Company value-chain data

We organize company value-chain data: who each company earns money from and who it pays, cross-checked with sources and dates.

• 01Alphabet (Google)GOOGLCloud · AI infrastructure · In-house silicon (TPU) / Big-tech operator of Search, YouTube, Android and Google Cloud. FY2025 revenue was $402.8B (+15%) and net income $132.2B. To expand AI data centers it raised cash capex from $52.5B to $91.4B in one year and guided 2026 to $175-185B. It co-designs its own TPU (Ironwood) with Broadcom and builds it at TSMC, while also buying Nvidia GPUs in volume. A key demand sink for AI chips.↗
• 02Samsung Electronics005930.KSSemiconductors · Memory · Foundry / A diversified semiconductor company spanning memory, foundry, and finished products. In the AI cycle it supplies HBM to AMD and NVIDIA and builds chips for Tesla, Apple, and Qualcomm through its foundry.↗
• 03Dongjin Semichem005290.KQSemiconductor materials (EUV photoresist, CMP slurry) / A semiconductor-materials maker and Korea’s only domestic EUV photoresist producer. FY2025 revenue about ₩1.19T (electronic materials ₩961B). Supplies photoresist, etchant and CMP slurry to Samsung (3nm/DRAM) and SK hynix (HBM CMP slurry).↗
• 04Samsung Electro-Mechanics009150.KSFC-BGA substrate · MLCC · Components / A component maker of FC-BGA semiconductor substrates and MLCC for AI accelerators. Began supplying AI-accelerator substrates in Q2 2025, shipping to NVIDIA, AMD, Apple and Marvell, with Broadcom added as a new customer for 2H 2026. FY2025 revenue ₩11.3T (operating profit ₩913B).↗
• 05GlobalWafers6488.TWSilicon wafers (300mm) / A Taiwanese silicon-wafer maker, roughly No.3 in 300mm (~15% share, after Shin-Etsu and SUMCO). Its bid for Germany’s Siltronic was blocked by the German government. Supplies wafers to TSMC, UMC, Samsung, SK hynix, Micron and Intel; expanding in the US and Korea (Cheonan).↗
• 06Ibiden4062.TFC-BGA package substrates (ABF) / A global leader (~35% share) in high-end FC-BGA (flip-chip) package substrates. Mass-produced ABF substrates with Intel as its first customer in 1999; now a leading supplier for NVIDIA AI accelerators. AI accelerators need 8–18 substrate layers, making it a bottleneck. Investing ¥500B (~$3.3B) to expand NVIDIA capacity.↗
• 07Advantest6857.TWorld No.1 in semiconductor test equipment (ATE) / The world’s No.1 in automated test equipment (ATE) (~58% share; ~46% in memory test). FY2024 revenue ¥779.7B (~$5.11B, +60%). Dominant in HBM and SoC test, used to test chips from SK hynix, Samsung, Micron, TSMC and NVIDIA. Often called “the ASML of test.”↗
• 08Murata Manufacturing6981.TWorld No.1 in MLCC (multilayer ceramic capacitors) / The world’s No.1 MLCC maker (40%+ share; ~70% in high-end AI-server MLCC). FY2024 Q1 revenue ¥421.7B. AI servers use 10–15× more MLCCs than standard servers, driving demand; competes with Samsung Electro-Mechanics. Supplies smartphones (Apple) and AI servers.↗
• 09Arista NetworksANETAI datacenter Ethernet switches / The leader in high-speed Ethernet switches for AI and cloud datacenters. 2024 revenue $7B (+19.5%). Microsoft and Meta each spend $1B+ a year, together 35%+ of revenue (cloud titans 48%). Depends on Broadcom (Tomahawk/Jericho) for switch silicon; Meta built AI clusters on the 7700R4.↗
• 10MarvellMRVLCustom AI silicon · Optical DSP · Networking / Builds custom AI silicon for hyperscalers and data-center optical interconnect (DSP). FY2026 revenue $8.195B (data center >$6B, ~3/4). A Trainium design partner for Amazon and a supplier to Microsoft and Google. Chips at TSMC (N2/CoWoS); custom HBM work with Samsung/SK; buys silicon capacitors from Samsung Electro-Mechanics.↗
• 11BroadcomAVGOCustom AI ASIC · Networking · Infra software / Co-designs and co-develops custom AI chips such as Google’s TPU, alongside networking chips and VMware software. AI-semiconductor revenue is surging (Q2 FY2026 $10.8B, +143%; total revenue $22.2B). FY2026 AI revenue guidance raised to $56B. Chips are fabbed at TSMC; HBM from SK hynix, Samsung and Micron.↗
