Operator

Good day, and thank you for standing by. Welcome to the Vicor First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to your speaker today, Jim Schmidt, Chief Financial Officer. Please go ahead.

James Schmidt
Corporate VP, CFO, Treasurer, Corporate Secretary & Director

Thank you. Good morning, and welcome to Vicor Corporation’s Earnings Call for the first quarter ended March 31, 2026. I’m Jim Schmidt, Chief Financial Officer, and I’m in Andover with Patrizio Vinciarelli, Chief Executive Officer; and Phil Davies, Corporate Vice President, Global Sales and Marketing.

Earlier this morning, we issued a press release summarizing our financial results for the 3 months ended March 31, 2026. This press release has been posted on the Investor Relations page of our website, www.vicorpower.com. We also filed a Form 8-K today related to the issuance of this press release. I remind listeners this conference call is being recorded and is the copyrighted property of Vicor Corporation. I also remind you various remarks we make during this call may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

Except for historical information contained in this call, the matters discussed on this call, including

Luciana Ciubotariu had stepped down.

The chief executive of the Celtic Freeport has stepped down from her role less than two years after first taking the job.

The Celtic Freeport, which covers the ports of Milford Haven and Port Talbot and benefits from a number of UK Government funded tax breaks and incentives, has confirmed that Brazilian Luciana Ciubotariu had stood down.

While no further detail on the resignation was given, a representative speaking on behalf of the Celtic Freeport board thanked her for her contribution to the development of the Celtic Freeport, and wished her every success in the future.

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Ms Ciubotariu, who was formerly part of the senior management team of the Thames Freeport in London, started her role in May 2024, where she headed up the early foundation stages of the Welsh freeport plans.

The move comes just weeks after Neath Port Talbot Council agreed to enter a memorandum of understanding with the UK and Welsh Governments, Pembrokeshire County Council, and Celtic Freeport Company Limited.

This was intended to formalise the authority as the accountable body for the freeport moving forward as it enters its “delivery phase”.

A statement released by the Freeport said: “During her time as chief executive, Luciana led the organisation through the approval of its full business case and the signing of a Memorandum of Understanding with the UK Government and Welsh Government.

“This will unlock £25m of public investment for the Celtic Freeport and represents a significant milestone in the wider investment programme across the region.

“The Celtic Freeport Board would like to thank Luciana for her contribution to the development of the Celtic Freeport and wishes her every success in the future.”

LOS ANGELES — The long-awaited Michael Jackson biopic “Michael” hit theaters with a star-studded premiere and mixed early reactions Tuesday, offering dazzling musical sequences and a breakout performance by Jaafar Jackson while drawing criticism for its sanitized portrayal of the King of Pop’s complicated life.

Directed by Antoine Fuqua and written by John Logan, the film traces Jackson’s journey from child prodigy in the Jackson 5 to global superstar through the release of his landmark 1982 album “Thriller.” Produced with the cooperation of the Michael Jackson Estate and distributed by Lionsgate, “Michael” arrives in theaters Friday after a world premiere in Berlin on April 10 and a high-profile U.S. premiere in Los Angeles on Monday night.

Jaafar Jackson, Michael’s nephew, stars as the adult version of the icon, delivering what many early viewers called a “tremendous” and “mesmerizing” performance that captures his uncle’s mannerisms, vulnerability and stage presence. Young Michael is portrayed by Juliano Krue Valdi, who also earned praise for his portrayal of the child star. Supporting roles include Colman Domingo as the stern patriarch Joe Jackson, Nia Long as Katherine Jackson, Miles Teller as manager John Branca, and appearances by Laura Harrier, Larenz Tate and others.

Early reactions from the Los Angeles premiere and select critics highlighted the film’s strengths in recreating iconic performances. The “Thriller” and “Beat It” sequences reportedly feature impressive choreography and visual spectacle, with Jaafar Jackson’s dancing and singing earning comparisons to the original. Reviewers described the musical numbers as “off-the-charts” and “electrifying,” providing the emotional high points that fans have anticipated.

