Is Monolithic Power Systems profitable in 2026?

Yes. Monolithic Power Systems reported FY2025 revenue of $2.79 billion, up 26.4% year over year, marking its 14th consecutive year of revenue growth. It raised its dividend 28% and returned over 72% of cumulative free cash flow to shareholders over the prior three years, as of February 5, 2026.

Could AI replace Monolithic Power Systems?

No, its core product is physical power-delivery silicon that AI software cannot substitute. The real threat is platform insourcing: Nvidia's GB300 NVL72 rack, detailed July 28, 2025, uses a PSU co-designed with LITEON rather than MPS, showing customers can design power systems in-house.

Who is Monolithic Power Systems' biggest competitor?

Texas Instruments leads analog power with about 19% market share as of June 2026, while Vicor holds roughly 15% share specifically in AI-accelerator power modules and Infineon has an active Nvidia 800V power-design engagement, all contesting MPS's data-center power niche.

Did Nvidia cut orders from Monolithic Power Systems?

A securities fraud class action covering February 8 to November 11, 2024 alleges Nvidia cancelled roughly half of outstanding MPS orders and planned to remove MPS from most Blackwell-generation allocations over cited performance issues. The case remained active with new law-firm investigations opened in June and July 2026.

What is Monolithic Power Systems' market cap?

Monolithic Power Systems had a market capitalization of approximately $68.6 to $68.7 billion as of July 24, 2026, per gurufocus.com, reflecting a high valuation built on 26%-plus revenue growth and a raised AI-datacenter power guidance floor.

When does Monolithic Power Systems report Q2 2026 earnings?

Monolithic Power Systems is scheduled to report Q2 2026 results on July 30, 2026, with company guidance of $890 to $910 million in revenue against a consensus estimate of about $903.3 million as of July 22, 2026.

Semiconductor companies · United States

Monolithic Power Systems

monolithicpower.com ↗

Maker of power management chips that convert and regulate electricity for AI servers, cars, and electronics.

Protection under test

Assessed 24 July 2026 · Evidence as of 24 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 24 July 2026 · Checkable from July 30, 2026 · Every call on the record Checkpoint: Q2 2026 earnings release, will show Enterprise Data growth rate and any further Nvidia allocation change

The call

MPS grows fast on Nvidia's AI buildout, but the same customer building its own power design is the biggest question mark hanging over that growth.

Monolithic Power Systems designs and sells power management chips that go into servers and data centers, especially those running artificial intelligence. The company has been profitable and growing for 14 years, and it has built some technical expertise and customer relationships that are genuinely hard to copy. However, Nvidia, which has been MPS's biggest customer and accounts for over one-third of its sales, has started designing its own power solutions with a different supplier called LITEON instead. This matters because Nvidia could keep shifting more orders away from MPS, and other competitors like Texas Instruments and Infineon are also competing for the same AI power chip business. The one thing that could change everything is whether Nvidia stays committed to buying from MPS going forward or continues moving that business elsewhere, plus whether MPS can win new customers on major new projects over the next couple of years.

Why

AI pressure: Nvidia (in-house power co-design with LITEON). Nvidia, over a third of MPS revenue, pulled some Blackwell power allocation in 2024 and is co-designing PSUs with LITEON instead of MPS. Could AI do the core job? Unlikely.

Bigger players: Infineon and Vicor. Infineon and Vicor already ship competing power silicon into the same AI accelerator sockets MPS depends on for growth. Could a giant copy it? Probably.

What protects it. Design wins embedded in current chip generations plus non-Nvidia revenue (auto, storage, industrial) growing over 40% a year, cushioning any single customer loss.

What would change this call

Vera Rubin platform design-win disclosures over the next 2-3 quarters. Shows whether Nvidia keeps or further cuts MPS allocation versus LITEON.
Q2 2026 earnings on July 30, 2026 versus $890-910M guidance. A miss or Enterprise Data growth under 50% YoY would confirm the Nvidia relationship is weakening.
Outcome of the WD Wash. securities class action motion to dismiss. A denial would keep litigation live and signal deeper Nvidia-related disclosure problems.

