Navitas Semiconductor (NVTS) Citi’s 2026 Global TMT Conference summary

Transformation strategy and business pivot

• Completed pivot from low-margin consumer/mobile markets to high-value, high-power applications, focusing on AI data centers and grid infrastructure.

• Go-to-market strategy shifted to target hyperscalers, XPUs, OEMs, and merchant power companies.

• Upgraded application and leadership teams to support new focus areas.

• By year-end, mobile will be an insignificant revenue contributor, down from 85%.

• Revenue quality has improved, with AI infrastructure expected to be over one-third of revenue.

Technology and market trends

• GaN and SiC technologies are central, with SiC suited for high-voltage, robust AC-DC and grid applications, and GaN for high-density, high-frequency DC-DC conversion near compute loads.

• Transition to 800V architectures in data centers is underway, with phased adoption: pre-800V (now), sidecar 800V (early next year), native 800V (future), and eventual grid modernization (2028+).

• Both GaN and SiC are needed for full participation in the evolving power conversion landscape.

• Market models estimate 220–300 GW of new data center deployments by 2030, with significant content opportunity for GaN and SiC.

Growth opportunities and competitive landscape

• Estimated $25,000 per MW content opportunity in data centers, split between GaN ($15,000/MW) and SiC ($10,000/MW), with additional upside from grid modernization and circuit protection.

• Total serviceable available market (SAM) for GaN/SiC in the U.S. grid projected at $3.5–4.5 billion by 2030, with IVR/VPD potentially doubling this.

• Gradual replacement of silicon by GaN and SiC, driven by rising rack power density and customer demand for proven, ready technology.

• Competition varies by technology; few companies offer both GaN and SiC, which is valued by hyperscalers and merchant power customers.