Alpha and Omega Semiconductor (AOS) designs, develops, and sells power semiconductors — chips that manage and regulate electrical power inside electronic devices. AOS sells two core product lines: power discretes (~60% of product revenue), primarily MOSFETs that switch and route power in electronic circuits, and power ICs (~40%), which combine power delivery and management functions, including DrMOS power stages and multiphase controllers used to power CPUs and GPUs. AOS's primary end markets are computing (PCs, graphics cards, AI accelerator cards, servers), consumer electronics, communications (smartphone battery protection), and power supply and industrial applications. AOS sells primarily through distributors, with two distributors — WPG Holdings and Promate Electronic — together accounting for roughly 73% of revenue. End customers include OEMs like Dell, HP, and Samsung, and ODMs like Foxconn and Quanta. AOS operates its own 8-inch wafer fab in Hillsboro, Oregon alongside a joint venture fab in Chongqing, China, and third-party foundries. AOS's stated strategy is to shift from selling individual components to offering complete power delivery solutions — pairing multiphase controllers with power stages to increase the dollar content AOS captures per system. In AI accelerator cards, for example, each GPU can require up to 50 power stages, significantly increasing BOM content versus a standard graphics card. AOS counters annual mid-single-digit ASP erosion on existing products by continuously introducing new, higher-performance products that reset pricing and expand content per device.