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Replying to @xuyunzeng and @Raspberry_Pi

Interestingly it might only apply to the Pico! The Pico W uses a different buck/boost, the RT6154, which has higher max output (presumably for the wifi). Its data sheet suggests that it doesn’t have the same level of efficiency at low draw as the RT6150: https://www.richtek.com/assets/product_file/RT6154A=RT6154B/DS6154AB-03.pdf

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