{"id":21,"date":"2026-06-02T18:34:07","date_gmt":"2026-06-02T18:34:07","guid":{"rendered":"https:\/\/ctsl.com\/?page_id=21"},"modified":"2026-06-02T18:34:08","modified_gmt":"2026-06-02T18:34:08","slug":"sample-issue","status":"publish","type":"page","link":"https:\/\/ctsl.com\/?page_id=21","title":{"rendered":"Sample Issue"},"content":{"rendered":"<p><body><\/p>\n<div class=\"ticker-strip\">\n<div class=\"ticker-track\">\n  <span class=\"ticker-item\">NVDA <span class=\"up\">\u25b2 2.4%<\/span><\/span><br \/>\n  <span class=\"ticker-item\">VICR <span class=\"up\">\u25b2 5.1%<\/span><\/span><br \/>\n  <span class=\"ticker-item\">AUR <span class=\"up\">\u25b2 1.3%<\/span><\/span><br \/>\n  <span class=\"ticker-item\">NVDA <span class=\"up\">\u25b2 2.4%<\/span><\/span><br \/>\n  <span class=\"ticker-item\">VICR <span class=\"up\">\u25b2 5.1%<\/span><\/span><br \/>\n  <span class=\"ticker-item\">AUR <span class=\"up\">\u25b2 1.3%<\/span><\/span>\n<\/div>\n<\/div>\n<nav class=\"site-nav\">\n<div class=\"nav-inner\">\n  <a href=\"01-homepage.html\" class=\"nav-logo\">California <span>Technology<\/span><br \/>Stock Letter<\/a><\/p>\n<ul class=\"nav-links\">\n<li><a href=\"01-homepage.html\">Home<\/a><\/li>\n<li><a href=\"03-about.html\">About<\/a><\/li>\n<li><a href=\"08-sample-issue.html\" class=\"active\">Sample Issue<\/a><\/li>\n<li><a href=\"04-press.html\">Press<\/a><\/li>\n<li><a href=\"05-contact.html\">Contact<\/a><\/li>\n<li><a href=\"02-subscribe.html\" class=\"nav-cta\">Subscribe \u2014 $1,995<\/a><\/li>\n<\/ul>\n<\/div>\n<\/nav>\n<div class=\"page-hero\">\n<div class=\"page-hero-eyebrow\">Free Preview<\/div>\n<h1>Read a Sample Issue<\/h1>\n<p>This is a complete excerpt from a recent initiating coverage memo \u2014 the same format and depth subscribers receive for every recommendation.<\/p>\n<\/div>\n<div class=\"sample-layout\">\n  <!-- Memo Preview --><\/p>\n<div>\n<div style=\"font-family:var(--font-mono);font-size:.7rem;letter-spacing:.12em;text-transform:uppercase;color:var(--ink-light);margin-bottom:1rem;\">Sample Initiating Coverage Memo \u2014 Partial Excerpt<\/div>\n<div class=\"memo-frame\">\n<div class=\"memo-topbar\">\n        <span class=\"memo-topbar-left\">California Technology Stock Letter &nbsp;\u00b7&nbsp; Initiating Coverage<\/span><br \/>\n        <span class=\"memo-topbar-right\">June 2, 2026<\/span>\n      <\/div>\n<div class=\"memo-body\">\n<div class=\"memo-masthead\">\n<div class=\"memo-masthead-name\">California Technology Stock Letter<\/div>\n<div class=\"memo-masthead-sub\">Established 1982 &nbsp;\u00b7&nbsp; Michael Murphy, CFA &nbsp;\u00b7&nbsp; Institutional Research for Individual Investors<\/div>\n<\/p><\/div>\n<div class=\"memo-coverage-bar\">Initiating Coverage<\/div>\n<div class=\"memo-ticker\">VICR<\/div>\n<div class=\"memo-company\">Vicor Corporation (Nasdaq: VICR) &nbsp;\u00b7&nbsp; Power Technology \/ Semiconductors \/ IP Licensing<\/div>\n<div class=\"rating-chips\">\n          <span class=\"chip chip-buy\">Rating: BUY<\/span><br \/>\n          <span class=\"chip chip-price\">Current: ~$333<\/span><br \/>\n          <span class=\"chip chip-target\">12-Mo. Target: $380\u2013420<\/span><br \/>\n          <span class=\"chip chip-risk\">Risk: Moderate-High<\/span>\n        <\/div>\n<div class=\"memo-section-title\">Investment Thesis<\/div>\n<p class=\"memo-p\">Vicor Corporation is one of the most underappreciated technology franchises in the public markets. Founded in 1981 by Dr. Patrizio Vinciarelli \u2014 an MIT-trained physicist who has run the company for 44 years and who remains CEO, controlling shareholder, and chief innovator \u2014 Vicor has spent four decades quietly inventing the architecture that now powers the most energy-intensive infrastructure build in the history of computing: the AI data center.