It’s the part of the cycle where any sort of experience in previous cycles gets derided as a handicap, but these blocks and their generational run is an example of how valuable it can be.
We’ve been pointing out the inevitable impact to MLCCs since December 2024 based on experience - we recalled the last time GPUs were in high demand because of crypto mining in ‘19-21. And the associated severe shortage of MLCCs that doubled Murata’s share price.
AI server boards use more than 10x as many MLCCs than crypto miners. It only stood to reason that history might repeat itself in an even broader way despite various “overhangs”.