Daily Views on Tech Headlines | MLCCs, CPO, ABF, Samsung

Research evidence excerpt

Daily Views on Tech Headlines | MLCCs, CPO, ABF, Samsung

Quick Note

May 18, 2026 Hardware

Analysts

Matt Bryson

(617) 695-6302 MLCCs: Tight supply in high-end parts, now influencing consumer grade productsmatthew.bryson@wedbush.com

Antoine Legault, CFA, CPA View: Per Trendforce, supply constraints have expanded beyond the high-end of

(626) 497-1619 the market (even if demand for AI related solutions remains the catalyst for betterantoine.legault@wedbush.com

demand) and are now affecting consumer grade parts. In turn, PX is bottoming or

even lifting for more mainstream products.

This shift is similar to what we've seen in other parts of the market where demand

for high-end AI related parts is crowding out the impact of any congruent weakness

in consumer products (e.g. memory, compute, etc.). Winners on the expansion of

improving fundamentals across a broader set of MLCCs would include Yageo, TDK,

Murata, Vishay, etc. TrendForce

CPO, Substrate:Push into CPO could create more substrate demand putting further

pressure on the supply chain

View: The Commercial Times suggests that the forthcoming CPO transition will be

another catalyst for substrate demand, with NVDA potentially looking to secure

long term contracts to support this initiative by ensuring substrate supply (with the

Commercial Times also theorizing Kinsus might be the largest beneficiary of this

particular effort).

As we noted this morning in our NVDA preview, we increasingly see supply chain

continuity as a point of differentiation given how tight supply of a variety of

plethora of materials and components have become and we would not be surprised

if substrate supply remains under pressure for a number of reasons (including any

CPO transition, though we also continue to believe a more significant shift to CPO