Ironically, that's what they put on the PCB. Those yellow things on both side of the chip package are actual micro transformers made of some material with very tricky magnetic properties.
I wonder, was the name Ampere a reference to its titanic current consumption?
Those only reason to put those on the PCB would be to provide current above 1kA
You're looking at an SXM module, so that PCB is the whole thing. TDP is 400 W. I assume these run at a sub-1 V core voltage due to their relatively low clocks, so yeah, you are looking at a core supply current that may well exceed 500 A at full load and has to be provided by those VRMs crammed on that board.
Worth pointing out that that's not really new. Gaming cards have been running at about a Volt for a bunch of years now and all of those chuck 250+ W, so the currents are rather substantial.
I wonder, was the name Ampere a reference to its titanic current consumption?
Those only reason to put those on the PCB would be to provide current above 1kA