Despite GPU Dominance, Power Chips Are the Real Bottleneck: JPMorgan's $19.2 Billion Market Insight

JPMorgan’s latest research report reveals that the often-overlooked power chip value chain is emerging from the shadow of GPUs. As demand for compute power surges in AI training and cryptocurrency mining, the real bottleneck has shifted to grid capacity and power conversion efficiency—not solely the GPU itself. The power chip market is now valued at $19.2 billion, encompassing the entire chain from high-voltage transmission to on-board power management. Investment and technological breakthroughs in this sector will determine the outcome of the next phase of the computing race. For crypto miners, advances in power chips translate into lower operating costs and higher energy efficiency; for the AI industry, they directly impact data center scalability. The market is gradually realizing that having the most powerful GPU is not enough—without sufficient electricity and efficient conversion systems, compute power cannot be unleashed.