Vicor Rides on Strong Backlog Growth: Can It Beat ADI & TXN?

Vicor's Q2 backlog reached $380M (up 145% YoY), driven by strong demand in HPC, ATE, and aerospace & defense markets, particularly from AI infrastructure buildout. However, the company faces significant competitive pressure from Analog Devices and Texas Instruments, both expanding aggressively in ATE and data-center markets. Vicor trades at a premium valuation (35.65X forward P/E) and holds a Zacks Rank #2 (Buy) rating.