Data centers will consume up to 12% of U.S. electrical demand by 2028, and every EV on the road, every AI training rack and every solar inverter feeding the grid pushes current through a power semiconductor. Silicon carbide (SiC) and gallium nitride (GaN) are the choke points on that demand curve. Five U.S.-listed names control the flow, and the money is already moving.
1. Wolfspeed (WOLF): The Turnaround Nobody Wanted
Wolfspeed (NYSE:WOLF | WOLF Price Prediction) is the least obvious name on this list because six months ago it was in bankruptcy court. Today it is a leaner SiC pure-play with the first commercially available 10 kV SiC power MOSFET aimed at grid modernization, industrial electrification, and AI data center infrastructure. Its AI data center segment grew roughly 30% sequentially in Q3, on top of about 50% sequential growth the prior quarter. That signals a structural pivot away from a stalling EV cycle into the highest-value verticals in power.
Shares are up 86.42% year to date, though the last month punched the stock down 18.72% as the turnaround gets digested. Fiscal Q3 revenue came in at $150.2 million, edging consensus, while the company refinanced approximately $476 million of first-lien debt, cut total debt by $97 million, and stripped $62 million of annual interest expense. Shareholders’ equity swung to $1.02 billion from deeply negative in a single quarter and cash sits at $1.16 billion.
This is the highest-beta name in the electrification stack: It either compounds through 2027 or it breaks. The next stock runs the same SiC playbook, but at roughly 20x the scale and a fraction of the volatility.
2. ON Semiconductor (ON): The Scaled SiC Heavyweight
ON Semiconductor (NASDAQ:ON) is the operator that already dominates the SiC supply chain that WOLF is fighting to defend. EliteSiC sits inside 900V EV architectures with Geely and NIO, and the company just landed a design win with Sineng Electric for a 430 kW liquid-cooled energy storage system plus a 320 kW solar inverter. Autos, AI, and grid, all built on one wafer platform. AI data center revenue more than doubled year over year in Q1 FY26 and grew 30% sequentially.
Q1 FY26 revenue landed at $1.513 billion, beating consensus, with the Power Solutions Group up 14% YoY to $736.6 million and non-GAAP gross margin snapping back to 38.5%, up from 20.3% a year earlier. Management guided Q2 revenue to $1.535 billion to $1.635 billion and has a $6 billion share repurchase authorization in place. Shares are up 69.24% year to date, trading at 31x forward earnings against an average analyst target of $113.72.
ON is the risk-managed way to own SiC. The next name plays the same thesis in GaN and has quietly doubled this year as industrial power conversion took over its revenue mix.
3. Power Integrations (POWI): The Industrial GaN Pivot
Power Integrations (NASDAQ:POWI) has spent two years quietly redirecting its PowiGaN franchise into renewables, battery storage, home automation, and automotive. The result: industrial revenue grew 23% year over year and now sits at 41% of the revenue mix, up from 34%. That is a mix shift you cannot fake, and it puts POWI directly in the path of every grid-scale battery and rooftop inverter buildout.
Q1 FY26 EPS came in at $0.25 versus $0.23 expected, revenue at $108.3 million (+2.6% YoY), and PowiGaN products grew more than 40% across full-year FY25. Non-GAAP gross margin held at 53.5%, and Q2 revenue guidance is $115 million to $120 million. Shares are up 93.22% year to date, with the average analyst target at $76.20 and forward P/E at 48.
POWI is the industrial GaN pure-play. But the biggest AI-server design wins in this stack belong to the next name, and it is trading like a growth stock for a reason.
4. Monolithic Power Systems (MPWR): The AI Server Arms Dealer
Monolithic Power Systems (NASDAQ:MPWR) is the power-management chip designer inside the AI server rack. Enterprise Data revenue nearly doubled year over year, up 97.7% to $262.8 million, and now represents 32.7% of total revenue. Management is guiding Enterprise Data growth of more than 50% for 2026, and the company just sampled its first high-speed DDR5 interface products alongside an 800V data center power solution.
Q1 FY26 revenue was $804.2 million, up 26.1% YoY, EPS of $5.10 beat the $4.90 consensus, GAAP operating margin expanded to 30.0%, up 3.5 percentage points YoY, and the board raised the quarterly dividend 28% to $2.00. Q2 revenue guidance is $890 million to $910 million, and Communications revenue grew 55.5% YoY to $111.5 million. Shares are up 44.48% year to date, trading at 55x forward earnings with an average analyst target of $1,789.23.
MPWR is the highest-quality name in this stack. If you want maximum torque on the same secular curve at a fraction of the market cap, the last slot is where the payoff lands.
5. Navitas Semiconductor (NVTS): The Payoff Trade
Navitas Semiconductor (NASDAQ:NVTS) is the small-cap payoff: a pure-play GaN and high-voltage SiC operator that just staked its entire future on AI data centers, grid, and industrial electrification under a strategy management calls Navitas 2.0. At NVIDIA GTC it debuted 800V-to-6V and 800V-to-50V power delivery boards and demonstrated a 250 kW solid-state transformer with EPFL. NVTS is a formal NVIDIA power partner for the 800V DC architecture rolling out across next-gen AI factories.
Q1 FY26 revenue was $8.60 million, up 18% sequentially, with a fourth straight EPS beat at -4 cents versus the -5 cents expected. High-power markets grew roughly 35% year over year, non-GAAP gross margin held at 39.0%, and management is targeting a $3.5 billion serviceable market by 2030 growing at a 60%-plus CAGR. Cash sits at $221 million, and a long-term GlobalFoundries U.S. GaN foundry partnership comes online in late 2026.
Shares are up 60.74% year to date, with a beta of 3.815 and a 52-week range of $5.44 to $34.17. Smallest float, highest torque, most direct pure-play on the NVIDIA 800V build-out. It trades like a call option on the entire electrification thesis.
The Setup
Electrification is a compounding demand pull across EVs, AI factories, and grid modernization, all funneling into SiC and GaN power silicon. WOLF is the boom-or-bust turnaround, ON and MPWR are the scaled compounders, POWI is the industrial pivot, and NVTS is the leveraged bet on the 800V data center architecture. These five span the full risk spectrum on the same secular curve. The demand curve does not wait, and the money is already rotating in.
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