KeyBanc lowered the firm’s price target on Monolithic Power (MPWR) to $700 from $1,075 and keeps an Overweight rating on the shares. The firm believes Monolithic Power will lose significant market share on Blackwell with the ramp of GB200/B200, as Hopper PMIC overheating issues have persisted on Blackwell. KeyBanc expects IFX to be the primary supplier on Blackwell, with Renesas having secondary share. While Monolithic Power is attempting to requalify, the earliest this likely could happen would be with Blackwell Ultra in the second half of 2025.
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