You are simply hitting the power circuits physical limits.

If the monitored data is correct, what you see is that the current actually decreases while the voltage is set to 1.55V, in comparison to 1.35V. And at the time the voltage falls back to 1.35V the current increases again.
It would seem as if the circuit just can't deliever any more current than what is available at 1.35V. That's why the current decreases when the voltage rises. You hit a point where the power output is limited to a certain amount. It's like Intel's VDroop function. Once the current draw gets too high, you either have to drop the voltage to deliever the current, or drop the current to get the voltage. Both won't happen, as it's a physical limit.

Perhaps this could be modified in some way, but I doubt that it would be very healthy for the card.
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