Enterprise data revenue went from 2% to 20% in a year, and the CEO explicitly refuses to disclose the unit economics.
Thesis: This isn't a chip play; it's a module play. They are swapping $0.50 commodity sockets for $10 integrated power solutions. The 'slowing growth' in AI is just the law of large numbers after a vertical ramp. The real story is the structural lock-in: once you design in a vertical power module under a GPU, you don't switch vendors to save a penny.
Verdict: LONG — Conviction: HIGH
Catalyst: Confirmation of Google/AWS/Meta ramps 'coming later' which validates the solution-selling thesis beyond the initial AI surge.
Key Risk: The 'rate of growth is slowing down' comment from the CFO triggers a multiple compression event before the broader hyperscaler ramps materialize.
The Tell: CFO Bernie Blegen explicitly stated 'the rate of growth is slowing down' for enterprise data, directly undercutting the infinite-growth narrative the street is pricing in.
Friction Level: MODERATE_FRICTION — Valuation of the 'Solution Selling' transition. Bulls see margin expansion via $10 modules; Bears see opacity masking a cyclical peak.
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