Small signal model of PMOS can be a nightmare for students and new analog designer. But in reality PMOS small signal model is identical to that of NMOS.
Figure below explains the rearrangement of the model to obtain a model identical to NMOS small signal model.
In the rearranged model it can be seen that the current direction in PMOS is the same as that in NMOS: from drain to the source with the same amplitude of gmVGS.
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