Vicor designs, manufactures, and sells power conversion components and systems — products that take AC or DC electrical input and convert it to the specific voltages and currents that electronic systems require. Vicor serves OEMs and their contract manufacturers across AI/data center, aerospace, defense, industrial, and electric vehicle markets, selling through a direct sales force for larger accounts and through distributors including Arrow, Avnet, Digi-Key, and Mouser. Vicor's products fall into two lines: Advanced Products (~61% of revenue), built around Vicor's proprietary Factorized Power Architecture, and Brick Products (~39%), which are conventional DC-DC converters serving mature aerospace, defense, and industrial markets. The Advanced Products business is centered on powering AI processors in data centers, where Vicor's "Vertical Power Delivery" solutions mount current multiplier modules directly on or beneath processor packages to deliver thousands of amperes at sub-1V. Vicor makes money through product sales and IP licensing. On the product side, margins are heavily tied to utilization of Vicor's proprietary in-house semiconductor fab in Andover, Massachusetts — a largely fixed-cost operation with significant operating leverage. On the licensing side, Vicor licenses patents covering bus converter architectures and VPD implementations to OEMs and hyperscalers, collecting ongoing royalties. Vicor enforces its IP aggressively through the U.S. International Trade Commission. Vicor's growth strategy focuses on filling fab capacity with Advanced Products volume, expanding IP licensing to additional hyperscalers, and diversifying into adjacent markets including automotive 48V architectures and aerospace.