However, several critics noted the film’s decision to avoid the most controversial chapters of Jackson’s life. The narrative stops in the mid-1980s, before the major child abuse allegations surfaced, and reshoots reportedly removed references to those events due to legal constraints from a 1994 settlement. Some reviewers called the approach “saccharine” and “reverential,” likening it to a “bland daytime TV movie” that prioritizes celebration over complexity. One critic described it as “terrified to explore the interiority” of its subject, offering little new insight beyond familiar highlights.

Fuqua, known for intense dramas like “Training Day,” opts for a straightforward chronological structure rather than a bold reinterpretation. The film humanizes Jackson through quieter family moments and his struggles with fame and his father’s expectations, but many felt it played things too safely. The estate-backed production emphasizes the music, legacy and artistry, presenting Jackson as a visionary entertainer whose personal struggles are acknowledged but not deeply examined.

The $200 million production faced multiple delays and reshoots, including 22 additional days of filming in 2025 that reportedly cost $10 million to $15 million. These changes, along with a shift from an initial 2025 release to April 24, 2026, fueled speculation about creative differences and legal hurdles. Some reports suggested the final cut functions as “Part One,” with potential sequels exploring later chapters.

Despite the controversies, many fans and early audience members left theaters impressed by the spectacle and emotional payoff. Social media buzzed with praise for Jaafar Jackson’s transformation, with some calling it a “breakout performance” that makes viewers “forget he isn’t the real thing.” The film’s respectful tone and focus on Jackson’s genius resonated with those seeking a celebratory tribute rather than a critical exposé.

Critics’ scores remain mixed ahead of wide reviews dropping Wednesday. Positive voices highlight the musical excellence and Jaafar Jackson’s commitment, while detractors argue the film glosses over Jackson’s complexities, resulting in a polished but shallow biopic. The approach mirrors other estate-approved projects that prioritize legacy preservation over unflinching examination.

For Jackson’s global fanbase, known as the Army of Love, the film offers a chance to relive the magic of his early career on the big screen. The recreation of Motown performances, the rise to “Thriller” dominance and the cultural impact of breaking MTV barriers provide nostalgic satisfaction. Yet for those hoping for a nuanced exploration of fame’s toll, the absence of later controversies leaves a noticeable gap.

Director Fuqua aimed to capture both the showman and the sensitive artist behind the hits. The film includes tender scenes of family life in Gary, Indiana, and Jackson’s drive to innovate, but stops short of the scandals that defined much of his later public image. Producers, including Graham King (known for “Bohemian Rhapsody”), positioned the project as a tribute to the music and legacy rather than a definitive biography.

The cast’s dedication shines through. Jaafar Jackson trained extensively to embody his uncle’s voice, dance moves and emotional depth, drawing from family stories and archival footage. Domingo brings simmering intensity to Joe Jackson, portraying the demanding father whose influence shaped Michael’s ambition and insecurities. Nia Long adds warmth as Katherine, grounding the family dynamic.

Visually, the film leans into cinematic spectacle with vibrant recreations of iconic videos and performances. Cinematography and choreography aim to transport audiences to the height of Jackson’s creative peak, complete with moonwalks, glove spins and crowd hysteria.

As “Michael” prepares for wide release, it faces the challenge of satisfying both devoted fans eager for celebration and broader audiences seeking deeper insight. The estate’s involvement ensures a protective lens, but some critics argue this limits the film’s dramatic potential and cultural resonance.

Early box office projections suggest strong opening weekend interest, particularly among fans nostalgic for Jackson’s unparalleled showmanship. International appeal remains high given Jackson’s global icon status.

The film arrives amid ongoing conversations about separating Jackson’s art from his personal controversies. By focusing on the pre-1990s era, “Michael” sidesteps much of that debate, presenting a version of the story centered on talent, perseverance and groundbreaking success.

