Despite power management IC (PMIC) channel inventories at twice the baseline and overall demand declining by 21.4% year-on-year, pricing has not fallen in line with lead times or demand and was up 1.7% year-on-year through H1. If its economy recovers as anticipated in H2 and beyond, China's increasing PMIC demand will lead to shortages in Q4 and into 2024. Risks can be mitigated with informed component selection, extended order booking, and supplier forecast sharing.