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.

1360 companies (651 researched · 709 baseline)

• 01TSMCTSMFoundry · Advanced packaging (CoWoS) / The world's largest semiconductor foundry. Q3 2026 revenue reached a quarterly record of US$46.72B (NT$1.4942T, +50.9%). HPC represented 68% of revenue, advanced nodes at 7nm and below 79%, and 2nm rose to 8%. It manufactures chips for fabless customers including NVIDIA, AMD, Apple and Cerebras.
• 02AmazonAMZNCloud (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.
• 03OpenAIAI demand apex · origin of datacenter capex / The apex of generative-AI demand. Committed to 10GW of NVIDIA systems (NVIDIA invests up to $100B in OpenAI), 10GW of custom accelerators co-designed with Broadcom (code-named Nexus, ~$350B), and $250B of Microsoft Azure. This capex is where the spending that flows up the chain (chips, memory, equipment) originates. Private.
• 04Cerebras SystemsCBRSWafer-scale AI systems and inference cloud / A wafer-scale AI systems and cloud company whose WSE uses an entire wafer as one processor. Q2 2026 revenue was $180.11M (+74%); cloud and other services reached $125.99M (+281%) and 70% of revenue. OpenAI committed to 750MW and holds a 1.25GW option. RPO was $25.4B at June 30, but customer concentration and sole-foundry dependence on TSMC remain high.
• 05POSCO Future M003670.KSCathode and anode battery materials / POSCO Future M is POSCO Group's battery-materials arm, mass-producing both cathodes and anodes. Q3 2026 consolidated revenue reached KRW 835bn and operating profit KRW 82bn, improving sequentially, with Energy Materials revenue at KRW 460bn. It signed an integrated KRW 6tn LFP-related agreement with Samsung SDI in October and a KRW 1.1tn contract to supply SK On with ESS LFP cathodes over 2027–2029 in September. Converted Pohang high-nickel lines are due to begin LFP mass production by end-2026.
• 06Samsung SDI006400.KSPrismatic-cell maker to Germany's premium EVs / Samsung SDI is a Korean battery maker producing prismatic and cylindrical EV cells, ESS, small-format cells and electronic materials. FY2025 consolidated revenue fell to KRW 13.27 trillion with an operating loss of KRW 1.72 trillion. About 95 percent of revenue comes from the battery segment, with BMW, Audi and Mercedes-Benz as core customers.
• 07SK Innovation (SK On)096770.KSEV batteries (supplies Hyundai, Ford, Nissan) / SK On, the battery subsidiary of listed SK Innovation, makes high-nickel pouch EV cells for Hyundai, Ford, Volkswagen and Nissan. FY2025 battery revenue was KRW 6.98 trillion with an operating loss of KRW 931.9 billion, as cuts to US subsidies and low utilization deepened losses. Parent SK Innovation reported FY2025 consolidated revenue of KRW 80.3 trillion.
• 08Palantir TechnologiesPLTRDefense & enterprise AI software / A defense and enterprise AI-software company built around Gotham, Foundry and AIP. Q2 2026 revenue reached $1.935 billion (+93%), split almost evenly between government at $990.0 million (+79%) and commercial at $945.4 million (+110%). U.S. commercial revenue was $764 million (+149%) and U.S. government revenue was $809 million (+90%). Its platform connects defense and field-data partners, including Satellogic imagery and Edge AI.
• 09SatellogicSATLSub-meter Earth observation · Imagery analytics & satellite sales / Satellogic vertically manufactures 50cm-class Earth-observation satellites in Uruguay. Q2 2026 revenue was $15.9M (+259%) and operating income $0.3M. It launched its first Merlin and three NewSats on October 1, then signed a three-year non-Earth-imaging agreement with HEO on October 29 carrying a seven-figure annual minimum through 2029. It sources telescopes from Officina Stellare and holds 4.7% of the supplier.
• 10Hyundai Motor Company005380.KSAutomobiles · Apex of group circular ownership / Korea’s largest automaker and the apex of Hyundai Motor Group’s circular ownership. Q3 2026 revenue fell 3.4% to KRW 45.110tn, while operating profit rose 5.5% to KRW 2.677tn. A hybrid sales mix of 18.2%, together with stakes of 41.13% in Hyundai Transys and 25.35% in Hyundai Wia, shows how vehicle demand transmits into components and equity-accounted earnings.
• 11Hyundai Transys64% powertrain · 36% seating · 86.6% Hyundai Group sales / Hyundai Motor Group’s supplier of transmissions, electrified drivetrains and seats. FY2025 consolidated revenue was KRW 14.839tn and operating profit was KRW 336.0bn. Sales to Hyundai Motor, Kia and other affiliates reached KRW 12.851tn, or 86.6%, tying performance closely to group production and the hybrid mix.
