48V -> 1V (for the cpu) would be super extra funny, though. The power stages would need to be high voltage mosfets.
No idea if a single conversion 48 ->1V at 400A+ would make any sense.
Also the capacitive coupling for 48v is quite more dangerous.
Also the capacitive coupling for 48v is quite more dangerous.
Like mentioned (by a sibling comment), it's not a single conversion, but the efficiency is not the prime issue regardless - it's the reaction time and the voltage sag. Load insertion causes the voltage at the CPU (inside) to drop and be significantly lower than the one measure at at the VRM, due to losses at such high currents.
The lack of voltage simply causes the systems to crash.