Key numbers

FY2025 revenue $2.79B, up 26.4% year over year (2025-12-31)
14th straight year of revenue growth (2025-12-31)
Q4 2025 revenue record $751.2M, up 20.8% year over year (2025-12-31)

Named risks

Heavy revenue concentration in Nvidia, which is insourcing power-system design with LITEON. Severity: high
Active securities fraud class action and multiple new shareholder-fiduciary investigations in 2026. Severity: high
CFO transition in February 2026 during high-growth, high-scrutiny period. Severity: medium
Wide-bandgap SiC and GaN technology shifts from Infineon and Wolfspeed could pressure product roadmap. Severity: medium
Unresolved headquarters and incorporation location across filings suggests unfinished corporate restructuring. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Texas Instruments	contesting	~19% analog market share as of June 2026, largest scale incumbent not blocked from AI power niche
Vicor	gaining on	~15% share in advanced AI-accelerator power modules, reported June 2026
Infineon	gaining on	Active Nvidia 800V HVDC design engagement plus ~1B euro AI revenue target, June 2026
Nvidia (platform insourcing)	losing to	Co-designed GB300 PSU with LITEON, not MPS, and allegedly cut ~half of MPS orders in 2024

Questions people ask

Is Monolithic Power Systems profitable in 2026?: Yes. Monolithic Power Systems reported FY2025 revenue of $2.79 billion, up 26.4% year over year, marking its 14th consecutive year of revenue growth. It raised its dividend 28% and returned over 72% of cumulative free cash flow to shareholders over the prior three years, as of February 5, 2026.
Could AI replace Monolithic Power Systems?: No, its core product is physical power-delivery silicon that AI software cannot substitute. The real threat is platform insourcing: Nvidia's GB300 NVL72 rack, detailed July 28, 2025, uses a PSU co-designed with LITEON rather than MPS, showing customers can design power systems in-house.
Who is Monolithic Power Systems' biggest competitor?: Texas Instruments leads analog power with about 19% market share as of June 2026, while Vicor holds roughly 15% share specifically in AI-accelerator power modules and Infineon has an active Nvidia 800V power-design engagement, all contesting MPS's data-center power niche.
Did Nvidia cut orders from Monolithic Power Systems?: A securities fraud class action covering February 8 to November 11, 2024 alleges Nvidia cancelled roughly half of outstanding MPS orders and planned to remove MPS from most Blackwell-generation allocations over cited performance issues. The case remained active with new law-firm investigations opened in June and July 2026.
What is Monolithic Power Systems' market cap?: Monolithic Power Systems had a market capitalization of approximately $68.6 to $68.7 billion as of July 24, 2026, per gurufocus.com, reflecting a high valuation built on 26%-plus revenue growth and a raised AI-datacenter power guidance floor.
When does Monolithic Power Systems report Q2 2026 earnings?: Monolithic Power Systems is scheduled to report Q2 2026 results on July 30, 2026, with company guidance of $890 to $910 million in revenue against a consensus estimate of about $903.3 million as of July 22, 2026.

Timeline

2026-07-24Market cap reaches approximately $68.65 billion
2026-07-10Kahn Swick & Foti opens investigation into MPS officers and directors over Nvidia allegations
2026-06-11Securities fraud class action details reported: Nvidia allegedly cancelled half of orders
2026-03-31Q1 2026 revenue hits $804.19 million, up 26.1% YoY, beating consensus
2026-02-05Q4 2025 earnings released, dividend raised 28%, CFO Bernie Blegen announces retirement
2025-12-31FY2025 revenue reaches $2.79 billion, 14th straight year of growth, headcount hits 4,501
2025-07-28Nvidia details GB300 NVL72 PSU co-designed with LITEON, not MPS
2024-11-11End of class-action period alleging Nvidia cut MPS orders and Blackwell allocation
2024-02-08Start of securities fraud class-action period against MPS
2024-01MPS completes acquisition of Axign B.V., a Netherlands fabless semiconductor firm

Revision history

24 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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