GPUs Abound Yet Power-Starved? JPMorgan: $19.2 Billion Power Chip Is the Real Key

A value chain long overshadowed by the GPU spotlight is now emerging. JPMorgan's latest research points out that as AI model training drives explosive demand for computing power, the sheer number of deployed GPUs continues to rise, but the real long-term bottleneck may not be chip processing capability, but electricity supply. The report estimates that the market for power chips used in efficient power conversion and distribution—including GaN and SiC power devices, as well as smart power management ICs—will reach $19.2 billion.