Murata Manufacturing Co., Ltd.

According to the Nikkei, Apple announced on the 26th that it will hold a new product launch event at 2 a.m. Japan time on September 10 (10 a.m. Pacific Time on September 9). The report suggests that the company is expected to unveil its first foldable model of its flagship smartphone, the iPhone. In response, Apple-related companies such as Murata Manufacturing, TDK, Taiyo Yuden, and Nitto Denko are likely to attract attention.

Defiance ETFs has launched the Defiance AI Capacitors Leaders ETF (Cboe: CAPA), the first U.S.-listed ETF targeting the capacitor supply chain powering AI infrastructure. The fund tracks the BITA AI Capacitors Leaders Index, which holds companies deriving at least 50 percent of revenue from advanced capacitors and passive components used in AI servers, accelerators, and data centers. Top holdings include TDK Corp at 23.0 percent, Samsung Electro-Mechanics at 20.2 percent, and Murata Manufacturing at 18.3 percent. Industry reporting cited by Defiance indicates a single AI server built on Nvidia's GB300 platform can require roughly 30,000 multilayer ceramic capacitors, and Murata expects MLCC shipments into AI servers to grow about 30 percent annually through 2030. Defiance CIO Sylvia Jablonski said the market has spent three years pricing the chips, while CAPA focuses on what powers them, as rack power architectures move from 12 volts to 48 and even 800 volts.

On the afternoon of August 21, the MLCC concept rebounded in volatile trading, with Sinocera Materials rising more than 10%, and Sidike, Torch Electron, Boqian New Materials, Three-Circle Group, Fenghua Advanced Technology and other stocks among the top gainers. Behind the market action is the sustained price increase in the MLCC spot market that began in June 2026. As of August 2026, spot prices for ordinary standard products have risen more than 20%, while high-capacitance products such as 10 microfarad and 20 microfarad types used in AI servers have seen average increases of 60% to 80%, and some special models have doubled in price. Overseas leaders' earnings further confirm incremental AI computing demand. Murata's revenue in the second quarter of 2026 was 502.3 billion yen, up 20.7% year on year, and operating profit was 98.85 billion yen, up 59.8% year on year, with both revenue and profit setting record highs for a second quarter. Its MLCC business revenue was 282.508 billion yen, up 30% year on year, with orders in hand up 49.4% quarter on quarter and new orders up 85.5% year on year. Murata raised its full-year revenue guidance for fiscal 2026 to 2.11 trillion yen, an upward revision of 7.7% from its previous forecast, and added 80 billion yen specifically for expanding server MLCC production capacity. Samsung Electro-Mechanics reported second-quarter revenue of about 3.46 trillion won, up 24.2% year on year and a record quarterly high, with operating profit of 440.4 billion won, up 106.7% year on year. Institutions broadly expect this cycle to persist. Sealand Securities believes the shortage is spreading to consumer products, and the supply-demand gap for high-capacitance MLCCs may widen further in 2027. GF Securities notes that the current MLCC industry cycle is still in the early stage of an upcycle, and there may still be considerable room for price and profit elasticity to play out.

The A-share MLCC concept sector remained active in the afternoon of August 4, closing with an overall gain of 4.9%, as Bojay Electronics and Dongcai Technology hit their daily limit. In terms of news, leading Japanese and Korean manufacturers such as Murata, Samsung Electro-Mechanics, and Taiyo Yuden have successively raised prices for high-end, high-capacitance MLCCs used in AI servers and automotive-grade applications, with increases ranging from 15% to 30%. Several companies have acknowledged that delivery lead times for high-end products continue to lengthen, and production capacity can no longer fully meet customers' incremental demand. Samsung Electro-Mechanics will raise the shipment prices of all its MLCC categories by 30% starting August 1, 2026. Taiyo Yuden will adjust prices for some products from September 1. Murata Manufacturing took the lead as early as the end of March, raising prices for AI server and high-end automotive-grade MLCCs by 15% to 35%. The latest financial reports from leading manufacturers confirm this upcycle. Murata Manufacturing's revenue for the first quarter of fiscal 2026 reached 502.3 billion yen, up 20.7% year-on-year, with operating profit of 98.5 billion yen, up 59.8% year-on-year, and its capacitor segment revenue of 282.5 billion yen, up 30% year-on-year. Samsung Electro-Mechanics' sales revenue for the second quarter of 2026 was 3.4572 trillion won, up 24% year-on-year, and operating profit was 440.4 billion won, up 107% year-on-year. Multiple brokerages believe that the explosive growth in AI computing demand is the core driver. A Goldman Sachs research report shows that the AI server MLCC market is expanding rapidly at a compound annual growth rate of around 80%, with high-end MLCC supply and demand remaining tight, and the industry has entered a new cycle of rising prosperity.

Murata Manufacturing announced on the 31st that it now expects consolidated net profit for the fiscal year ending March 2027 to rise 44.5 percent year-on-year to 338 billion yen, revising its previous forecast of 293 billion yen upward. Growing demand for electronic components related to AI data centers, along with the yen's depreciation, are contributing to the profit increase. The company raised its revenue forecast to 2.11 trillion yen, up 15.2 percent from the previous year, and its operating profit forecast to 430 billion yen, up 52.6 percent. The net profit forecast matched the average estimate of 19 analysts compiled by IBES.

