Per Woofun AI, Morgan Stanley identifies Murata Manufacturing Co., Ltd. as the premier beneficiary of surging demand for high-end multilayer ceramic capacitors (MLCCs) driven by AI server and data center expansion. In a report dated June 16th, analysts led by Shoji Sato elevated Murata’s target price from 5,100 Japanese Yen to 12,500 Japanese Yen, maintaining an Overweight rating and designating it the industry’s Top Pick. The firm projects Murata will command a 40.8% global MLCC market share in 2025, surpassing competitors Samsung Electro-Mechanics and Taiyo Yuden.

Morgan Stanley forecasts global MLCC shipment values to climb from $14.67 billion in 2025 to $24.25 billion in 2028, reflecting an 18.2% compound annual growth rate. Demand for compact, high-capacity units for AI infrastructure is expected to grow at a CAGR of approximately 100%, with AI server motherboards requiring 15,000 to 25,000 MLCCs—ten times that of general-purpose servers. Murata is currently the sole manufacturer capable of stably mass-producing critical specifications, such as 1608 size 100µF, positioning it ahead of rivals. Conversely, Taiyo Yuden was downgraded to Underweight despite a target price increase to 12,500 Japanese Yen, as Morgan Stanley views its profit potential from product mix upgrades as inferior to Murata’s.