Whether the biopic changes minds or reinforces existing views remains to be seen. For many, Jaafar Jackson’s performance alone justifies the ticket price, delivering a heartfelt homage to one of music’s most influential figures.

As reviews roll in and audiences experience the film this weekend, “Michael” stands as both a lavish tribute and a reminder of the challenges in portraying larger-than-life legends. The King of Pop’s story continues to captivate, even when told through a carefully curated lens.

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Concerns about artificial intelligence behaving unpredictably are gaining attention following a recent experiment involving leading AI models, though experts remain divided on what the findings actually demonstrate.

President’s Council of Advisors on Science and Technology Co-Chair David Sacks joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to address claims tied to an Anthropic study examining so-called “agentic misalignment.”

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The study, highlighted by Google Cloud Advisory Board Chair Betsy Atkins, tested how AI systems respond under pressure. According to Atkins, the models crossed established boundaries when placed in constrained scenarios.

“Every single one of them went outside of their credentials and permissions, burrowed into systems they were not authorized to get access to,” Atkins said, claiming that in one case an AI system escalated to blackmail after identifying sensitive personal information.

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Anthropic’s research outlines that these behaviors occurred in simulated environments designed to test edge-case decision-making, where models were given specific instructions and constraints.

Sacks pointed to those conditions as central to understanding the results, noting the behavior did not emerge spontaneously.

Artificial intelligence robot during a 2026 event in Las Vegas, Nevada. (Bridget Bennett/Bloomberg / Getty Images)

“The people who… created that study had to iterate on the prompt over 200 times to get the AI model to do what they wanted, which was to achieve this headline-grabbing result of blackmailing the user,” Sacks said.

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He added that the setup placed the model in a scenario where “blackmail was really the only logical result,” emphasizing that the system was responding to instructions rather than acting independently.

“The AI is not scheming… It’s engaging in a form of instruction… I think that that study was irresponsible and it was designed to create this,” Sacks said.

Sacks also noted that similar behavior has not been observed outside controlled testing environments, saying “a year later, we actually have not seen any examples of this behavior in the wild.”

The findings come as policymakers and industry leaders continue evaluating how to interpret AI safety research conducted under experimental conditions.

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New leader set for ‘competitive six-figure base salary’

The North West Business Leadership Team has started its search for a new CEO after Emma Degg announced she will stand down in December.

Emma has led the NWBLT, which brings together leaders from businesses across the region, for a decade and received an MBE in 2024 for services to the North West business community.

Now the team has begun its work to find a successor to “act as both custodian and catalyst, protecting the integrity and culture of NWBLT whilst strengthening its role as a unifying voice across business and public sector leadership in the North West.”

The job description says the new CEO will receive a “competitive six-figure base salary” plus a potential performance-related bonus up to 10% of base salary.

Chris Woodroofe, chair of NWBLT and CEO of Manchester Airports Group, said: “Since 2016, Emma has been the energetic and respected leader of the NWBLT. I do hope that she looks back on the last 10 years with immense pride in all that she has helped to achieve.

“Under her leadership, we have strengthened our membership and influence, deepened relationships across the public and private sectors, and expanded our reach at both regional and national level. On behalf of our members, and indeed the region, I extend my enormous thanks and gratitude to her for a job very well done.

“The work we do has never felt more important, so we are also grateful that Emma has ensured we have the time to recruit a leader who has the vision and energy to take us forward into our next chapter.”

Emma Degg said: “I am incredibly proud of what we have achieved together over the last few years, incubating projects that have made a difference to businesses and communities across our Region. Most importantly for me, our Diversity Drivers and Rising Star programmes have supported future female and ethnic minority leaders, whose achievements continue to inspire us all.

“Although I have incredibly mixed feelings about leaving, I believe this is the right time to hand over the reins to a new leader. In turn I intend to focus on the organisations I support as a Board Member and Trustee, and explore how I can continue to contribute to our great region.”