<\/p>\n<p class=\"memo-p\">The company&#8217;s Factorized Power Architecture (FPA) and Vertical Power Delivery (VPD) technology solve a problem that no other company has cracked as elegantly: how do you deliver thousands of amperes of clean, stable power to a GPU or AI accelerator chip whose power consumption is doubling with each generation, in a package small enough to fit directly beneath the processor die?<\/p>\n<p class=\"memo-p\">In 2025, the market finally began to recognize what Vicor had been building. Revenue grew 26% to $453 million. Net income exploded from $6 million to $118.6 million. Free cash flow reached $119 million \u2014 a 338% increase. The stock rose roughly 543% over the prior 12 months. And yet, by our analysis, the story is in its early chapters, not its final ones.<\/p>\n<div class=\"memo-section-title\">The Bull Case \u2014 Five Pillars<\/div>\n<div class=\"blur-overlay\">\n<div class=\"pillar-row\"><span class=\"pillar-num\">1.<\/span><span><strong style=\"color:var(--navy);\">AI Power Demand Is Structural and Accelerating.<\/strong> The power consumption of leading-edge AI chips has grown exponentially and shows no sign of decelerating. Nvidia&#8217;s H100 consumed roughly 700 watts. The H200 consumes 1,000 watts. The Blackwell generation pushes toward 1,500 watts. The Rubin generation is expected to exceed 2,000 watts per chip. Each doubling of chip power consumption creates a stronger economic case for Vicor&#8217;s architecture \u2014 and a wider moat around its IP.<\/span><\/div>\n<div class=\"pillar-row\"><span class=\"pillar-num\">2.<\/span><span><strong style=\"color:var(--navy);\">The Licensing Revenue Is an Annuity Stream Being Established Right Now.<\/strong> Each OEM that takes a Vicor license under ITC pressure enters an ongoing royalty relationship that persists as long as they deploy Vicor-architecture power delivery. Licensing revenue grew from $19M in 2024 to $68M in 2025. Q2 2026 guidance was raised 13% on a new OEM licensing agreement&#8230;<\/span><\/div>\n<div class=\"pillar-row\"><span class=\"pillar-num\">3.<\/span><span><strong style=\"color:var(--navy);\">Backlog and Book-to-Bill Signal Multi-Year Revenue Visibility.<\/strong> A book-to-bill ratio above 2.0 \u2014 orders arriving at more than twice the rate of shipments \u2014 is remarkable for a company of Vicor&#8217;s maturity. Backlog of $300.6M in Q1 2026 (up 70% sequentially) represents over two quarters of forward product revenue visibility&#8230;<\/span><\/div>\n<\/p><\/div>\n<p>        <!-- Pillars 4 & 5 + Bear Case + Financials + Valuation are subscriber-only --><\/p>\n<div class=\"blur-cta\">\n<h3>Continue Reading<\/h3>\n<p>The full memo includes: Bear Case (5 pillars), complete Financial Snapshot table, Valuation Walk-Through, Key Catalysts, Principal Risks, and the Bottom Line. Subscribe to access this and all future research.