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Ok, I replaced U7501 and I have SMC_PM_G2_EN at 3.3V now. Also, the MagSafe light goes green to orange like normal. I lost PPBUS though so I'll have to investigate what changed. I noticed that after I saved the first draft of this post otherwise I would delete it until I check on PPBUS. I'll update this after that.
PPBUS voltage still at 8.6V now? I suspect bad soldering or another bad U7501. Also inspect traces especially to the VIN pin. Resistance to GND on 3v3_s5?
Ok, so I switched out a third U7501 and it's back to 1V on 3V3_S5, 0V on SMC_PM_G2_EN and Magsafe stuck on green. So apparently, something in the U7501 circuit is killing SMC_PM_G2_EN. I've checked for shorts and failed components and can't find anything.
Yes, PPBUS is back to 8.58V. What's odd is that when PPBUS went away, the light switched from green to orange like normal and SMC_PM_G2_EN came up to 3.3V. It looks like the SMC is working fine until U7501 gets power and the rest of the power rails attempt to come up. Or the U7501 circuit is shorting the SMC somehow.
3V42 is present with U7501 on the board. I think it has to do with PPBUS not being present. When there was no PPBUS present, the light went from green to orange. So PPBUS is triggering something that is causing the light to stay green. And at the same time, SMC_PM_G2_EN is at 0V. And U7501 is not able to function normally.
I don't actually think U7501 is affecting the light. It appears that when PPBUS comes up, something comes on that affects the light. U7501 is probably completely unrelated, but I measured 1V on PP3V3_S5, so I looked at U7501. But it looks like the real problem is whatever is causing the Magsafe light to stay green. And also whatever is causing SMC_PM_G2_EN to stay at 0V. They may be the same thing. Don't know.