In-depth! AI Server Capacitor Series Part 1: Chip-Side Power Supply Upgrades, MLCC Price-Volume Elasticity Leads

English summary

Report features: 1) Sort out capacitor configuration plans by 'rack-level - power-level - chip-level', and split the market space and elasticity of six categories: LIC, film, snap-in, MLCC, tantalum, and MLPC; 2) Detail the price-volume elasticity, supply landscape, and domestic substitution opportunities for MLCC, tantalum, MLPC, and upstream ceramic powder, nickel powder, and release film. AI computing upgrades drive high growth in capacitor demand, with MLCC and LIC showing the highest elasticity. AI servers mainly use six types of power stages: rack-side (LIC), power-side (film/snap-in capacitors), chip-side (MLCC/tantalum/MLPC). The capacitor value per GB300 rack is RMB 500k, and Rubin will increase it to RMB 900k. The AI server capacitor market is expected to grow from approximately RMB 36.1B in 2026 to approximately RMB 230B in 2030, doubling the traditional market. Among them, MLCC/LIC/snap-in/tantalum/MLPC/film capacitors are approximately RMB 133.5B/61.6B/18.8B/8.2B/5.1B/2.8B respectively, with MLCC and LIC showing the strongest elasticity.