2026-05-28-non-mlcc-capacitor-primer

Covers the two non-MLCC capacitor categories adjacent to the AI cycle: silicon capacitors (IC package decoupling, EMIB/CoWoS-S/I-Cube use case, 4-supplier oligopoly of Murata/SEMCO/AP Memory/TSMC) and supercapacitors/LIC (rack-level energy buffering, fragmented competitive set with Skeleton private and Musashi consolidated).

Key calls: SEMCO fair value reworked to KRW 800K-1.25M after integrating Citi's W609bn FY27E / W905bn FY28E silicon capacitor revenue path and the W1.6T 2-year supply order — still implies 32-55% downside vs current KRW 1.85M. Musashi 7220.T PASS at ¥7,960 because LIC is <1-2% of consolidated revenue; watch zone ¥4,500-5,500. Owning Samsung Electronics for SEMCO exposure does not work (1.7% of mcap).