The current will go to the bulk output capacitor bank with something like 5000uF-9000uF, then to high frequency ceramic caps and then to the CPU(processor).
Some of the Intel processors, all of the i7 900 series have an 100A load step from idle to load. We overclock which means we take 2.8ghz processors to 4 or 5 or 6 or 7ghz depending on the cooling.
The VRM (voltage regulator module) in question have 16 pairs of these caps, but only 8 of these inductors, which is weird, usually pair of high and low side MOSFETs have their own inductor, but this VRM has a weakness, and I want people to be informed.
In our community we had very high end $600 dollar GPUs very new ones that would have their 35A DriverMOSFETs or 30A low Rdson MOSFETs blow up because of their inductors, that was the theory of why.
Our processors have a 130watt TDP, which is their thermal spec, so they pull about 105watts and then loss a bunch to efficiency. but the GPUs have 200-300 watt TDPs.
Motherboards now have very sophisticated SMPS. Some have 24 phase designs, some 8 some even as little at 6, and everywhere in between. The top end GPUs I have seen one with 12 phases and the ones blowing up have 5.