People used to pay me good money to, among other thing, design power supplies. It's been awhile. To design an efficient 1.65 volt, 60 amp source would have been considered impossible not long ago. It is still not an easy thing.
To get a clue what was happening in this area, I hunted down some engineering pages that showed current approaches to powering CPUs. Wow. The problem has been right in front of me for quite a while, but I never paid much attention to it. It got the gears grinding.
This is my take: From a power supply guy's point of view, a CPU is the load from hell!
It is not just the very high current and fussy low voltage that is the challenge. It's what the CPU does. Here is the CPU loafing along at a few amps; suddenly it goes to work flat out and in a few nanoseconds is pulling an extra 50 amps.
No supply, even a few inches away, can cope with transient current like that in maintaining voltage. So, the first line of defense is lots and lots of high quality ceramic caps placed very near the CPU. That isn't even good enough. Some of the caps have to be right on the CPU itself. Well, that gets us through the first dozen nanoseconds allowing the demand for more current to reach the electrolytic caps through an unavoidably inductive path an inch or so from the CPU socket. This is the second line of defense. Their job is to back up the ceramic caps and provide current for many microseconds. Remember, we are talking about 50 amps here and very little voltage drop allowed.(very low ESR - effective series resistance)
Finally, at this point, the active parts of the motherboard power supply module begin to react to the demand. All this time, the CPU is supposed to be getting a nice even 1.65 volts. Well, maybe. The active circuitry will, at this point, probably be driven into a condition known as maximum slew. That is, all of the pass elements will be turned on for a short time, allowing the current to increase as fast as possible through the inductors - those little donuts with a couple of turns of wire on them. If the current in the inductors can build up fast enough, the voltage in the electrolytic caps will not drop excessively, and the CPU voltage will be adequately maintained.
The rest of the picture, the pulse width modulated mosfets, two phase, three phase is almost anti-climactic. Here is a description:
The basic circuit used is called a buck regulator. The high source voltage is switched on for a very short time through an inductor which feeds current to the output. When the input voltage is not connected to the inductor, the input end of the inductor is switched to ground to maintain the inductor current feeding the output. The output voltage is controlled by varying the percentage of time connected to the input voltage.
If you put two or three of these circuits side-by-side (parallel) and drive them sequentially - round robin fashion, you have the essentials of a typical motherboard CPU power supply.
Besides the obvious, more circuits - more current capacity, operating the circuit legs sequentially improves the response time of the supply.
Yes, Virginia, three phase DC to DC.