<\/p>\n<p>          <a href=\"02-subscribe.html\" class=\"btn btn-primary\">Subscribe \u2014 $1,995\/Year to Read Full Memo<\/a><\/p>\n<p style=\"margin-top:.75rem;font-family:var(--font-mono);font-size:.68rem;color:#B0A898;letter-spacing:.05em;\">Annual only &nbsp;\u00b7&nbsp; No refunds &nbsp;\u00b7&nbsp; Immediate access<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div style=\"margin-top:2rem;padding:1.5rem;background:var(--white);border:1px solid var(--rule);border-left:4px solid var(--gold);\">\n<div style=\"font-family:var(--font-mono);font-size:.65rem;letter-spacing:.12em;text-transform:uppercase;color:var(--gold);margin-bottom:.5rem;\">What&#8217;s in a Full Memo<\/div>\n<p style=\"font-size:.875rem;color:var(--ink-mid);line-height:1.65;\">Every initiating coverage memo the California Technology Stock Letter publishes follows this structure: Investment Thesis \u2192 Five-Pillar Bull Case \u2192 Five-Pillar Bear Case \u2192 Financial Snapshot (5-year table) \u2192 Valuation Walk-Through (multiple frameworks, price target scenarios) \u2192 Key Catalysts \u2192 Principal Risks \u2192 Bottom Line \u2192 Disclaimer. Subscribers receive the complete memo as a formatted Word document and online in the members area.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p>  <!-- Subscribe Sidebar --><\/p>\n<div>\n<div class=\"subscribe-sticky\">\n<div style=\"font-family:var(--font-mono);font-size:.65rem;letter-spacing:.15em;text-transform:uppercase;color:var(--gold);margin-bottom:.5rem;\">What You&#8217;re Reading<\/div>\n<h3 style=\"font-family:var(--font-display);font-size:1.15rem;font-weight:700;color:var(--navy);margin-bottom:.25rem;\">Vicor Corp (VICR)<\/h3>\n<p style=\"font-family:var(--font-mono);font-size:.7rem;color:var(--gold);margin-bottom:1.25rem;\">Initiating Coverage \u00b7 June 2, 2026<\/p>\n<div style=\"margin-bottom:1.5rem;\">\n<div class=\"toc-item\">\n<div class=\"toc-item-check\"><svg viewBox=\"0 0 8 8\"><polyline points=\"1,4 3,6 7,2\"\/><\/svg><\/div>\n<p><span>Investment Thesis<\/span><\/div>\n<div class=\"toc-item\">\n<div class=\"toc-item-check\"><svg viewBox=\"0 0 8 8\"><polyline points=\"1,4 3,6 7,2\"\/><\/svg><\/div>\n<p><span>Bull Case \u2014 3 of 5 pillars<\/span><\/div>\n<div class=\"toc-item toc-locked\">\n<div class=\"toc-item-check\"><\/div>\n<p><span>Bull Case \u2014 Pillars 4 &amp; 5<\/span><\/div>\n<div class=\"toc-item toc-locked\">\n<div class=\"toc-item-check\"><\/div>\n<p><span>Bear Case \u2014 5 pillars<\/span><\/div>\n<div class=\"toc-item toc-locked\">\n<div class=\"toc-item-check\"><\/div>\n<p><span>Financial Snapshot Table<\/span><\/div>\n<div class=\"toc-item toc-locked\">\n<div class=\"toc-item-check\"><\/div>\n<p><span>Valuation Walk-Through<\/span><\/div>\n<div class=\"toc-item toc-locked\">\n<div class=\"toc-item-check\"><\/div>\n<p><span>Key Catalysts<\/span><\/div>\n<div class=\"toc-item toc-locked\">\n<div class=\"toc-item-check\"><\/div>\n<p><span>Principal Risks<\/span><\/div>\n<div class=\"toc-item toc-locked\">\n<div class=\"toc-item-check\"><\/div>\n<p><span>Bottom Line &amp; Price Target<\/span><\/div>\n<\/p><\/div>\n<p>      <a href=\"02-subscribe.html\" class=\"btn btn-primary\" style=\"width:100%;text-align:center;display:block;\">Subscribe \u2014 $1,995\/Year<\/a><\/p>\n<p style=\"font-family:var(--font-mono);font-size:.65rem;color:#B0A898;text-align:center;margin-top:.75rem;letter-spacing:.04em;\">Annual only \u00b7 No refunds \u00b7 Immediate access<\/p>\n<hr class=\"divider\">\n<div style=\"font-family:var(--font-mono);font-size:.65rem;letter-spacing:.12em;text-transform:uppercase;color:var(--gold);margin-bottom:.75rem;\">Also Covered<\/div>\n<div style=\"font-size:.8rem;color:var(--ink-mid);line-height:2;\">\n        AUR \u2014 Aurora Innovation (Spec. Buy)<br \/>\n        DNA \u2014 Ginkgo Bioworks (Spec. Buy)<br \/>\n        <span style=\"color:#B0A898;font-size:.75rem;\">+ Full archive for subscribers<\/span>\n      <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p><!