Why did Monolithic Power's expenses rise sharply in Q3 2024?

Monolithic Power's expenses rose sharply in Q3 2024 due to several factors:

1. **Increased Operating Expenses**: The company's GAAP operating expenses increased from $134.5 million in the prior year's quarter to $157.0 million. This rise was due to higher stock-based compensation and related expenses, which impacted both gross margin and operating income.
2. **Research and Development**: The company continued to invest in research and development, which is expected to drive future growth and innovation. This investment led to an increase in operating expenses, as the company sought to enhance its product portfolio and market position.
3. **Geopolitical Tensions and Economic Conditions**: There are significant risks and uncertainties due to geopolitical tensions and economic conditions that could affect future performance. These factors can impact the cost of operations, supply chain, and market dynamics, leading to increased expenses.

In summary, Monolithic Power's expenses rose sharply in Q3 2024 due to increased operating expenses, research and development investments, and the impact of geopolitical tensions and economic conditions.