Monolithic Power Systems

The business benefits from recurring replacement and content growth across multiple end markets and long product lifecycles, but it remains tied to semiconductor cycles. Revenue is diversified across storage and computing, automotive, enterprise data, communications, consumer and industrial, which tempers volatility.

Management guides sequentially and has delivered consistent mid‑50s gross margins through a recent inventory digestion. Geographic and distributor concentration add variability. We view multi‑year growth as underpinned by AI server and accelerator power, server storage, and auto electrification, though quarterly prints can swing.