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**Board power conversion reads tight at 73/100 and still tightening.** Every AI rack now pulls hundreds of VRMs and thousands of MLCCs, and the supply chain for both runs through a short list of Japanese and Korean makers who are not stepping up capex proportionally. ADI's six-month lead-time disclosure this week and the 26-30 week power-and-analog read from specialist commentary put a number on what the substrate has been building toward. The Register flagged in April that power and management controller silicon was spreading as a shortage threatening server shipments; it is no longer a warning, it is a read.

**The GaN angle is the longer-fused version of the same story.** onsemi fab utilization is well above its baseline and Infineon's backlog is nearly well above trend, both level-basis reads. The less-obvious part is the 800V DC power architecture transition: onsemi management disclosed NVIDIA design wins for its smart power stages on the 800V platform, and qualification cycles for GaN power stages run 18-24 months per platform. That validation gate is structurally slower to clear than a lead-time extension and sits below the market's field of view.