MLCC concept stocks saw a collective spike during the trading session on July 27, with Fenghua Advanced Technology hitting its daily limit up. On the news front, Samsung Electro-Mechanics recently announced it has signed a contract to supply MLCCs for AI servers with a major global company. The contract is valued at approximately 295.12 billion Korean won, or 204 million US dollars, with the supply period covering the full year of 2027. This marks the second consecutive month that Samsung Electro-Mechanics has secured such a large order. Previously, on June 30, it disclosed an AI server MLCC supply contract worth about 450 billion Korean won. The two orders total roughly 750 billion Korean won, or about 510 million US dollars. Industry insiders say such a dense cluster of large-scale, long-term MLCC supply contracts is relatively rare in the industry, reflecting tight supply and demand for high-end passive components used in AI servers. From an industry fundamentals perspective, MLCCs are in an upward price cycle, with high-capacitance products particularly in short supply. Prices have risen three to five times, and delivery lead times have lengthened. Murata Manufacturing plans to invest a total of 250 billion Japanese yen to expand production capacity for products seeing growing demand, such as those for servers. Samsung Electro-Mechanics also plans to build a new factory in the Philippines to expand its server-grade MLCC capacity. A report from the China Electronic Components Association shows that the global MLCC market is expected to reach approximately 134.1 billion yuan in 2026, a year-on-year increase of about 16.5 percent, with mainland Chinese MLCC manufacturers holding roughly 10.2 percent of the global share.

In the semiconductor value chain, Japanese companies hold overwhelming global shares in materials, back-end processes, and electronic components. But former institutional investor Ryosuke Izumida points out that for equity investment, it is essential to analyze the degree of specialization and contribution—assessing how much a company’s semiconductor-related business contributes to its overall performance. Shin-Etsu Chemical leads the world in silicon wafers, with SUMCO in second place. Tokyo Ohka Kogyo is number one in photoresists. Ajinomoto Build-up Film holds about 95 percent of the global market for insulation film. Murata Manufacturing commands roughly 70 percent of MLCCs for AI servers. Japanese firms boast high technical capabilities. However, at highly diversified companies like Mitsui Chemicals and Mitsubishi Electric, expanding semiconductor demand may have only a limited impact on overall earnings and stock prices. In contrast, highly specialized firms such as SUMCO and Tokyo Ohka Kogyo tend to reflect the industry’s strength more directly. Izumida stresses the importance of bottom-up research—digging into earnings reports and briefing materials to gauge the contribution of semiconductor and AI-related businesses.

AI 서버 플랫폼 업그레이드와 클라우드 서비스 제공업체들의 맞춤형 ASIC 생산 확대로 고사양 MLCC 수요가 급증하면서, 2026년 6월 말 기준 무라타, 삼성전기, 태양유덴의 BB비율이 각각 1.30, 1.31, 1.25를 기록해 코로나19 팬데믹 이후 최고치를 나타냈다. 무라타의 2026년 1분기 수주 잔고 비율은 1.27로 2018년 공급난 당시 최고치인 1.25를 넘어섰으며, MLCC 업계 전체 BB비율도 1.04까지 상승했다. AI용 고사양 MLCC 생산 집중으로 공급 쏠림이 자동차와 소비자용 시장으로 확산되면서 애플 공급망은 재고 확보를 예년보다 1~2개월 앞당겼고, 중국 유통업체들은 6월부터 소비자용 X5R 등급 MLCC 가격을 평균 15~25% 인상했다. TrendForce는 올해 하반기 엔비디아, 구글, AMD의 신규 AI 플랫폼 양산으로 고사양 MLCC 공급 부족이 심화될 것으로 전망하며, 4분기가 본격적인 공급난 진입 여부를 가늠할 분기점이 될 것이라고 분석했다.

The global Integrated Passive Devices market is projected to grow from USD 1.48 billion in 2025 to USD 3.03 billion by 2035, at a compound annual growth rate of 7.43 percent, according to a report by SNS Insider. The EMS and EMI protection application segment held the largest revenue share in 2025 at around 40 percent, while the automotive end-use segment accounted for nearly 45 percent of market revenues. Europe dominated the market with a roughly 40 percent revenue share in 2025, driven by a strong semiconductor industry and electric vehicle adoption, while Asia Pacific is expected to register the highest growth rate during the forecast period. Key players include Broadcom, Infineon Technologies, Murata Manufacturing, and STMicroelectronics.

Murata Manufacturing has expanded its Product Information Management API Service to now cover all 73 product categories listed on its product database. Previously, the service only covered surface-mount and leaded ceramic capacitors and inductors, requiring users to manually retrieve and update information for other products. With this expansion, engineers, developers, and procurement specialists can automatically retrieve up-to-date specifications, status, S-parameters, and SPICE Netlists for a much wider range of products through their external systems. This enables prompt responses to product status changes, reduces the risk of component obsolescence, and supports greater efficiency in design, component selection, and procurement.

Analysts are raising earnings estimates for Murata Manufacturing Inc., pushing the stock to a Zacks Rank #2, or Buy. The consensus estimate for the current quarter has increased 9.09% over the last 30 days to $0.12 per share, while the full-year estimate has risen 7.84% to $0.55 per share. Both increases reflect one upward revision with no negative revisions. Murata Manufacturing shares have gained 31.5% over the past four weeks, and the Zacks Rank model suggests the positive estimate revision trend could support further near-term price momentum.