MPWR 因无晶圆厂模式的高效率以及数据中心/机器人主题的增长而成为重仓股，预计将受益于 Nvidia Vera Rubin 的放量。
逐段跳播
Infineon 或许是其最接近、规模最大的同行，以及无晶圆厂公司 Monolithic Power。
Infineon perhaps its closest and largest peer and the fabless company Monolithic Power.
我之所以展示它，是因为我们同时持有 On Semiconductor 和 Monolithic Power，而显然 Monolithic Power 的表现远远更好。
The reason why I'm showing it is we own both On Semiconductor and Monolithic Power, and obviously Monolithic Power has far and away been the better performer.
它实际上已经成为我们在功率半导体及相关模拟半导体市场中最大的持仓，覆盖数据中心、汽车、机器人这些当下非常热门的主题。
It's actually become our largest position within the power semiconductor and related analog semiconductor market, addressing data centers, automotive, robotics, always a popular theme right at the moment.
而这种跑赢的原因，我想归根结底主要在于一点。正如我们多年来多次谈到的，Monolithic Power 是一家无晶圆厂的芯片设计公司。
And the reason for that outperformance I would say boils down to one primary thing. As we've talked about numerous times over the years, Monolithic Power is a fabless chip designer.
他们所参与的一些终端市场也非常艰难，比如汽车和工业终端市场。Monolithic Power 不必面对这个问题。他们把全部制造都外包出去，尤其是外包给东南亚和台湾的合作伙伴。
Some of their end markets that they participate in have also been very difficult, automotive and industrial end markets. Monolithic Power doesn't have to deal with that. They outsource all of their fabrication, especially to partners in Southeast Asia and Taiwan.
他们剩下要管理的是工程团队的股权激励这类事情。但他们是一家行动迅速的组织。他们能够非常好地管理这些与员工相关以及股权相关的费用，并让自己在多个长期增长主题上占据了有利位置。
What they're left with managing is things like stock-based compensation for their engineering teams. But they're a move fast organization. They've been able to manage those employee-related and stock-based expenses really well and have gotten themselves in position for multiple secular growth themes.
近年来，为数据中心的存储与储存服务器提供电源模块带来了又一次增长。而我们正在为 Nvidia 的 Vera Rubin 平台带来的又一轮增长做准备。
In recent years, there was another growth spurt from providing power modules for memory and storage servers in the data center, and we're gearing up for another growth run with Nvidia's Vera Rubin platform.
所以你可能会问，那为什么不干脆全押 Monolithic Power？我们七年前刚开始覆盖 Monolithic Power 时，是的，事后看来，那显然会是最好的选择。但事后诸葛亮总是最准的。
在 2019 年、2020 年，当时并没有多少迹象表明 Monolithic Power 会成为如今这样大幅跑赢市场的公司。
And so you might be asking, well, why not just go all in on Monolithic Power? When we first started covering Monolithic Power seven years ago, yes, obviously in hindsight, that would have been the best bet.
Hindsight is always 2020 though. In 2019, 2020, there was less indication at that time that Monolithic Power was going to be the massive market outperformer that it has become.
与此同时，Monolithic Power 已经成为我们的头号持仓。它赢得了这个位置，我们还会做更多更新，可能是在年底之前，等我们拿到更多财报数据，以及关于他们如何受益于 Vera Rubin 的放量、数据中心存储与储存服务器，以及许多其他让这项业务成为半导体领域超高速增长业务的因素有更多更新之后。
In the meantime, Monolithic Power has become our top position. It's earned that spot and we'll do more updates on that, probably before year-end after we have some more earnings data and some updates on how they are benefiting from the ramp-up of Vera Rubin, from memory and storage servers in the data center, and lots of other great stuff that has made that a hypergrowth business in the semiconductor world.
观察点
这个频道对 $MPWR 的历次判断
Chip Stock Investor 在这只股票上共 2 条判断，这里只列相邻的几条。