and complete power systems, serving various sectors including enterprise computing, industrial automation, telecommunications, and aerospace [6]