A dynamic power supply for N amplifiers includes first and second power boost circuits which temporarily boost the positive or negative power supply rail, respectively. A control circuit monitors amplifier output signal levels and provides power boost control signals to the power boost circuits, which temporarily raise the positive supply voltage above the nominal voltage level in tandem with the highest output signal from the N amplifiers and lower the negative supply voltage below the nominal voltage level in tandem with the lowest output signal level from the N amplifiers. The power boost circuits each may be coupled to a reservoir capacitor from which current is drawn to provide the power boost. When inactive, the reservoir capacitors charge up from the respective power supply rails. The dynamic power supply is well suited for audio amplification systems.