Morgan Stanley: MLCC Supercycle AI computing platforms are driving a surge in capacitor demand—an AI server consumes about 440,000 MLCCs, which is 10–15 times more than a traditional server. By 2030, AI-driven MLCC demand will grow more than fourfold compared to 2025, while total production capacity is only increasing by 10%-15% annually. High-capacity, low ESL MLCCs used in servers and automotive applications face strict certification requirements, limiting competition from low-end manufacturers. NVIDIA's GB300 platform uses approximately 320,000 MLCCs per full cabinet, which is about 30 times the consumption of a high-end smartphone. The upcoming Vera Rubin platform is expected to increase content value by about 1.8x. Recent channel checks show distributor prices have risen 200%–300% since 1Q26 (compared to the 10x peak in 2017), with direct sales growing up to 30% quarter-over-quarter. VR200 MLCC unit demand has climbed to 570K+, representing nearly 80% growth compared to GB300 racks. Global MLCC shipment value is projected to rise from $14.7 billion in 2025 to $24.3 billion in 2028—a compound annual growth rate (CAGR) of 18%, compared to the 6.5% trend over the past decade—with AI/DC being the dominant incremental driver. Supply constraints are expected to persist through 2H26 and 2027 due to capacity lag. Market share: Murata - 45% SEMCO - 40% Others - TDK, Taiyo Yuden, Yageo, etc.