AI Capacitors (MLCC)
AI capacitors are the multilayer ceramic capacitors (MLCCs) that stabilize and deliver power to AI accelerators. An AI server uses many times more of them than a traditional server, so MLCC content is rising fast. The concept is led by Murata, Samsung Electro-Mechanics, and TDK, a Japan-and-Korea oligopoly in tight supply.
| Category | Thematic / Components — MLCC & passives |
|---|---|
| Representative companies | 3 |
| Last updated | 2026-06-15 |
- AI capacitors are the multilayer ceramic capacitors (MLCCs) that stabilize and deliver power to AI accelerators; an AI server uses many times more of them than a traditional server.
- AI servers run high-power accelerators that need clean, dense power delivery, so MLCC content per server is rising sharply, and high-capacitance, high-reliability MLCCs are in tight supply.
- Murata is the world's largest MLCC maker; server-related capacitor sales rose 85-90% in the year ended March 2026, and it is adding about 80 billion yen of MLCC capacity for data centers.
- Samsung Electro-Mechanics is the second-largest maker and the Korean anchor; AI-server MLCC and FC-BGA substrates drove Q1 2026 revenue up 17% to a record 3.21 trillion won, with the FC-BGA division up 45%.
- The market is a Japan-and-Korea oligopoly (Murata, Samsung Electro-Mechanics, TDK, plus Taiyo Yuden and Yageo), cyclical, and exposed to smartphone demand and raw-material costs such as silver.
What are AI capacitors?
An MLCC is a tiny ceramic component that smooths voltage and stores charge right next to a chip, and there are hundreds to thousands of them on a single board. They are the unglamorous but essential layer of power delivery, and a power-hungry AI accelerator needs far more of them than a conventional processor. This concept holds the three makers that dominate the high-end of the market: Murata, the world leader; Samsung Electro-Mechanics, the Korean number two; and TDK, a diversified components maker pushing into AI data centers.
Why do AI servers need more MLCCs?
Because AI accelerators draw large, rapidly changing currents, and keeping that power clean and stable requires dense, high-capacitance decoupling right at the chip, which means many more MLCCs per board. The makers describe the step change directly. Murata reported server-related capacitor sales up 85-90% in the year ended March 2026 and a fiscal Q4 book-to-bill of 1.24 (Murata, Apr 30, 2026). Its president, Norio Nakajima, has put the multiplier in plain terms:
“The number of MLCCs used in AI servers is eight times that of traditional servers.”
— Norio Nakajima, President and CEO, Murata Manufacturing (TrendForce, Feb 6, 2025)
Who leads the MLCC market?
Murata is the world’s largest MLCC maker and is adding about 80 billion yen of capacity for data-center demand, on record net sales of 1,830.9 billion yen (Murata, Apr 30, 2026). Samsung Electro-Mechanics is the number two and the Korean anchor; AI-server MLCC and FC-BGA substrates drove Q1 2026 revenue up 17% to a record 3.21 trillion won, with the FC-BGA Package Solution division up 45% (Samsung Electro-Mechanics, Apr 30, 2026). TDK rounds out the group, targeting roughly a tenfold rise in passive-component sales for AI data centers on record fiscal-year sales of 2,504.8 billion yen (TDK, Apr 28, 2026).
Who should consider AI capacitors?
It suits an investor who wants a picks-and-shovels, components-level angle on AI servers through established Japanese and Korean makers, sized as a satellite. The demand is real and dated: Murata’s net sales hit a record 1,830.9 billion yen (Murata, Apr 30, 2026) and Samsung Electro-Mechanics posted a record 3.21 trillion won quarter (Samsung Electro-Mechanics, Apr 30, 2026).
The caveat is that MLCC is still a cyclical components business tied to smartphones and PCs, so a consumer slowdown weighs even as AI grows, and rising silver costs pressure margins (TrendForce, Mar 17, 2026). For an individual investor that argues for a small satellite; for an institution it is a supply-chain sleeve that diversifies an accelerator-heavy AI book.
Which companies represent AI Capacitors (MLCC)?
| Company | Sector | What it does |
|---|---|---|
| Murata Manufacturing (6981) | Information Technology · Electronic Components (MLCC) | The world's largest MLCC maker. Server-related capacitor sales rose 85-90% in the year ended March 2026, and Murata is adding about 80 billion yen of MLCC capacity for data centers, on record net sales of 1,830.9 billion yen. |
| Samsung Electro-Mechanics (009150) | Information Technology · Electronic Components (MLCC & Substrates) | The world's second-largest MLCC maker and the Korean anchor of the theme. AI-server MLCC and FC-BGA substrates drove Q1 2026 revenue up 17% to a record 3.21 trillion won, with the FC-BGA Package Solution division up 45%. |
| TDK Corporation (6762) | Information Technology · Electronic Components | A diversified components maker (MLCCs, sensors, HDD heads, batteries) targeting roughly a tenfold rise in passive-component sales for AI data centers. Record FY March 2026 net sales were 2,504.8 billion yen, up 14%. |
What are the risks of AI Capacitors (MLCC)?
The content growth is real, but the business is still cyclical.
