Power as the Next Physics Wall for AI

Data center power delivery represents the next major physics constraint as AI accelerator racks scale toward one-megawatt capacities. Current 48-volt architectures face extreme efficiency losses due to high current requirements and resistive heating, necessitating a shift toward 800-volt systems similar to those used in electric vehicles. This transition requires re-evaluating power conversion topologies, specifically the trade-offs between converting 800V to 48V or directly to intermediate bus voltages like 6V or 12V. Beyond the rack, the power supply chain involves distinct, specialized technologies—from substation transformers to point-of-load voltage regulator modules—each requiring unique engineering solutions. Unlike the relatively closed ecosystem of HBM, power delivery remains a wide-open field where competing architectures and material innovations will determine the efficiency of future AI compute infrastructure.