原文：
Serenity 白毛女-中文翻译（公开）
Serenity 白毛女-中文翻译（公开）
原文：
Just some more thoughts on Taiyo Yuden and the Situational awareness former peak ~16% stake:
For the entire MLCC Market, MS in 2025 est. it looked like:
- Murata: 40.8%
- Samsung Electro-Mechanics: 22.5%
- Taiyo Yuden: 11.3%
As the top 3 suppliers, making it the 3rd largest MLCC manufacturer.
-> Murata is a little big ($101B MC)
-> Samsung not the cleanest exposure, eg. robotics, and others ($81B MC),
-> Taiyo Yuden is the smallest player (~$9.5B), which highest exposure to MLCC.
Lot of people were making fun and saying Murata/Samsung make up majority of the AI exposure, so it's stupid to buy Taiyo Yuden.
They don't have as much AI DC exposure as the others, but relative to the MC it's higher than people think.
Since there was a note that that Murata/Samsung were combined 85%, and every other supplier combined would be 15%, but even smaller exposure would be meaningful given MC.
I also kinda treat MLCCs somewhat similar to HBM with memory players, and legacy NAND/DRAM like MLCCs for other segments as an investment model:
eg: earlier in 2026, Trendforce stated broader consumer MLCCs were underutilized.
But this month, Trendofrce stated production resources shifted toward AI servers, causing material constraints/inventory shortages with automotive/industrial/etc (broader MLCCs that Taiyo touches given that 11.3% market share).
And then theres Samsung Electro-mechanics broad 30% price hike the other month. Taiyo 10-30% high capactance auto products, 6-13% hikes on consumer products, price revision for Sept shipments, with LTA indicators.
For their own forcases Taiyo said AI server MLCC sales grew around 30-35% in FY March 2026, and indicated 80% growth for Y/Y. So looks like its an early part of the MLCC cycle
on a side note: emerging business were microbatteries, fuel cells, solar cells which is kinda interesting.
Relative to MC: I'd say Taiyo
Just some more thoughts on Taiyo Yuden and the Situational awareness former peak ~16% stake:
For the entire MLCC Market, MS in 2025 est. it looked like:
- Murata: 40.8%
- Samsung Electro-Mechanics: 22.5%
- Taiyo Yuden: 11.3%
As the top 3 suppliers, making it the 3rd largest MLCC manufacturer.
-> Murata is a little big ($101B MC)
-> Samsung not the cleanest exposure, eg. robotics, and others ($81B MC),
-> Taiyo Yuden is the smallest player (~$9.5B), which highest exposure to MLCC.
Lot of people were making fun and saying Murata/Samsung make up majority of the AI exposure, so it's stupid to buy Taiyo Yuden.
They don't have as much AI DC exposure as the others, but relative to the MC it's higher than people think.
Since there was a note that that Murata/Samsung were combined 85%, and every other supplier combined would be 15%, but even smaller exposure would be meaningful given MC.
I also kinda treat MLCCs somewhat similar to HBM with memory players, and legacy NAND/DRAM like MLCCs for other segments as an investment model:
eg: earlier in 2026, Trendforce stated broader consumer MLCCs were underutilized.
But this month, Trendofrce stated production resources shifted toward AI servers, causing material constraints/inventory shortages with automotive/industrial/etc (broader MLCCs that Taiyo touches given that 11.3% market share).
And then theres Samsung Electro-mechanics broad 30% price hike the other month. Taiyo 10-30% high capactance auto products, 6-13% hikes on consumer products, price revision for Sept shipments, with LTA indicators.
For their own forcases Taiyo said AI server MLCC sales grew around 30-35% in FY March 2026, and indicated 80% growth for Y/Y. So looks like its an early part of the MLCC cycle
on a side note: emerging business were microbatteries, fuel cells, solar cells which is kinda interesting.
Relative to MC: I'd say Taiyo
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