Monolithic Power System Inc

Record growth & broad demand (what’s good) - Q2’26 revenue: ~$981M, a record and up 22% QoQ and 48% vs Q2’25. - Enterprise data (largest driver) grew 45% sequentially, attributed to strong ordering, existing customer ramps, new customer ramps, and increasing module content / platform refreshes. - All end markets grew sequentially; even outside enterprise data, multiple segments showed double-digit growth (per commentary), supporting the view that demand isn’t purely one-product/one-end-market.

Capacity expansion + “full solution provider” push (what’s important operationally) - Company extended capacity goals beyond $6B to support future growth and its transformation from “chip-only” to a full solution provider (modules/solutions, not just ICs). - Capacity isn’t just wafer/capex—they emphasized growth also involves back-end/module assembly capacity, which adds complexity but is increasingly qualified/mature after years of scaling (journey since 2017). - Momentum into H2: management expects H1 flatter / H2 ramp in automotive; for enterprise data/comms, they pointed to continued strong ordering patterns and well-above 1.0 book-to-bill (structural drivers unchanged).

Comms surge details: optical + switches content rising (surprising / noteworthy) - Strong communications growth is driven by both optical module solutions and “switches” bucket (includes rack power solutions for top-of-rack switches, TPUs, NIC cards, smartNICs, etc.). - Optical still has the larger portion (longer runway), but management confirmed switch/rack-related content is increasingly contributing, which helps validate that comms strength isn’t solely one subcategory. - Competition/share: they avoided giving a precise market share % but argued there is room for share gain and they expect continued growth in comms net of TAM/share.