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Vicor Corporation — Initiating Coverage
The power technology company at the heart of the AI data center buildout. Founder-led, debt-free, executing a patent enforcement strategy that converts decades of IP into near-100%-margin licensing revenue.
Aurora Innovation — Initiating Coverage
The first commercially operating Level 4 autonomous trucking platform in the United States. Generating real revenue from driverless trucks on real commercial routes. Backed by Nvidia, Volvo, PACCAR, FedEx, and Jeff Bezos.
Ginkgo Bioworks — Initiating Coverage
The operating system for biology. Cell programming platform at the convergence of synthetic biology, AI, and pharmaceutical manufacturing. Balance sheet rebuilt around capital discipline.
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