Blackwell supplier Monolithic Power plummets! Analyst supports: no technical issues
Previously, Edgewater Research pointed out that Monolithic Power's products had issues, which could lead to losing the opportunity to supply parts for NVIDIA's Blackwell graphics cards, resulting in a nearly 25% drop in stock price. However, Rosenblatt analyst Mosesmann believes there are no issues with the products, and if there were, NVIDIA would notify the company. Although Monolithic Power's share in the Blackwell chip may decrease, it will still be a major supplier and is expected to maintain a significant market share, subsequently narrowing the stock price decline
On the morning of November 11, Eastern Time, investment firm Edgewater Research notified investors that Monolithic Power (referred to as MPWR, 芯源系统) may have issues with the voltage regulation modules/power management chips produced for NVIDIA's Blackwell chips, which could lead to the company being unable to supply NVIDIA's Blackwell graphics cards, resulting in a significant reduction or even a complete loss of supply share.
They believe that Renesas may take over the B200 project, while Infineon may take over the GB200 project, as both companies have been urgently taking orders in recent weeks. Edgewater Research also stated that they heard NVIDIA has canceled all unconfirmed orders from 芯源系统。
This news caused 芯源系统's stock price to plummet nearly 25% during trading on Monday, marking the largest intraday drop since 2005.
Subsequently, analyst Hans Mosesmann from Rosenblatt Securities defended 芯源系统. He stated that, on the contrary, the management of 芯源系统 is not aware of any technical issues with their products, and if there were any "deficiencies," NVIDIA should logically notify 芯源系统。
Mosesmann mentioned in a report to clients that compared to the Hopper chips, 芯源系统 may sell less in this wave of NVIDIA's Blackwell chips, as NVIDIA wants to source from multiple suppliers rather than just one. Although it is still unknown what market share 芯源系统 can capture in the Blackwell chips, he believes 芯源系统 remains a major supplier and is more likely to gain more market share compared to other competitors