U.S. Rolls Out Four MLCC ETFs in a Month as AI Power Demand Surges
Four new U.S. exchange-traded funds tracking multilayer ceramic capacitors (MLCCs) have listed in the past month. These ETFs, including PSOX, CAPA, CCML, and MLCC, focus on components critical for stable power supply in AI data centers. Samsung Electro-Mechanics and Murata Manufacturing are core holdings, with Samsung Electro-Mechanics carrying a 21.55% weighting in CAPA's underlying index. The launches reflect growing demand for high-capacity MLCCs as AI server power consumption rises.
The surge in MLCC ETFs in the U.S. points to a clear shift in AI investment beyond GPUs and memory. Asset managers now see the power component supply chain as a standalone theme. This indicates that the market recognizes the bottleneck in stable power delivery for high-performance AI servers. The focus on MLCCs reflects the growing importance of infrastructure supporting AI's compute demands.
This development directly benefits Asian manufacturers, particularly Samsung Electro-Mechanics and Murata Manufacturing. Murata holds a 45% market share in AI server MLCCs, with Samsung Electro-Mechanics at 40%. Their inclusion as core holdings in all four new ETFs validates their market dominance. Samsung Electro-Mechanics, in particular, gains from its first core position under an MLCC banner, solidifying its role in the global AI supply chain.
The test for these companies is meeting escalating demand. Kiwoom Securities forecasts MLCC content per GPU to climb from 200 units in Nvidia's H100 to 5,000 in the next-generation Rubin. Supply bottlenecks are already emerging, with lead times extending by at least 20 weeks. Watch whether capacity additions at Samsung Electro-Mechanics' Philippines plant and Murata's Izumo plant, expected to take full effect in 2027, can close this gap.
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