• 12AmazonAMZNCloud (AWS) · AI infrastructure · In-house silicon (Trainium) / Big-tech operator of e-commerce and the AWS cloud. FY2025 revenue was $716.9B (+12%), AWS $129B (+20%). It raised cash capex from $83.0B to $131.8B in one year (+59%) and guided ~$200B for 2026. It builds its own Trainium (2/3) chips at TSMC, runs ~500k Trainium2 chips to train Anthropic’s Claude (Project Rainier), and also buys Nvidia GPUs in volume. A key demand sink for AI chips.↗
• 13Meta PlatformsMETASocial ads · AI infrastructure · In-house silicon (MTIA) / Social big-tech operator of Facebook, Instagram and WhatsApp. FY2025 revenue was $201.0B (+22%), mostly ads. It raised cash capex from $37.3B to $69.7B in one year (+87%) for AI data centers. It buys Nvidia Hopper GPUs among the largest alongside Microsoft (224k units in 2024), runs Llama on AMD MI300X, and co-develops its own MTIA chip with Broadcom, built at TSMC. A key demand sink for AI chips.↗
• 14MicrosoftMSFTCloud · AI infrastructure · In-house silicon / Big-tech operator of Windows, Office and the Azure cloud. FY2025 (ended June 2025) revenue was $281.7B. To expand AI data centers it raised cash capex about 45% in one year to $64.6B. As Nvidia’s largest GPU buyer, plus AMD, TSMC and its own Maia silicon, it is a key demand sink for AI chips.↗
• 15TeradyneTERSemiconductor test equipment (ATE) / The US No.2 in ATE, in an oligopoly with Advantest (Advantest + Teradyne + Cohu ~55%). Recovered in 2024 on memory, SoC, computing and ADAS demand. Customers include Samsung, SK hynix, Micron, TSMC and NVIDIA.↗
• 16NVIDIANVDAAI accelerators · GPU · Data center / Dominates the AI accelerator (GPU) market. FY2026 revenue $215.9B (+65%), mostly Data Center. Buys HBM from SK hynix, Samsung and Micron, and outsources wafers to TSMC and Samsung foundries. Revenue is concentrated in a few large direct customers (cloud).↗
• 17TSMCTSMFoundry · Advanced packaging (CoWoS) / The world's largest semiconductor foundry. FY2025 revenue about NT$3.78T (HPC 58%). Makes chips for fabless designers such as NVIDIA, AMD and Apple, and packages HBM with CoWoS. Buys equipment from ASML (EUV) and others.↗
• 18Micron TechnologyMUMemory · DRAM/NAND/HBM / One of the three major US memory makers. Supplies HBM3E to NVIDIA H200 and AMD MI350, joining the AI-memory race. FY2025 revenue $37.4B, adopting EUV (1-gamma).↗
• 19SK hynix000660.KSSemiconductors · Memory · HBM / The leader in HBM (high-bandwidth memory), supplying the memory inside AI accelerators on a near-exclusive basis. Revenue is heavily concentrated in a few AI-chip customers; cost flows to HBM bonding-equipment suppliers.↗
• 20AMDAMDAI accelerators · CPU · Adaptive SoC / A key Nvidia rival. FY2025 revenue $34.6B (+34%, data center $16.6B); Q1 FY2026 data center $5.8B (+57%) as MI350 ramps. Supplies Instinct MI350 (288GB HBM3E) to Microsoft, Meta, Oracle and OpenAI. Chips at TSMC (N3P) and GlobalFoundries; HBM from Samsung and Micron.↗
• 21IntelINTCCPU · Data center · Foundry / The longtime leader in PC and server CPUs, now rebuilding a foundry (Intel Foundry). First in the industry to adopt ASML's High-NA EUV for its leading-edge nodes (18A, 14A). At the same time it outsources some chip tiles to TSMC, so it is also a foundry customer.↗
• 22AppleAAPLConsumer devices · In-house silicon · Services / The demand end of the chain. Sells iPhone and Mac to consumers; its own chips (A, M) are made by TSMC, memory comes from Samsung, SK and Micron, and wireless parts from Broadcom. TSMC's second-largest customer (17% of revenue).↗
• 23United Microelectronics (UMC)UMCMature & specialty foundry (Taiwan) / A Taiwanese mature/specialty-node foundry (28/22/40/55nm). FY2025 revenue about $7.6B (+5%). Fabricates communications, display and automotive chips for fabless customers such as Qualcomm, MediaTek, Broadcom and TI, and co-develops a 12nm process with Intel. Depends on ASML, Applied Materials, Lam and KLA for equipment.↗
• 24QualcommQCOMFabless mobile SoC and modems (Snapdragon) / The largest mobile-SoC/modem fabless firm; designs ARM-based Snapdragon and outsources to TSMC and Samsung foundries (most leading-edge volume moved to TSMC, with 2nm talks at Samsung). Supplies modems to Apple and others; depends on EDA (Synopsys, Cadence) and Arm IP.↗
