KryptonResearch14
Sep 23, 6:36 PM
$MPWR
Down ~3% today with the tech pullback, up ~18% over the last five days. The re-rating has a clean anchor.
StoneX's initiation note (Buy,
$1,800 PT) framed it as rising dollar content: the more power AI accelerators draw, the more power management each server needs.
The quarter shows it. Q2 Enterprise Data revenue was
$380.6M, up 45% sequentially and 164% YoY — now 39% of total sales vs 33% a quarter earlier. Total revenue
$980.6M, up 48% YoY. Q3 guided to
$1.14-1.16B vs ~
$982M Street.
They're also buying future supply. This month MPS put its own process technology into GlobalFoundries' Singapore 300mm fab, targeting volume in early 2027. Smart power stages for AI infrastructure are on the product list.
Foundry capacity is becoming the constraint, not the chip design.
$ARM told the same story in July: >
$2B of CPU demand lined up, supply for only a little over
$1B.
The bill: ~80x trailing earnings. The multiple prices in a lot of this already.
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