I note that the loudest number in the MLCC boom story – a rumored 15‑35% price increase on ceramic capacitors from the market leader – does not survive contact with the makers’ own disclosures. Murata’s April move covered inductors and ferrite parts, and its president said “we will not adopt a policy of simply raising prices,” with its profit bridge assuming capacitor prices keep falling. Taiyo Yuden added “there are no signs of industry‑wide price increases yet.” Genuine pricing power appears confined to the top AI‑grade bin, where price‑cut requests have stopped.
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An AI server already uses 10,000 to 20,000 MLCCs, expected to more than double by 2030. Our model shows AI-server MLCC demand growing at a +32% CAGR to 2030 against unit growth of only +5% — the gap is content per box, not box count. Power inductors at +18%. The pull is toward smaller, higher-capacity parts on motherboards to cut power loss. Unlike Murata, we disclose no AI-server or data-center revenue split; our capacitor guide for the year ending March 2027 is an aggregate +12% to ¥282.0bn, with AI servers and autos named as drivers but not quantified.
For the year ended March 2026, our capacitors were ¥251.8bn, up 8.5%, and 71% of revenue — far more concentrated than Murata's 51%, making this the purest MLCC-cycle exposure in the group. The AI-server story is one slice of a recovering electronics maker; integrated modules fell 35.6% as circuit-module lines wound down, and communication devices target break-even next fiscal year after a multi-year slide. With a 5.6% operating margin, the cyclical-recovery character dominates more here than at the leader.
Yes. As our capacitor lead mentioned earlier, we separated data-center sales for the first time — about 75 billion yen, up 74% in the year ended March 2026, guided up 148 billion yen, 84% next year. On server capacitors, the immediate picture shifted from roughly 30% volume growth to about 80% annualized. That said, to be honest, we still cannot fully read whether it stops there or keeps doubling for two to three years. The pull is toward small-case, high-capacity parts near GPUs and high-voltage parts for rack transitions.