TrendForce says AI server refreshes and rising volumes of cloud providers’ in-house ASICs pushed high-end MLCC order-to-ship (BB) ratios to new highs in late June 2026: Murata 1.30, Samsung Electro‑Mechanics 1.31, Taiyo Yuden 1.25, with the overall MLCC market BB Ratio at 1.04. With new AI chip platforms from NVIDIA, Google and AMD entering mass production in Q3 2026, capacity is expected to be increasingly absorbed by AI orders; combined with forward stocking, TrendForce flags longer lead times

2-year government bond futures (TS) most-active contract up 0.03%; 5-year (TF) up 0.09%; 10-year (T) up 0.11%; 30-year (TL) up 0.32%.

Industrial Securities says as July ushers in the U.S.-China earnings season, relative sector momentum and relative earnings revisions remain the primary allocation signals. Sectors with strong consensus on AI compute and upstream materials — notably non-ferrous metals, chemicals and fiberglass tied to AI demand — could re-enter reallocation after earlier overseas-driven volatility as Chinese 1H earnings previews arrive. Several companies in memory/storage, fiber-optic cable, liquid cooling and specialty electronic gases have issued strong 1H previews, confirming high Q2 AI-chain momentum; further previews from leading firms could be stronger catalysts. For the North American compute chain (represented by optical comms and PCB), the prior compute rally narrowed into storage and has fallen more sharply recently under overseas pressure; the A-share valuation gap between North America-linked compute leaders and domestic compute leaders has retraced to June last-year levels, a configuration signal to watch. Ahead of the U.S. earnings wave in mid-late July, the market may seek domestic low-base, quality sectors for catch-up, notably the lithium battery supply chain, innovative drugs, brokerages, agrochemicals, refining & petrochemicals, and poultry (broilers).