Demand for power ICs dropped below the index baseline (indicating contraction) in Q4 2023 for the first time in 17 consecutive quarters. As with discrete ICs, analog ICs (including power analog) are a facsimile of the total semiconductor market, and sourcing activities for analog power devices were down 44.4% year-on-year in March. Despite the overall softness, rising demand from the automotive and medical sectors and the overall global electrification trend are forecast to increase power IC revenue and help further normalize inventory levels in later H2.