• 25Cadence Design SystemsCDNSEDA design-automation tools and IP / The world’s No.2 EDA company (~30% share), FY2024 revenue $4.64B (+13%). A duopoly with Synopsys. NVIDIA, AMD, Apple, Intel, TSMC and Samsung use its tools and IP; growth is driven by AI-chip design.↗
• 26SynopsysSNPSEDA design-automation tools and IP / The world’s No.1 EDA company (~31% share), FY2024 revenue $6.13B (+15%). With Cadence and Siemens EDA it commands 90%+ of the market. Nearly every chip designer and fab — NVIDIA, AMD, Broadcom, Apple, Intel, TSMC, Samsung — uses its tools and IP.↗
• 27Arm HoldingsARMChip-design IP (CPU architecture) / Designs CPU-architecture IP and earns license fees and royalties. FY2024 (ended Mar 2024) revenue $3.23B. Over 95% of smartphones are ARM-based; Apple, Qualcomm, Samsung, NVIDIA, Broadcom and AMD build chips on ARM IP. Armv9 and server/AI drive royalty growth.↗
• 28Hanwha SemitechSemiconductor equipment · HBM4 TC bonder / Hanwha Group's semiconductor-equipment affiliate (private). New entrant in HBM4 TC bonders, in a patent dispute with Hanmi Semiconductor.↗
• 29ASMPT0522.HKBack-end packaging and bonding equipment / Hong Kong-listed global back-end equipment maker. Newly won SK hynix HBM4 TC bonder orders, splitting volume with Hanmi.↗
• 30Astera LabsALABAI server interconnect · Retimers / A fabless maker of AI server and rack connectivity (PCIe/CXL retimers, CXL memory, fabric switches). Its Aries and Scorpio parts were adopted into NVIDIA's next-gen 'Blackwell' GPU platform, driving rapid growth. Hyperscalers are its main customers; TSMC is its sole manufacturer.↗
• 31Shin-Etsu Chemical4063.T300mm silicon wafers (semiconductor substrate) / The world’s No.1 silicon-wafer maker with about 30% of 300mm supply. Shin-Etsu and SUMCO together cover more than half of 300mm volume. Supplies polished wafers under long-term agreements to TSMC, Samsung, SK hynix, Micron and Intel; ultra-flat wafers for HBM4 and hybrid bonding have become a key bottleneck.↗
• 32SUMCO Corporation3436.T300mm silicon wafers (semiconductor substrate) / The world’s No.2 silicon-wafer maker with about 25% of 300mm supply. Shin-Etsu and SUMCO together cover more than half of 300mm volume. Supplies polished wafers under long-term agreements to TSMC, Samsung, SK hynix, Micron and Intel; ultra-flat wafers for HBM4 and hybrid bonding have become a key bottleneck.↗
• 33Tokyo Electron (TEL)8035.TWafer-fab equipment (coater, etch, deposition) / The world’s No.3 semiconductor-equipment maker, one of the big four with ASML, Applied Materials and Lam. FY2025 (ended March 2025) revenue about $16.0B (+33%). Supplies coater/developer, etch, deposition and clean tools to Samsung, SK hynix, TSMC, Intel, Micron and Kioxia. Korea revenue surged on HBM and logic demand; targets 40% AI-equipment revenue by FY2026.↗
• 34SK SiltronSilicon wafers (300mm) and SiC wafers / An unlisted SK Group wafer maker. World No.3 in 300mm silicon wafers (after Shin-Etsu and SUMCO), and a top-5 SiC wafer supplier (~15%) alongside Wolfspeed, Coherent, ST and ROHM. Co-develops HBM4 ultra-flat wafers with SK hynix and also supplies Samsung. Expanding 8-inch SiC in Michigan (US CHIPS loan $544M, 30k/month by late 2026).↗
• 35HPSP403870.KQHigh-pressure annealing tools (sole global supplier) / The world’s only supplier of high-pressure hydrogen annealing tools (no competing product; 30+ patents). FY2025 revenue ₩173B. About 20 global chipmakers — TSMC, Intel, Samsung, SK hynix — rely on it for 2nm/GAA/HBM processes; it raises device drive current by up to 15%. Also developing annealing tools for hybrid bonding.↗
• 36PSK Inc319660.KQDry strip equipment (global No.1) / The global No.1 in plasma dry strip (photoresist removal). FY2025 revenue ₩457B. Supplies Samsung, SK hynix and Intel; demand grows with HBM and DDR5. Expanding into metal etch with a new product.↗
• 37Foosung093370.KSSemiconductor specialty gases (C4F6, WF6) / Korea’s only maker of semiconductor specialty gases (C4F6 for etch, WF6 for tungsten interconnect). FY2025 revenue ₩472B. Supplies Samsung and SK hynix; WF6 demand surges with high-stack 3D NAND. Diversifying into battery electrolyte (LiPF6).↗
