Voxel Capital Pitches German Semiconductor Play at Sohn New York 2026

Kevin Salimian, founder of Voxel Capital, pitched a German semiconductor maker at the 2026 Sohn New York Conference on May 12, framing the company as a double inflection story with AI power accelerating and automotive destocking complete. The thesis rests on three drivers: structurally inflecting growth in AI power semiconductors, a return to secular automotive growth after three years of inventory drawdown, and rapid margin expansion as utilization climbs and higher-margin AI revenue scales. Salimian projected 58 percent upside to a price target at the end of 2027.

The company holds the number-one position in automotive semiconductors and supplies power management chips across the entire AI computing stack, from high-voltage utility transformers stepping down hundreds of kilovolts to the sub-one-volt voltage regulator modules feeding GPUs. It generates roughly €16 billion in revenue and €4 billion in EBIT on a €16 billion market cap. Six percent of total revenue flows from Nvidia, with another three percent from AI hyperscalers. Automotive accounts for 35 percent of sales, data centers and AI computing another 20 percent.

Salimian argued that AI power is at the early stages of a multi-year inflection, driven by rising power draw per GPU, a shift to higher voltages, and new rack form factors. He expects power semiconductor content to more than quintuple as a percentage of AI server rack cost over the next three years, rising from 50 basis points today to over 250 basis points by 2028. The automotive segment, which grew at roughly 13 percent annually from 2017 through the pre-COVID cycle, stalled during 2023-2025 destocking. “Customer and industry channel inventories indicate that the destocking has been completed,” he said, forecasting a return to high single-digit growth beginning later in 2026.