The external power you're talking about would be like 1 volt at hundreds of amps. What's the point of that? The connector and cable would be huge, think copper feeders. The existing set up where a higher voltage (12v) is stepped down to all dynamic target voltages (Vcore, memory etc) is fine and there isn't anything wrong with that. No need to reinvent the wheel. I don't want 1 external power supply per graphics card, what is the point of a modular internal power supply then?