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Monolithic Power Systems, Inc.
Information Technology · Semiconductors
Structural: power-delivery bottleneck on the AI rack. Each Blackwell-class GPU node draws 1.2-2 kW at sub-1V - $MPWR sells the multi-phase VRMs and 48V-to-core modules that bridge the gap. Enterprise data revenue mix has expanded from ~20% to >40% over the 2023-2026 AI cycle.
- $NVDA Hopper/Blackwell design-win base + GB200 rack-scale power module ramp
- Enterprise data segment compounding >50% y/y through the AI capex cycle
- Fab-lite model: gross margin held 55%+ through cycle troughs vs analog peers
- Auto power management (48V, ADAS, EV inverters) is the second growth leg
- Net cash balance sheet, no debt overhang
- $NVDA sourcing concentration - second-source push (Infineon, $RNECY, $TXN) on next-gen platforms
- Hyperscaler capex digestion risk if 2026-2027 buildout slows
- China revenue exposure (~50% of total) under export-control overhang
- Premium multiple (>40x fwd P/E) prices in continued AI mix shift
- Consumer + comms legacy segments still drag overall growth optics
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