A two-stage power delivery network includes a voltage regulator and an interposer. The interposer includes a packaging substrate having an embedded inductor. The embedded inductor includes a set of traces and a set of through substrate vias at opposing ends of the traces. The interposer is coupled to the voltage regulator. The two-stage power delivery network also includes a semiconductor die supported by the packaging substrate. The two-stage power delivery network also includes a capacitor that is supported by the packaging substrate. The capacitor is operable to provide a decoupling capacitance associated with the semiconductor die and a capacitance to reduce a switching noise of the voltage regulator.