Think of electricity as a river. Coming out of the dam (the grid), it flows at very high pressure (high voltage). To make it useful inside a building, you need to step it down through a series of pressure-reducing valves until it reaches a faucet you can actually drink from. Every "valve" is a power semiconductor. Most are tiny silicon chips. The newest, most demanding ones — for EVs, AI servers, and grid infrastructure — use silicon carbide (SiC) for high-voltage stages or gallium nitride (GaN) for very fast switching.
For AI servers, this matters a lot. Every electron going to an AI chip is converted 4–5 times: transformer step-down → rectifier → SiC/GaN power conversion → board-level DC-DC → on-chip voltage regulator. NVIDIA's Rubin generation is moving the datacenter to an 800-volt high-voltage DC architecture — which requires SiC and GaN at every conversion stage. Navitas was named NVIDIA's lead GaN partner. Monolithic Power Systems owns an estimated 60–70% of the PMIC (power management IC) content on every Blackwell GPU.
Beneath all of that sits the grid : transformers and switchgear made by Eaton, Hubbell, and nVent — sold out 24+ months — needed to connect AI datacenters to the rest of the electrical world. You cannot have AI without power conversion at every layer.
The chip that sits inches from every NVIDIA GPU and converts 48V down to ~1V for the cores. Monolithic Power owns 60-70% of that on Blackwell.
A modern GPU runs at ~1V but pulls 1,000+ amps. The power has to come into the rack at 48V (soon 800V on Rubin) and step down through a chain of converters to land at the GPU's voltage with sub-millivolt precision and sub-nanosecond response. The chip that does the final-stage conversion is a Power Management IC (PMIC) or Voltage Regulator Module (VRM) . Per industry analysis, Monolithic Power Systems holds an estimated 60–70% PMIC share on NVIDIA Blackwell GPUs. Vicor sells the next-generation "factorized power" architecture — 800V down to core voltage. Texas Instruments owns the broader analog market.
Once a GPU's reference design is locked with a specific PMIC, the relationship is durable. Every NVIDIA generation re-opens that competition — but the incumbents have decades of co-design IP that's hard to dislodge.
~60-70% Blackwell PMIC share. FY26 Enterprise Data segment guide raised to 50%+ growth.
Makes power-management chips that sit next to NVIDIA GPUs and convert 48V down to ~1V for the cores . Per industry analysis, estimated ~60–70% Blackwell PMIC share. Q1 2026 beat. FY26 Enterprise Data segment guide raised to 50%+ growth. The cleanest pure-play exposure to NVIDIA's per-GPU power-content increase.
Factorized power architecture for 800V → core voltage. Q1 bookings $237M, book-to-bill >2:1. Capacity expanding 350% to $3.5B run rate.
Specialty power-conversion company with a unique "factorized power architecture" that converts 800V to core voltage with much higher efficiency than conventional designs. Q1 bookings $237M (book-to-bill above 2:1). Expanding capacity 350% to $3.5B run rate. The single most aligned name with the NVIDIA 800V Rubin transition.
Dominant analog. Q1 revenue $4.83B (+7% beat); analog +22% YoY.
Dominant broad analog franchise. Q1 revenue $4.83B (+7% beat); analog +22% YoY. Less AI-pure-play than MPWR or Vicor, but vastly broader exposure across every electrified end market — autos, industrial, datacenter. Lower-beta way to own the analog cycle.
High-end analog and mixed-signal. Datacenter and industrial leverage.
High-end analog and mixed-signal leader. Datacenter, industrial, and auto exposure. Lower-beta, higher-margin alternative to TXN. Less AI-pure-play but durable compounder.