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What are the silver boxes that line both sides of the card? Huge Capacitors?

Ferrite chokes, part of the power delivery system.

Inductor, not chokes. Part of the buck converter to create Vcore.

Why are they needed?

For the same reason as around any other CPU or GPU and lots and lots of other chips: buck converter, i.e. 12V 20A DC in, 1.2V 200A DC out.

It's part of a step down voltage regulator called a buck converter. The buck converter works by putting a pulse of energy into the inductor and stretching it out to lower the voltage. This creates the core voltage.

To get rid of electrical noise.

im assuming chip draws yuuge power

You're not wrong. 300W, holy shit.

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