KGI Asia Limited, 8 June 2026
Excerpt from KGI Asia Limited report
Report Summary
- Vicor (VICR US): BUY call with a target price of US\$370. Vicor specializes in high-density power solutions for AI servers and is benefiting from rising AI-driven data center power demand, strong product revenue growth, and new licensing agreements. 1QFY26 revenue rose 20.3% YoY, and 2QFY26 guidance was raised to US\$142mn. The company is well-positioned for continued demand as AI power needs expand.
- Navitas (NVTS US): BUY call with a target price of US\$40. Navitas is an upstream supplier of GaN and SiC power semiconductors for AI data centers. Its technology has been validated by NVIDIA’s MGX collaboration. AI data center migration to high-voltage, high-efficiency architectures is driving demand for Navitas’ solutions.
- NVIDIA: Launching the Vera Rubin AI CPU and AI PC platform, entering the CPU market to compete with Intel and AMD. This marks a new era in agentic AI, with potential to impact Intel more significantly due to its dependence on PC revenue. The RTX platform is scheduled for launch this fall.
- SpaceX: IPO set for June 12, targeting a valuation of US\$1.75–2.0tn, potentially the largest IPO in history. Its leadership in reusable rockets and direct-to-cell satellite technology positions it for significant growth, with integration into Musk’s AI-energy-computing ecosystem.
- Key actionable idea: AI-driven power demand is making data center power infrastructure a critical bottleneck. Companies positioned in power semiconductors, power management ICs, and advanced passive components are structural beneficiaries. Vicor and Navitas highlight actionable investment opportunities.
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