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.

1359 companies (426 researched · 933 baseline)

• 01NVIDIANVDAAI accelerators · GPU · Data center / Dominates AI accelerators (GPUs). Q1 FY2027 revenue $81.6B (+85%), of which Data Center $75.2B (+92%); Q2 guidance $91B. Buys HBM from SK hynix, Samsung and Micron, and outsources wafers to TSMC and Samsung foundry. Revenue is concentrated in a few large direct cloud customers.
• 02Foosung093370.KSKOSDAQ · Semi specialty gases · Korea's only 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).
• 03Daejoo Electronic Materials078600.KQThe only Korean commercializer of silicon anode material / Daejoo Electronic Materials is the only Korean company to commercialize silicon anode material for lithium-ion batteries. It has supplied LG Energy Solution since 2019, with its silicon anode used in EV batteries such as the Porsche Taycan, and adoption is now widening to mass-market models like the Kia EV3. It also runs an electronic-materials business spanning phosphors and conductive pastes.
• 04Daeduck Electronics353200.KSKOSDAQ · Package substrates · AI FC-BGA localization / A leading Korean substrate maker of high-performance FC-BGA and semiconductor package substrates, investing 800B+ KRW in high-layer-count substrates for AI accelerators and servers to localize the high-end substrates long led by Japan and Taiwan. It supplies Samsung and SK hynix and is expanding to overseas AI customers; FC-BGA is a high-value material whose unit price rises with more layers and larger area as AI-server and HBM demand grows. The watch points are the utilization of its large capacity investment and whether it wins overseas AI customers.
• 05Park Systems140860.KQKOSDAQ · semi metrology · atomic force microscopy / A world leader in atomic force microscope (AFM) metrology, which non-destructively measures nanoscale surfaces and defects. It has developed new metrology tools for hybrid bonding slated for next-generation HBM manufacturing, with Samsung Electronics and SK hynix driving commercialization. As HBM stacking and hybrid bonding shrink, the demand for inspection precision rises and Park Systems' tool adoption grows — a metrology chokepoint of the advanced-packaging cycle.
• 06Korea Aerospace Industries047810.KSSouth Korea's sole complete-aircraft maker: KF-21, FA-50, and Boeing/Airbus aerostructures / Korea Aerospace Industries (KAI) is South Korea's only complete-aircraft manufacturer. It builds the KF-21 Boramae fighter and the FA-50 light combat jet, the Surion and LAH helicopters, supplies commercial aerostructures to Boeing and Airbus, and runs satellite and launch-vehicle programs. FY2025 consolidated revenue was about 3.70 trillion won, with an order backlog above 27 trillion won at year-end 2025.
• 07KC Tech281820.KSKOSDAQ · Semi materials/equipment · slurry + tools / A leading Korean materials-and-equipment supplier of both CMP slurry and CMP/cleaning tools, its edge being one company holding both the consumable (slurry) and the equipment. Serving Samsung and SK Hynix, slurry is consumable revenue tied to fab utilization while tools are capex-cycle revenue, riding different rhythms. As HBM and miniaturization add CMP steps, demand for both slurry and tools rises together.
• 08Nestlé S.A.NESN.SWSwitzerland (SIX) · Food & beverage · World's #1 staple / Nestlé is the world's largest food and beverage company, selling coffee (Nescafe, Nespresso, licensed Starbucks), pet care (Purina), dairy, confectionery, water and nutrition worldwide. Its 2024 sales were CHF 91.4 billion with organic growth of 2.2%. A defensive dividend stock that has maintained or raised its dividend in Swiss francs for 65 years, it has essentially no AI exposure and moves only on the clock of consumer demand, commodities (coffee, cocoa) and foreign exchange (CHF).
• 09Samsung 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.
• 10SKC011790.KSKOSPI · Materials conglomerate · Copper foil, semis, glass substrate / SKC is an SK-group materials conglomerate spanning battery copper foil (subsidiary SK Nexilis), semiconductor materials (ISC test sockets, Absolics glass substrate) and chemicals. Copper foil is one axis, not the whole — FY2025 consolidated revenue was flat at KRW 1,720.7bn as copper-foil losses persisted amid the EV air-pocket, keeping it at the trough with an operating loss of KRW 276.4bn and net loss of KRW 719.4bn (widened). Still, 1Q26 EBITDA turned positive for the first time in 10 quarters, and semiconductor materials (ISC sockets ~90% global; Absolics glass substrate targeting 2027 mass production) are the transition axis.
• 11Amkor 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.
• 12ASMPT0522.HKBack-end packaging and bonding equipment / A Hong Kong-listed global back-end equipment maker, a key supplier alongside Kulicke & Soffa in the HBM/advanced-packaging shift to TC bonding. It newly won SK Hynix HBM4 TC-bonder orders, splitting volume with Hanmi Semiconductor, and its customers span memory makers and OSATs including Samsung, ASE and Amkor. Tied directly to the back-end capacity cycle, the pace of HBM generational change decides results.
• 13Hanwha SemitechSemiconductor equipment · HBM4 TC bonder / Hanwha Group's semiconductor-equipment affiliate (private; controlling shareholder Hanwha Vision). In 2025 it supplied 14 HBM thermocompression (TC) bonders to SK hynix, its first entry and the end of Hanmi Semiconductor's monopoly, with a second-generation hybrid bonder (SHB2 Nano) due to SK hynix in 1H 2026. In a patent dispute with Hanmi over HBM4 TC bonders, it is a new Korean entrant in HBM stacking bonding.
