The Anker GaN charger I brought to Europe recently decided to 'sacrifice itself': first, it started overheating abnormally, and then it tripped the circuit breaker at home, scaring me wide awake on the spot. What’s even more ironic is that the accident happened while I was reading SemiAnalysis’s report, *Inside the 800VDC Revolution: 800V Data Center Power Revolution*. I was diving into topics like 800V HVDC architecture, solid-state transformers, and rack-level power distribution, all while watching this tiny power module in my hand overheat like crazy and trigger protection mechanisms. In a way, it was an 'immersive experience' of the fragility of the entire power chain—from chips to distribution to terminal loads. Thinking about it now, it feels like some kind of 'omen': a reminder not to just focus on GPUs, advanced packaging, and optical modules, but to zoom out a bit and spend more time on passive components and power devices—everything from MLCCs, inductors, and electrolytic capacitors to full power supply architectures. Actually, I started digging into MLCC materials a week ago, and back in March, I even bought some shares of Fenghua Advanced Technology. But at the time, I got caught up in the narrative of 'three generations behind Japan, can’t do high-end,' so I sold them quickly, completely underestimating the importance of 'filling capacity gaps and supporting mid-to-low-end domestic substitution.' Now, looking back, the market has actually played out the story of 'not necessarily leading in technology, but filling critical gaps in a globally tight supply chain.' And I basically didn’t put in any effort on upstream materials and capacity layout, which means I missed an opportunity to connect the dots between 'power supply–passive components–system architecture' into a closed loop. This little GaN charger incident can serve as a 'physical layer reminder' from the power supply and passive components. Moving forward, I need to carve out a dedicated line for these things in my portfolio and seriously restructure my research framework.