• 38Jusung Engineering036930.KQALD equipment (semiconductor & display) / An atomic-layer-deposition (ALD) equipment specialist. FY2025 revenue ₩133B. Won all next-generation high-k DRAM ALD orders from SK hynix and also supplies Samsung and display makers. HBM and DRAM capex drive demand.↗
• 39Wonik IPS240810.KQDeposition equipment (PECVD, ALD) / A leading Korean deposition-equipment maker (PECVD, ALD). FY2025 revenue ₩527B. Supplies wafer-fab deposition tools to Samsung (50%+ of its chip equipment revenue) and SK hynix, and is effectively the only domestic deposition vendor able to serve Samsung’s leading-edge foundry. Also makes display dry-etch tools.↗
• 40ENF Technology102710.KQSemiconductor materials (stripper, etchant, HF, precursors) / A semiconductor process-materials maker (stripper, etchant, precursors). FY2025 revenue ₩671B (+49%). It localized hydrofluoric acid (HF) and began supplying SK hynix, and supplies etch/strip materials to Samsung. High-stack NAND and HBM growth drive chemical demand.↗
• 41BESIBESI.ASBonding equipment · Hybrid bonding / Netherlands-listed bonding-equipment maker. Leader in hybrid bonding for next-gen HBM, with HBM4+ adoption expanding.↗
• 42KLAKLACInspection & metrology (process control) / The leader in process control (defect inspection and metrology) with over 50% share. FY2025 (ended June 2025) revenue $12.2B. Supplies inspection and metrology tools to leading-edge foundry, logic and memory fabs such as TSMC, Samsung, Intel and SK hynix. Largest customer is 12-14% of revenue.↗
• 43Lam ResearchLRCXEtch & deposition (memory-strong) / A leader in etch and deposition, especially for memory (3D NAND, DRAM). FY2025 (ended June 2025) revenue $18.4B. Samsung, SK hynix, Micron and TSMC are its key customers; expanding AI-memory investment drives demand.↗
• 44Applied MaterialsAMATWafer-fab equipment (deposition, etch, CMP) / The world’s largest semiconductor-equipment maker. FY2025 (ended Oct 2025) revenue $28.4B. Supplies deposition, etch, CMP and ion-implant tools to foundry and memory fabs such as TSMC, Samsung, Intel and SK hynix. Two customers were ~19% and ~15% of revenue (unnamed); 89% of revenue is outside the US, with Taiwan 24% and Korea 20%.↗
• 45ASMLASMLLithography · EUV monopoly / The monopoly supplier of advanced lithography. ASML is the world's only maker of EUV, and especially High-NA EUV. FY2025 revenue €32.7B; customers include every leading-edge chipmaker (TSMC, Samsung, SK, Intel, Micron). Samsung and SK took two-thirds of 2025 EUV shipments.↗
• 46ASE TechnologyASXWorld’s largest OSAT (packaging & test) / The world’s largest OSAT (back-end packaging and test). FY2025 revenue about $19B (~$5B per quarter). It absorbs CoWoS advanced-packaging and test volume that TSMC overflows, serving AI-chip customers such as Nvidia and AMD; advanced-packaging revenue jumped from $0.45B (2024) to $1.1B (2025).↗
• 47Soulbrain357780.KQSemiconductor materials (etchant, CMP slurry, precursors) / A leader in etchants and cleaning agents with 70-100% domestic share in HF and phosphoric-acid etchants. FY2025 revenue ₩923B, operating income ₩134B. Supplies process materials to Samsung (3nm GAA etchant) and SK hynix (high-purity HF for HBM/3D NAND).↗
• 48Amkor TechnologyAMKROSAT (packaging & test) / The largest US-headquartered OSAT (outsourced packaging and test). FY2025 revenue $6.7B. Its largest customer is Apple, whose chips it has packaged for over a decade; its $7B Arizona campus will package Apple silicon made at TSMC. Buys packaging equipment from ASMPT and BESI and substrates from suppliers such as Samsung Electro-Mechanics.↗
• 49GlobalFoundriesGFSMature & specialty-node foundry / A foundry focused on mature and specialty nodes (not leading-edge). FY2025 revenue $6.79B. Customers include Qualcomm, AMD, NXP, Infineon, Bosch and Apple, with strength in automotive, industrial and communications chips. Depends on ASML, Applied Materials, Lam and KLA for equipment.↗
• 50Hanmi Semiconductor042700.KSBack-end semiconductor equipment · HBM TC bonder / A core HBM back-end equipment maker. Primary TC bonder supplier to SK hynix with a long series of single-supply contracts. Competes with ASMPT and Hanwha Semitech on HBM4 share.↗