• 14Pony.aiPONYRobotaxi (China) / A leading Chinese robotaxi firm. In 2025 robotaxi revenue rose +90% (fare revenue +200%) and total revenue +72%. It runs commercially in Beijing, Shanghai, Guangzhou and Shenzhen, expanding a 961-vehicle fleet (incl. 667 Gen-7) toward 3,000 by 2026. Gen-7 is produced via a JV with Toyota and GAC. A demand node buying lidar (Hesai) and compute (NVIDIA) to sell driverless rides.
• 15Airbnb IncABNBNASDAQ · Travel platform · World's largest stays (AWS) / Airbnb is the world's largest travel-stay platform, earning booking service fees from guests and hosts. Its revenue tracks travel demand, consumer spending and interest-rate clocks. 2025 revenue was $12.2 billion (+10%), gross booking value $91.3 billion, and net income $2.5 billion. On the cost side it has run its entire service on Amazon Web Services (AWS) since its early days, touching the infrastructure chain.
• 16IlluminaILMNNASDAQ · Genomics · World No.1 DNA sequencing / The No.1 in DNA sequencing. It supplies sequencers and consumables to research, pharma and diagnostics, with sequencing 92% of revenue. Q4 revenue $1.16B, FCF $931M. DRAGEN hardware acceleration, cloud analytics (ICA) and BioInsight underpin AI drug discovery. The picks-and-shovels layer that makes techbio data.
• 17OkloOKLONYSE · SMR · AI-datacenter power / A small modular reactor (SMR) firm. Its Aurora Powerhouse (75MWe sodium-cooled fast reactor) targets AI-datacenter power. A ~14GW pipeline (among the largest), deals with Meta, Equinix and Switch, and a DOE pilot selection. Sam Altman stepped down as chair (conflict of interest) but holds ~4%. Market cap $11B+. The next-gen generation axis of the power bottleneck.
• 18AnthropicAI demand apex · multi-silicon compute / The AI lab behind Claude and the other apex of generative-AI demand. Google is investing up to $40B (cash + compute, 5GW, 1M TPUs) and Amazon up to $25B (5GW of Trainium), and it spreads its training stack across NVIDIA GPUs, Google TPUs and Amazon Trainium. Run-rate revenue ~$30B. Private (~$350B valuation).
• 19Credo TechnologyCRDONasdaq · AI interconnect · AEC & PAM4 / Supplies high-speed interconnect (active electrical cables, PAM4 DSP) for AI datacenters. FY2024 revenue $193M; the top two hyperscalers were 54% of revenue. Customers include Microsoft and Amazon.
• 20UberUBERNYSE · Mobility & delivery · Ride-hail platform (multi-cloud) / Uber is a global platform spanning ride-hailing (Mobility), food delivery (Delivery) and freight. Revenue is the commission it takes from consumer and merchant bookings; 2024 total revenue was $43.98 billion and Gross Bookings $162.77 billion. In 2023 it moved off its own data centers onto multi-cloud via seven-year deals with Google Cloud and Oracle, and in 2026 it expanded AWS. Autonomous partnerships such as Waymo are both a cost and a future option. It runs on the consumer, gig-economy and interest-rate cycles, with AI entering through matching and autonomous driving.
• 21Siemens EnergyENR.DEGas turbines & grid / A gas-turbine, grid and transformer major. AI-datacenter power demand drove 194 gas-turbine sales in 2025 (up from 100), with €2B+ in grid orders from hyperscalers. A record €146B backlog (58GW). A $1B US investment (its largest grid factory worldwide in Mississippi). With GE Vernova, a generation and grid axis.
• 22Denso6902.TNikkei 225 · Auto parts · Toyota-group, SiC in-housing / Denso is a Toyota-group global auto-parts supplier ranked among the world's largest, with FY2025 (year ended March 31, 2025) consolidated revenue of about 7,161.8 billion yen. Roughly half of revenue comes from the Toyota Group, and the business spans five segments: Thermal, Powertrain, Mobility Electronics, Electrification, and Advanced Devices. To handle the shift to electrification it develops its own SiC power semiconductors, plans to invest 500 billion yen in chips by 2030, and is vertically integrating automotive-chip supply through equity stakes in TSMC's Kumamoto fab (JASM) and Coherent's SiC business.
• 23Eutelsat GroupETL.PAEuronext Paris · GEO + OneWeb LEO · Europe's Starlink alternative / Eutelsat is the European satellite operator combining GEO broadcast satellites with the OneWeb LEO network, positioned as Europe's sovereign alternative to Starlink. In FY2024-25 (June year-end) revenue was EUR 1,244 million (up 2.5%), with LEO (OneWeb) revenue surging 84% to EUR 187 million. A EUR 1.35 billion capital raise in 2025 made the French state its largest shareholder at about 30%, and the EU IRIS² concession (SpaceRISE) plus a 10-year, up-to-EUR 1 billion French military framework anchor the government business. Airbus is building up to 440 second-generation OneWeb satellites.
• 24JSR Corporation4185.TSemi materials · EUV photoresist · World No.1 (22%+) / The world's No.1 in photoresist (22%+ share), making an essential material for semiconductor lithography. It supplies EUV and ArF resist to leading-edge fabs such as Samsung Foundry, TSMC and Intel, and — with five Japanese firms controlling ~90% of the global PR market — is one axis of a structural bottleneck. As EUV lithography expands, resist consumption grows, tying lithography-material demand to fab utilization.