Monolithic Power Systems, Inc. (MPWR)

Monolithic Power makes power management chips — the denser the computing, the more they are needed.

Such a chip's job is to deliver current at the right voltage to a processor or accelerator with minimal loss and in a very small volume. As power draw in AI training racks grew, that job went from secondary to decisive: delivery no longer fits within the old solutions.

The company's distinction is proprietary technology integrating on one die what competitors assemble from separate components. That yields smaller size and better efficiency, and saves the customer board space.

The risk is concentration: large programmes at a few customers supply a meaningful share of revenue, and losing a socket in one platform changes the outlook. Beyond data centres the company serves automotive, industrial and consumer electronics. The dividend is small.