The AI boom is accelerating upgrades in thermal management and power management, and it is also triggering a revolution in voltage regulator module (VRM) architecture, with workloads pushing the industry from doubler-based designs to direct native multi-phase control. Industry insiders say the growing shortage of power components has three main causes: inventory corrections over the past three years that have left stockpiles too low, AI-related applications are surging rapidly, and a shift away from Chinese supply chains is gaining momentum amid geopolitical shifts.