How to simulate a Raspberry Pi load in LTSPICE?
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as @transistor said, why would you use an AC source? RPi is powered with DC.
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Using a 5.1V zener with DC voltage source, the voltage to the RPI drops to 0 once voltage gets over 5.1V:

And with 5V power supply, the RPi is powered by 5V minus the drop on the BJT.
Having said that, protecting a “large” device like the raspberry, I would choose an IC that implements such features like a LM5060MMX/NOPB. Its much easier to build, and it will require the use of a MOSFET instead of a BJT, which means no drop in voltage (due to the BJT’s diode) so less overheat.
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