Amazing how late some sellside firms realize, that this transition has happened way earlier than "now"? Late seems better than never. UBS: Murata may be undergoing one of the more interesting transformations in tech hardware. For years, investors viewed it as a smartphone and consumer electronics supplier. UBS now increasingly sees it as an AI infrastructure company. AI servers are becoming the largest growth driver for MLCCs. As racks become denser and power requirements rise, the amount of MLCC content per server keeps increasing. UBS now expects datacenters to account for 30-40% of Murata's MLCC business within the next few years, overtaking traditional end markets. That shift is forcing UBS to rethink both earnings and valuation. The firm raised operating profit forecasts by 14%/49%/77% for FY3/27-29 and lifted its PT from ¥5,400 to ¥13,200. They also expect pricing power to remain unusually strong as AI demand absorbs capacity and pushes customers toward higher-value MLCC products.