Monolithic Power Systems went public while its founder was being sued over his own inventions. Michael Hsing had worked at Micrel, and Micrel claimed that MPS chips infringed patents naming Hsing as an inventor. MPS made analog power chips, the parts that turn a battery or wall current into the exact voltages a device needs. Its customers in 2004 included Dell, LG Electronics, and Motorola. The company was small, based in Los Gatos, and growing fast.

One Chip, Fewer Parts

Hsing founded MPS in 1997. The name points to its approach: put as much of a power system as possible onto a single, monolithic chip. That meant fewer parts, smaller boards, and better efficiency for notebook computers and LCD screens. MPS designed its own manufacturing processes and worked with outside foundries to build the chips. The bet was that power management would get harder as devices shrank and demanded more.

From $8.50 to the S&P 500

MPS priced its IPO at $8.50 a share in November 2004 and listed on Nasdaq as MPWR, with Goldman Sachs leading the deal. Hsing stayed on as CEO for the next two decades. The company moved from notebooks into servers, cars, and data centers, where AI chips need huge amounts of carefully controlled power. MPS joined the S&P 500 in 2021. It still trades on Nasdaq as MPWR.

Cover: Obelisk and Granite Lotus Column, Karnac, Francis Frith. Art Institute of Chicago, public domain. Chosen for a granite obelisk (a single stone).