Murata considers bigger MLCC expansion as AI server demand extends beyond 2028

Murata's potential MLCC capacity expansion signals that AI server demand has transitioned from short-term surge to long-term structural growth. Upstream, this intensifies pressure on ceramic powder and metallization technologies, while downstream PCB design evolves toward high-frequency and dense integration. Geopolitically, supply chain reshoring accelerates amid U.S.-China tech decoupling; expanding in Asia may reduce regional dependency but raises political exposure. Competitors like TDK and Samsung Electro-Mechanics may pursue alternatives such as gallium nitride or thin-film capacitors to reduce MLCC reliance. Over the next 12–24 months, sustained AI server adoption will drive continued MLCC demand. Failure to scale could lead Murata to lose market share and strategic leverage in the supply chain.