- Consumer cyclicality. MLCC demand is tied to smartphones and PCs, so a consumer downturn weighs even as AI-server content rises.
- Input costs. Silver and ceramic raw-material prices pressure margins and have driven price increases (TrendForce, Mar 17, 2026).
- Capacity bets. New MLCC and substrate lines are capital-intensive and assume AI demand holds.
- Concentration. A few makers compete directly, so share shifts and pricing moves can swing results.
Related concepts, securities & terms
- AI Infrastructure parent
- Korea AI Semiconductor related
- AI Advanced Chip Packaging related
- Murata Manufacturing (6981) child
- Samsung Electro-Mechanics (009150) child
- TDK Corporation (6762) child
- MLCC (Multilayer Ceramic Capacitor) child
Frequently asked questions
What are AI capacitors?
They are the multilayer ceramic capacitors (MLCCs) that stabilize and deliver power inside AI servers. An MLCC is a tiny ceramic component that smooths voltage and stores charge close to a chip, and a power-hungry AI accelerator needs many more of them than a conventional processor. The concept holds the three leading makers: Murata, Samsung Electro-Mechanics, and TDK.
Why do AI servers need more MLCCs?
AI accelerators draw large, fast-changing currents, which demand dense, clean power delivery right next to the chip, and that means many high-capacitance MLCCs per board. Murata's president has said an AI server uses about eight times the MLCCs of a traditional server (TrendForce, Feb 6, 2025), and Murata reported server-related capacitor sales up 85-90% in the year ended March 2026 (Murata, Apr 30, 2026).
Which companies represent AI capacitors?
Three names lead the market: Murata (6981), the world's largest MLCC maker; Samsung Electro-Mechanics (009150), the Korean number two; and TDK (6762), a diversified components maker. Murata is adding about 80 billion yen of MLCC capacity for data centers (Murata, Apr 30, 2026), and Samsung Electro-Mechanics grew Q1 2026 revenue 17% to a record 3.21 trillion won (Samsung Electro-Mechanics, Apr 30, 2026).
What are the main risks of AI capacitors?
MLCC is a cyclical components business still tied to the smartphone and PC markets, so a consumer slowdown weighs even as AI grows. Rising silver and raw-material prices pressure margins and have driven price increases (TrendForce, Mar 17, 2026). Capacity additions are capital-intensive, and the few makers compete directly, so a demand pause would leave new lines underused.
Is AI capacitors a good fit for an individual investor?
It suits an investor who wants a components-level, picks-and-shovels angle on AI servers through established Japanese and Korean makers, sized as a satellite. The demand is real and dated: Murata's net sales were a record 1,830.9 billion yen (Murata, Apr 30, 2026) and Samsung Electro-Mechanics posted a record 3.21 trillion won quarter (Samsung Electro-Mechanics, Apr 30, 2026). But MLCC remains cyclical. Always check fees, holdings, and risk before investing.
How does AI capacitors fit an institutional mandate?
As a passives-and-components sleeve that captures rising MLCC content per AI server through a concentrated oligopoly of Murata, Samsung Electro-Mechanics, and TDK. It diversifies an AI book away from accelerators and clouds toward the supply chain underneath, but the allocator should budget for MLCC cyclicality, smartphone exposure, and the capital intensity of new capacity (Murata, Apr 30, 2026).
How tight is AI-server MLCC supply?
Very tight at the high end. Murata reported a fiscal Q4 book-to-bill ratio of 1.24 and server-related capacitor sales up 85-90%, and it is adding about 80 billion yen of MLCC capacity specifically for data centers (Murata, Apr 30, 2026). Because only a few makers control high-capacity, high-reliability MLCC, that shortage supports both pricing and the rising MLCC content per AI server, which is the core of the investment case.
Is there an ETF for AI capacitors?
There is no dedicated MLCC or AI-capacitor ETF. For the Korean leader, the KODEX AI반도체TOP2플러스 ETF (395160) holds Samsung Electro-Mechanics as a top weight and is a representative Korea-listed proxy (Samsung Asset Management). The Japanese leaders, Murata and TDK, sit in broad Japanese electronic-component and global technology ETFs rather than a single pure-play product. Always check fees, holdings, and risk before investing.
Sources & references
- Consolidated Financial Results for the Year Ended March 31, 2026 (IFRS) · Murata Manufacturing Co., Ltd., 2026-04-30
- Earnings Forecast (year ending March 31, 2027) · Murata Manufacturing Co., Ltd., 2026-04-30
- Murata Predicts AI-server MLCC Demand to Double (AI servers use 8x the MLCCs) · TrendForce, 2025-02-06
- MLCC Giant Murata Reportedly Confirms April 1 Price Hike on Key Components · TrendForce, 2026-03-17
- Samsung Electro-Mechanics Announces Q1 2026 Business Performance · Samsung Electro-Mechanics Co., Ltd., 2026-04-30
- Consolidated Financial Results for FY March 2026 (Under IFRS) · TDK Corporation, 2026-04-28
- KODEX AI반도체TOP2플러스 ETF (395160) — product page · Samsung Asset Management, 2026-06-15