Asked whether AI-server MLCC could collapse into single-sourcing, we laid out the oligopoly from our #3 seat: high performance requirements limit qualified suppliers, but heavy production load makes single sourcing unrealistic, so the multi-sourcing model holds. That is the shape — a tight oligopoly, not a winner-take-all monopoly. Our distinctive edge is embedded MLCC: capacitors buried in the package substrate next to the die, with two families in mass production for AI-server IC power lines — a 1005/0402 22μF part from August 2025 and a 2012/0805 100μF part from November 2025.