The AI Power Delivery — PMICs, VRMs & DC-DC Converters
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.
4 names on the watchlist
~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.