arXiv:2610.33300v1 Announce Type: cross Abstract: AI training and inference workloads make GPU power swing repeatedly between compute and communication phases. As a result, the cascaded converters in a datacenter rack keep moving between operating points with different efficiencies. This paper uses an energy based, cycle averaged method to quantify that effect along a 240 V AC to 400 V DC to 51 V DC rack power path, using measured efficiency curves of commercially available GaN based PFC and LLC converters. For a 1 Hz, 50% duty-cycle load swinging between 5 kW and 510 W, conversion efficiency falls to 95.97%, compared with 96.82% at the equivalent constant average load, a loss of 0.88%. When 51/48V to 1V point of load conversion to the chip rail is included, it is shown that the loss grows to 1.66% (89.45% vs. 90.96%). These results show that efficiency rated at average load overstates real world performance, and that the penalty grows with each load dependent conversion stage between the grid and the GPU.