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This paper provides an overview of the fundamental operating principles of power semiconductor devices and reviews the state-of-the-art power device technologies which are most relevant to the realization of power supply on chip and power supply in package solutions. Power switching devices are divided into four categories low-voltage discrete transistors, high-voltage discrete transistors, low-voltage power ICs, and high-voltage power ICs. Advantages and disadvantages of different device technologies are compared and analyzed. Future technology trends are discussed.