A memory device includes memory dice, each memory die including: a memory array; a memory to store a data structure; and control logic that includes: multiple processing threads to execute memory access operations on the memory array concurrently; a priority ring counter, the data structure to store an association between a value of the priority ring counter and a subset of the multiple processing threads; a threads manager to increment the value of the priority ring counter before a power management cycle and to identify one or more prioritized processing threads corresponding to the subset of the multiple processing threads; and a peak power manager coupled with the threads manager and to prioritize allocation of power to the one or more prioritized processing threads during the power management cycle.