The five 800-volt claimants span a 131-to-1 scale range with utterly different economics. Navitas: $45.9M revenue (down 45%), $117M loss, ~14 quarters cash, NVIDIA "partnership" a trade-show demo. Power Integrations: profitable 30-year incumbent, AI minor. Vicor: backlog up 70% to $300.6M, book-to-bill >2.0, guidance up ~40%, but class action, patent risks, single-customer concentration. ON Semi: guiding AI revenue $250M→$500M, figure on calls not in filings. MPS: record $804M quarter, named Enterprise Data segment. One theme; a venture bet, three incumbents, a compounder.