Semiconductors
Monolithic Power Systems: A Back-Half 2025 Hyperscaler Story
Monolithic Power Systems designs, develops and produces power management integrated circuits (ICs), creating highly integrated power solutions that combine multiple functions into a single chip. It is widely believed that they supply power management solutions ICs and modules to the majority of NVIDIA GPUs, including Blackwell, and also supply them for AMD GPUs and Google’s TPUs. The company expects a slow start to 2025, supported by growth in its automotive segment and then acceleration into the second half of the year as Enterprise Data revenues rise with hyperscaler ramp-ups. The conference call felt like management was trying to downplay the ramp and brace analysts for a flattish year as Enterprise Data is expected to accelerate closer to years end.
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