MRAAY
MRAAY appears exposed to high-reliability MLCCs and power magnetics used in server and industrial power supplies, with a smaller handset component exposure tied to speculative MEMS micropump reports. Our current recommendation: buy, driven primarily by potential expansion of server MLCC TAM from AI/server infrastructure demand over the next 6–12 months.
Recent proof-backed thesis calls
Three recent thematic calls: (1) MLCC market sizing and server MLCC demand growth (source: social post asserting a ~$15B MLCC market and ~$1.3B server MLCC segment in 2025); (2) an arXiv paper proposing a fully automated resonant core-loss measurement system for sub‑MHz magnetics that could speed magnetics development cycles if commercialized; (3) speculative reports that Huawei’s Kirin may use a MEMS micropump for active cooling, which is unverified.
Paper proposes a fully automated resonant core-loss measurement setup for sub‑MHz magnetics using digitally controlled switched-capacitor sequences plus onboard signal processing, replacing manual tuning + heavy FFT workflows. If commercialized, it reduces magnetics characterization time (1000+ points/20s) and labor, potentially accelerating development cycles for high‑frequency power magnetics used in EV/inverter, data-center/AI power, and industrial supplies. Near-term investability hinges on
Post claims the MLCC market is ~$15B, with server MLCCs ~$1.3B in 2025 (~$600M AI servers, ~$700M general servers). It asserts AI-server MLCC demand is growing at 80%+ CAGR and that general-server MLCC demand will also grow (details truncated). If true, this is a demand-growth signal for suppliers of high-reliability/automotive/industrial MLCCs and related passive-component ecosystems.
Post speculates Huawei’s Kirin chipset may include a MEMS micropump for active cooling, implying a potential smartphone thermal-management breakthrough and better sustained performance. The information is unverified and lacks supplier/part details, so tradability is limited.
Current stance
Recommendation: buy. Primary conviction is that AI and server infrastructure demand will lift high-reliability MLCC suppliers over the next 6–12 months. Secondary support comes from potential acceleration of magnetics development cycles if automated measurement systems are commercialized. A speculative handset-cooling pathway (MEMS micropump) is noted but unverified and lower conviction.
- beneficiary via AI + server infrastructure demand lifts high-reliability MLCC suppliers over the next 6–12 months. from https://x.com/zephyr_z9 (confidence 0.56)
- beneficiary via Magnetics remains a gating item; faster loss curves marginally accelerate high-frequency power supply design cycles for AI data centers. from https://rss.arxiv.org/rss/eess.SY (confidence 0.28)
- beneficiary via Active cooling (MEMS micropump) as a new smartphone BOM category (speculative) from https://x.com/zephyr_z9 (confidence 0.24)
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Active and historical ticker theses
Active plays focus on: MLCC exposure to servers and AI; magnetics characterization and faster qualification for high-frequency power supplies; and speculative handset MEMS micropump adoption that could raise BOM content if validated.
AI + server infrastructure demand lifts high-reliability MLCC suppliers over the next 6–12 months.
Magnetics remains a gating item; faster loss curves marginally accelerate high-frequency power supply design cycles for AI data centers.
Active cooling (MEMS micropump) as a new smartphone BOM category (speculative)
Unlock full asset monitoring
Monitor MLCC server demand metrics, vendor qualification timelines for magnetics, and any verification of MEMS micropump supplier involvement. Reassess position if primary demand signals or commercialization of the magnetics measurement technology change.