The narrative of MLCC being high-end is indeed appealing, but with a 34.8% profit growth rate versus the risk of AI investment slowdown, have you clearly calculated the odds?

The stock price surge is not driven by profit growth, but by the market's optimism about Murata's structural price increases in the AI field and future growth. The company provided guidance for the next fiscal year: operating profit of 380 billion yen, a growth rate of 34.8%; AI/data center revenue reaching 325 billion yen, accounting for about 17%, with profit margins rising to 19.4%. The core factors are the high-end demand for cutting-edge MLCC, capacity expansion and backlog support, as well as share repurchases and other factors supporting the stock price. Risks include a slowdown in AI investments or a decline in valuation.