Monolithic Power Systems (MPWR)

Power-management ICs — vertical power for AI servers (NVIDIA 800VDC partner)

AI exposure 40% — derived from reported segment revenue, not asserted.

Where it sits

Silicon Layer → Analog, Logic & Mixed-Signal ICs · figures rebased to Q2 2026, reported 2026-07-30

Power-management ICs for AI servers/accelerators (the AI growth driver) leads 5 businesses in this sub-tier that together are 100% of revenue, so Analog, Logic & Mixed-Signal ICs is effectively the whole company rather than one leg of it.

Reported segments

• Enterprise Data (AI servers) — 39% of revenue
• Storage & Computing — 17% of revenue
• Automotive — 15% of revenue
• Communications — 12% of revenue
• Industrial + Consumer — 17% of revenue

Monolithic Power Systems (~$2.5B FY2025; ~$3.9B Q2 2026 annualized) — power-management ICs (fabless analog). Enterprise Data/AI servers ~39% and rising (Q2 2026: 38.8%, +164% YoY — vertical power for GPUs = the AI growth driver) + Storage/Computing ~17% + Automotive ~15% + Comms ~12% + Industrial/Consumer ~17%. Primary B1 Analog, Logic & Mixed-Signal ICs — these are power-management CHIPS (analog/mixed-signal), NOT power equipment. Fabless; key NVIDIA 800VDC partner. Competes ADI/TXN/Infineon/onsemi; supplies power ICs to AI-server/data-center.

How the 40% is built

• Enterprise Data (AI servers) — 39% of revenue × 90% AI-driven (estimate). Segment size is disclosed (Q2 2026: $380.6M, 38.8% of revenue, +164% YoY, +45% QoQ) and management attributes it to AI/server power — vertical power for GPU racks; raised 85->90 because FY Enterprise Data growth guidance went from +85% to +130%, a rate only the AI-accelerator socket can produce. The residual ~10% is…
• Storage & Computing — 17% of revenue × 10% AI-driven (estimate). Estimate, unchanged — management was explicitly cautious on the notebook side of storage & compute for H2 2026, so this stays a mostly non-AI PC/storage line
• Automotive — 15% of revenue × 0% AI-driven (estimate). Estimate — automotive power ICs guided to mid-teens YoY growth on vehicle content, no AI-infrastructure linkage
• Communications — 12% of revenue × 25% AI-driven (estimate). Raised 5->25: on the Q2 2026 call management described Communications growth as power solutions for optical modules and switches — 'not only top of rack switches, but TPUs, NIC cards' — which is AI data-center content sitting inside the Communications end market, not telecom. Still an estimate; MPWR does not split it
• Industrial + Consumer — 17% of revenue × 0% AI-driven (estimate). Estimate — industrial is design-win/lagging and consumer guided cautiously; neither touches AI infrastructure

Investment read

Moat. Power-management IC design lead + the AI-server power-delivery design wins (NVIDIA partner). Riding the AI-power-density wave.

Bottleneck / pricing power. Real pricing power in AI-server power (design-win lock-in, the power-delivery bottleneck inside the rack); the AI growth driver of the analog group.

Role in the AI stack. The in-rack power-delivery chip supplier for AI servers.

Connected companies

• NVIDIA (NVDA) — MPWR supplies: Power-management/voltage-regulator modules for Blackwell GPU boards (allocation partly shared with Renesas/Infineon)
• Broadcom (AVGO) — MPWR supplies: high-density power management for AI ASIC boards
• Vertiv Holdings (VRT) — MPWR supplies: power-stage components into rack power systems
• Taiwan Semiconductor (TSM) — MPWR is supplied by: foundry wafers for power-management ICs (fab-lite model)
• Advanced Micro Devices (AMD) — MPWR supplies: power-management modules for Instinct GPU boards
• Texas Instruments (TXN) — MPWR competes with: Power-management ICs (MPWR increasingly in data-center power delivery vs TXN)
• Analog Devices (ADI) — MPWR competes with: High-performance power management
• Arista Networks (ANET) — MPWR supplies: power management for network switches (MPS data-center switch power)
• Ciena (CIEN) — MPWR supplies: power for optical networking systems
• Coherent (COHR) — MPWR supplies: power management for optical modules/transceivers
• Lumentum Holdings (LITE) — MPWR supplies: power for optical modules (Lumentum)
• SK Hynix (SKHY) — MPWR supplies: power management for memory/storage (MPS storage&computing)
• Symbotic (SYM) — MPWR supplies: battery management system (BMS) design win on robotics platform
• Alphabet (GOOGL) — MPWR supplies: power stages/VRMs for Google TPU server boards

Others in Analog, Logic & Mixed-Signal ICs

• Texas Instruments (TXN)
• Analog Devices (ADI)
• Microchip Technology (MCHP)
• ON Semiconductor (ON)
• NXP Semiconductors (NXPI)
• Lattice Semiconductor (LSCC)
• Qorvo (QRVO)
• Infineon Technologies (IFNNY)
• STMicroelectronics (STM)
• Renesas Electronics (RNECY)

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