I would also love to know to cause of this issue. 1.5 year old Mac Studio M2 Ultra, from one day to the next, the power LED flashes once and nothing happens. After removing the power cord etc. for a while, it boots and works fine. Putting it to sleep is okay, too - and no error when running HW diagnostics...
My feeling is that there is a firmware problem or similar, because it all started after an update of macOS Sonoma.
However, if the PSU has died, there is a realtively inexpensive way to get this part from Apple and replace it yourself - the only question is: It this issue caused by the PSU board or not. Phew.
I'm having the exact same issue, Mac M2 Max (2023) won't power on, with a brief flash on the power light indicator. At the Apple Genius bar they did a firmware update that temporarily fixed the issue, but only for a couple of weeks. The issue seems more progressive, sometimes a few weeks, then once a week, and then every other day to everyday.
Apple store replaced the Logic board, and the bus bar. Then having spent a day sorting out the glitches from a time machine restore, less than a week later the power on fault has returned! It's not a boot issue, its a power related issue, for some reason the Mac after shutting down switches off the power supply internally like in a standby mode and won't reset after pressing the power button again. I don't recommend repeatedly pressing the power button when this fault occurs as that once that resulted in the power jolting back to life causing a recovery screen to appear.
The easiest workaround is switching off the power supply Mac from the wall after shutting down. It's frustrating as its not functioning correctly. Albeit once powered on the Mac behaves boots perfectly, not issues at all when up and running, and no matter what peripheral is plugged in.
I think at this point we need to get some more information from other users having the same issue. I can't entirely rule out a hardware glitch with external devices, but why this hasn't occurred previously as i had the same hardware, drives, monitor and USB hubs connected to the Mac Studio for nearly two years without an issue.
Mac Studio M2 Max (Oct 2023), 64GB, Sequoia 15.5
Connected to mains supply via Masterplug extension lead with surge circuit
Monitor: LG Ultra HD, connected via USB3 cable to displayport input on the display (not using HDMI on the Mac)
USB drive docking stations: 2, via USB A, and USB 3
1 external SSD drive: connected to USB 3
1 USB 3 hub - TP-link 7 port:
Genuine Apple wired usb keyboard (2015)
Wacom intus tablet
Papalook webcam
USB dongle for Tecknet wireless mouse
Brother printer (USB)
I've tried unplugging these devices one at a time with no effect when the fault occurs, except for the monitor.
However my gut feeling too still points to the PSU itself. Looking at my Apple repair schedule the authorised work included the 370W Power Supply, however the work confirmation on collection only includes the logic board and Bus Bar as being carried out.