Lattice Semiconductor has a market capitalization of $18.57 billion on $523 million in revenue — a multiple of approximately 35x sales that only makes sense if you accept that the company's low-power FPGA architecture and its position in AI server power management represent a durable competitive position, not a temporary pricing anomaly. The Hillsboro, Oregon company was founded in 1983 by C. Norman Winningstad, Rahul Sud, and Ray Capece. It designs and markets low-power field-programmable gate arrays and complex programmable logic devices used for control plane functions in servers, networking equipment, industrial automation, and telecommunications infrastructure. CEO Ford Tamer leads a company with 1,174 employees — roughly one employee per $445,000 in annual revenue. The financial trajectory requires explanation. Revenue peaked at $737 million in FY2023 before declining to $509 million in FY2024 as inventory corrections swept through the semiconductor supply chain. FY2025 revenue recovered to $523 million, with the Communications and Computing end market — data centers and AI servers — growing 28.3% to $292.7 million, driven by server power management and AI-specific applications. Lattice competes in a market dominated by AMD's Xilinx and Intel's Altera. Neither of those companies is primarily focused on the sub-100-milliwatt power envelope where Lattice has concentrated its engineering effort. The strategic logic is that as AI servers densify and power efficiency becomes a primary design constraint, the demand for low-power programmable logic for control plane functions — boot security, power sequencing, thermal management — grows proportionally with AI infrastructure buildout.