The market loves the engine. I’m looking at the electrical system keeping it alive. When investors talk about artificial intelligence, the conversation usually begins and ends with GPUs. We discuss accelerator road maps, training clusters, model sizes, memory bandwidth, and whichever chief executive has most recently held up a large piece of silicon under theatrical lighting. I understand the fascination. The GPU performs the glamorous work. It is the muscle behind training and inference, the component that gets photographed, named, back-ordered, and discussed as though it possesses a minor royal title. But a GPU cannot eat enthusiasm. It needs electricity—an enormous amount of it—delivered at the correct voltage, at precisely the right moment, with minimal waste, limited heat, and enough reliability that a multimillion-dollar AI rack does not become an extremely sophisticated space heater. Between the utility grid and the processor sits a long chain of power conversion, control, prote...