-- Bottom CTA --><\/p>\n<div class=\"cta-band\">\n<h2>Ready to Subscribe?<\/h2>\n<p>Get full access to this memo and all future research. Institutional-quality technology analysis, $1,995\/year.<\/p>\n<p>  <a href=\"02-subscribe.html\" class=\"btn btn-primary btn-lg\">Subscribe Now \u2014 $1,995\/Year<\/a><\/p>\n<p class=\"fine-print\">Annual subscription only &nbsp;\u00b7&nbsp; No monthly option &nbsp;\u00b7&nbsp; No free trial &nbsp;\u00b7&nbsp; No refunds &nbsp;\u00b7&nbsp; Immediate full access upon payment<\/p>\n<\/div>\n<footer class=\"site-footer\">\n<div class=\"footer-inner\">\n<div class=\"footer-brand\">\n<div class=\"footer-logo\">California <span>Technology<\/span> Stock Letter<\/div>\n<p>Institutional-quality technology stock research for individual investors. Published by Michael Murphy, CFA since 1982.<\/p>\n<\/div>\n<div class=\"footer-col\">\n<h4>Navigate<\/h4>\n<ul>\n<li><a href=\"01-homepage.html\">Home<\/a><\/li>\n<li><a href=\"03-about.html\">About<\/a><\/li>\n<li><a href=\"04-press.html\">Press<\/a><\/li>\n<li><a href=\"05-contact.html\">Contact<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"footer-col\">\n<h4>Subscribe<\/h4>\n<ul>\n<li><a href=\"02-subscribe.html\">Subscribe \u2014 $1,995\/yr<\/a><\/li>\n<li><a href=\"07-members.html\">Member Login<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"footer-col\">\n<h4>Legal<\/h4>\n<ul>\n<li><a href=\"06-legal.html\">Disclosures<\/a><\/li>\n<li><a href=\"06-legal.html#privacy\">Privacy Policy<\/a><\/li>\n<li><a href=\"06-legal.html#terms\">Terms of Service<\/a><\/li>\n<li><a href=\"06-legal.html#refund\">Refund Policy<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n<div class=\"footer-bottom\">\n<div>\n<p>\u00a9 2026 California Technology Stock Letter. All rights reserved.<\/p>\n<p>DISCLAIMER: The California Technology Stock Letter is published for informational and educational purposes only. Nothing in this publication constitutes investment advice. All investments involve risk, including the possible loss of principal. Past performance does not guarantee future results.<\/p>\n<\/p><\/div>\n<\/div>\n<\/footer>\n<p><\/body><br \/>\n<\/html><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NVDA \u25b2 2.4% VICR \u25b2 5.1% AUR \u25b2 1.3% NVDA \u25b2 2.4% VICR \u25b2 5.1% AUR \u25b2 1.3% California TechnologyStock Letter Home About Sample Issue Press Contact Subscribe \u2014 $1,995 Free Preview Read a Sample Issue This is a complete excerpt from a recent initiating coverage memo \u2014 the same format and depth subscribers receive [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-21","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/ctsl.com\/index.php?rest_route=\/wp\/v2\/pages\/21","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ctsl.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/ctsl.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/ctsl.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ctsl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21"}],"version-history":[{"count":1,"href":"https:\/\/ctsl.com\/index.php?rest_route=\/wp\/v2\/pages\/21\/revisions"}],"predecessor-version":[{"id":22,"href":"https:\/\/ctsl.com\/index.php?rest_route=\/wp\/v2\/pages\/21\/revisions\/22"}],"wp:attachment":[{"href":"https:\/\/ctsl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}