NVTS surged 91% YTD on 800V AI data center momentum, while AOSL offers similar server-power exposure at just 8x forward earnings. Tower Semiconductor's silicon photonics business has $1.3B already contracted for 2027, supporting a raised 2028 revenue target of $3.6B. The most widely read finance newsletter on Substack isn't published by a bank, it's Doomberg, where 383,000+ readers get the energy and macro analysis the mainstream press misses. 24/7 Wall St. readers save 17% on their first year here.
The AI infrastructure trade has crowded into the same handful of megacaps, but the actual buildout runs through dozens of specialty names that most Wall Street desks barely touch. Power delivery from 800V racks, medium-voltage MOSFETs stepping current into GPUs, silicon photonics moving bits between processors: these are the picks-and-shovels layers, and they're where the mispricings live. Below are three chip names with real AI or data-center exposure that are still flying under the mainstream radar heading into the back half of August.
Navitas Semiconductor (NASDAQ:NVTS) is the purest small-cap play on the shift to 800V DC architecture inside AI data centers. The market cap sits at roughly $3.64 billion, shares closed at $13.66 on August 13, 2026, and the stock is up 91.32% year to date. Even after that run, coverage is thin: five holds against one buy and one strong buy, with an analyst target of $14.07.
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The bull case is the Navitas 2.0 pivot. In Q2 2026, revenue came in at $10.5 million, up 22% sequentially, and CEO Chris Alexander told investors that "high-power markets grew more than 50% year-over-year, serving as further evidence of the building momentum in our GaN and high-voltage SiC products, especially in our focus area of AI infrastructure." Q3 guidance of $13.5 million ±$0.5 million implies 28% sequential growth, and management expects AI infrastructure to be more than one-third of total sales by year-end. Cash on the balance sheet hit $557 million with zero debt after a Q2 raise.
Partnerships with NVIDIA's MGX 800V ecosystem, GlobalFoundries for 8-inch GaN, and buffer wafer supply from TSMC give the company optionality most peers lack. Meaningful hyperscaler and XPU ramps are a mid-to-late 2027 story, and Q2 included a $203 million non-cash charge tied to earn-out share provisions. If 800V adoption slips a quarter or two, a stock trading at nearly 100 times sales will feel it.
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