NVTS is pitched as the main idea: a low-cap, AI-power bottleneck play compared with early NVDA, with GaN and SiC positioned to capture the data-center shift to 800-V DC power, 3,300-V solid-state transformers, and higher-density racks. The case leans on NVTS’s consumer-device manufacturing history, 250+ patents, a GlobalFoundries buildout, and 2027 hyperscaler/XPU ramps that could push revenue toward $1B-$1.5B and valuation into $130-$150 by end-2028 if execution holds. The macro overlay says equities are not as expensive as feared because earnings are outrunning prices, while the Shiller CAPE at 42.56 versus a 17.4 long-run average is dismissed as a bad timing tool distorted by rates, buybacks, globalization, tech margins, and accounting changes. VIVO is the sponsored sidecar: a land-and-power landlord for AI compute with Norway power below 3.5 cents/kWh, a selected tenant, and a 358 MW pipeline, but flagged as a tiny, capital-intensive, dilution-prone stock.
SPY is up about 6% from the July 29 bottom and has made new all-time highs; QQQ is up another 10% from July 29 and is just under its highs; IGV is up just under 40% from April lows, with SNOW +49%, PLTR +54%, and CRM still lagging.
The ZipTrader 25 names since July 29 are listed as NBIS +87%, APLD +34%, IREN +51%, DRWV +73%, AMD +19%, and KTOS +47% in defense and AI drones.
Stocks at all-time highs are argued not to be expensive because earnings are growing faster than stock prices this season, while the S&P 500 forward P/E is 20.60 and called mid-range.
The Shiller CAPE is cited at 42.56 versus a historical average of 17.4, but is called useless for timing markets over the last 30 years except for the 2008-2009 lows.
The CAPE critique says it ignores the rate regime shift, share buybacks, globalization, the move from railroads/industrial factories to high-growth tech and software, and accounting changes; buybacks were illegal until the early 1980s, and write-down rules changed sharply in the early 2000s.
The core strategy is long-term accumulation of good assets at good prices plus short-term momentum and medium-term swing trades, while rejecting panic selling off short sellers, X, the Fed, inflation prints, or waiting for perfect entries.
NVTS is framed as the main AI-power idea: a small-cap stock with extreme growth potential solving an existential bottleneck for the AI industry.
The bottleneck is power: next-gen AI clusters running thousands of NVDA GPUs need huge electricity loads, pushing data centers toward 800-V DC architectures and away from legacy silicon that is said to be too slow, space-hungry, and wasting up to 10% of energy as heat.
NVTS is said to specialize in both GaN and SiC as the industry shifts rapidly into those materials; SiC is the heavy lifter for massive voltages and grid-to-data-center power, while GaN is the speed demon switching up to 20x faster than traditional silicon with almost zero energy loss.
NVTS’s smartphone/laptop charger business is presented as the training ground that shipped hundreds of millions of chips, built mass-manufacturing scale, battle-tested reliability, and a patent moat, and let it solve GaN defect and production problems years early.
NVTS is said to have logged billions of field operating hours with virtually zero failures and to hold over 250 patents covering integration of drive logic, control, and power FETs on a single GaN chip.
The near-term catalyst is 800-V power delivery boards being integrated into server racks by hyperscalers and custom XPU makers, with NVTS estimating $25,000-$35,000 of chip content per megawatt of data-center capacity.
Another catalyst is the 2027 XPU platform ramp: sampling is happening now and full production rollouts are said to be locked in for 2027; a GlobalFoundries partnership is scaling US GaN manufacturing in Vermont, and NVTS is also building 3,300-V solid-state transformers to connect data centers directly to utility grids.
Valuation math says $100/share would imply a $23 billion market cap and roughly 6x from current levels, while $150/share would imply $34.5 billion and about 9x-10x; using $1.2 billion of revenue at 25x sales gives roughly $30 billion and a $130-$150 share range.
The upside case assumes NVTS can capture 20%-25% of the GaN/SiC market across AI data centers, EVs, and energy grids over 3-5 years, driving annual revenue toward $1 billion-$1.5 billion; the target is tied to 2027 ramps, with end-2028 as the stated timing and more upside possible in the 2030s.
VIVO is the sponsored company: it buys and develops powered land and data centers for AI compute, owns the site and power access, and leases that capacity on long-duration contracts; it holds assets in Norway, Finland, and the United Arab Emirates and has been listed on Nasdaq since 2016.
VIVO’s pitch is that AI buildout is hitting a power shortage: US and Western Europe interconnect queues can stretch for years, so the scarce asset is land that already has electricity; Norway’s hydro power, cold air, and stable regulation are cited as an advantage, with the Norway site running on 100% renewable hydro below 3.5 cents/kWh and finished sites targeted under 4 cents/kWh.
The Norway acquisition closed on April 21, 2026, moved VIVO into immediate EBITDA profitability, and produced about $31 million of annualized revenue and $10 million of annualized EBITDA; in April it also enrolled 30 MW into Statnett Reserve Markets for an extra $1.9 million of annualized EBITDA without new capex or operating costs.
The pipeline is about 358 MW across three countries; Mo iRana is a 41.5 MW Norwegian facility already energized, with 40 MW more permitted over 18-24 months subject to approval, taking the site above 80 MW.
In April-May, VIVO ran a competitive bidding process, got stronger-than-expected firm proposals and unsolicited buyout offers at a premium, then rejected them; on June 29 it named a global AI industry leader as preferred long-term tenant, with legal docs still being finalized and the tenant and terms to be announced if agreements are executed.
VIVO is described as a super-small-cap, high-capex name where most peers fail or dilute heavily, but it already has an operating asset generating revenue/EBITDA on cheap renewable power, a preferred tenant, a broader pipeline conversation, founder debt cleared, a $50 million raise closed, and a narrowed strategic focus.