For the GPU and ASIC powering in AI application, a two-stage solution is widely used currently. The first stage is a unregulated bus converter and the second stage is traditional buck VR. The TVR (transformer-coupled VR) proposed is a single stage solution to powering ASIC directly. It has a 3~5% higher efficiency due to fewer stage. In addition, it gets a very good dynamic response with a magnetic coupling technology. A 48V to 1.8V TVR module shows a peak 96% efficiency at 170A application.