• 12Hyundai Wia011210.KS93% mobility · thermal sales +160% · agreed defense sale / Hyundai Wia supplies engines, modules and driveline parts to Hyundai Motor and Kia. Q3 2026 revenue rose 14.3% to KRW 2.459tn, while thermal-management revenue jumped 160%. With the defense division scheduled for transfer to Hyundai Rotem in March 2027, earnings conversion in mobility, thermal management and robotics is the key test.
• 13Kia000270.KSautos · Hyundai Group volume engine / Korea's second-largest automaker and Hyundai Motor Group's volume, RV and electrification engine. Hyundai Motor is the largest shareholder with 35.17%, while Kia owns 17.27% of Hyundai Mobis. H1 2026 sales reached 1.63 million vehicles and revenue rose 9.0% to KRW 62.53 trillion, while operating profit fell 16.3% to KRW 4.83 trillion. Q2 delivered record quarterly revenue of KRW 33.037 trillion and an 8.0% operating margin, making the pace of post-tariff profitability recovery the key test.
• 14Wells FargoWFCLending interest · Deposit funding · Card fees / Wells Fargo funds loans and securities with deposits and wholesale borrowing, while earning card and wealth fees. Q3 2026 revenue was $21.870bn and net interest income $12.517bn. Fiserv processes its merchant business, and it administers Federal Realty’s revolving credit facility.
• 15Federal Realty Investment TrustFRTOpen-air retail · Mixed-use properties · Long-duration rental income / Federal Realty is a retail REIT owning 104 open-air shopping centers and mixed-use properties in coastal metropolitan and supply-constrained U.S. markets. It generated $1.245 billion of rental income in 2025, while its largest tenant, TJX, represented 2.41% of annualized base rent at June 2026. Growth comes from rent increases and property acquisitions, funded in part through credit and term-loan facilities administered by Wells Fargo and Truist.
• 16FiservFISVPayments and banking infrastructure / Fiserv earns processing, service and product revenue by providing account processing, card issuing, network connectivity, merchant acquiring and Clover point-of-sale tools to financial institutions and merchants. It relies on payment networks and cloud and AI software, while acquiring fintech businesses to add products and geographic reach.
• 17CaterpillarCATData-center generation · large engines and turbines / Caterpillar posted Q3 2026 sales and revenues of $20.682 billion (+17%) and Power & Energy sales of $8.784 billion (+18%). Power Generation application sales reached $3.421 billion (+30%), supported by data-center demand for large engines and turbines, while segment profit rose 31% to $2.143 billion. The application figure is not data-center-only revenue. Shares were up 10.5% year to date on October 30.
• 18EquinixEQIXData-center REIT · No.1 in interconnection / Equinix connects enterprise, cloud and AI workloads across its global data-center platform. Q3 2026 revenue rose 11% to $2.571 billion and adjusted EBITDA rose 15% to $1.321 billion. Annualized gross bookings reached a record $533 million (+35%) and interconnection revenue grew 10%. The company plans to deliver nearly 40% more cabinets in 2026 than initially expected and raised full-year revenue guidance to $10.325-$10.365 billion.
• 19Nippon Steel5401.TAdvanced & automotive steel · Coal integration · U.S. Steel / Japan’s largest steelmaker generated JPY10.063tn of FY2025 revenue, up 15.7% with U.S. Steel consolidation, while net profit fell to JPY17.2bn on acquisition-related items and weak domestic steel conditions. Steelmaking contributes about 92% of revenue. Nippon Steel supplies high-strength automotive sheet to Mazda and Nissan, while Blackwater and Elk Valley coal stakes plus long-term offtake partly hedge raw-material volatility.
• 20Nissan Motor7201.Tautos · Renault-Nissan Alliance / Nissan is a Japanese automaker linked to Renault and Mitsubishi Motors and pursuing the Re:Nissan turnaround. FY2025 revenue was JPY12,007.9 billion and operating profit JPY58.0 billion, while net loss remained JPY533.1 billion. FY2026 Q1 improved to JPY2,964.2 billion revenue and JPY77.9 billion operating profit, with JPY60 billion of reported cost savings. Nissan cut its full-year sales outlook from 3.3 million to 3.15 million vehicles amid weakness in China, so durability remains to be tested.
• 21Mazda Motor7261.TAutomobiles · North America concentration & tariff exposure / A mid-size automaker at ~1.22M units that offsets its scale disadvantage through a capital and technology alliance with Toyota (5.05% cross-shareholding, the MTM plant in Alabama, the EV C.A. Spirit JV) and rides electrification via Panasonic Energy batteries from 2027. FY2026 laid that vulnerability bare: revenue fell only 2% but operating income collapsed 72% to ¥51.6B — not on demand, but on tariffs hitting the Mexico-built CX-30 in North America, its largest market at 52% of sales. Only Europe grew (+16%). The question for this node now is whether profit rebounds toward guidance (FY2027 OP ¥150B) as the tariff drag eases.
• 22Hitachi6501.TTransformers & HVDC · Digital infrastructure / Hitachi has reshaped itself around grid and digital infrastructure. FY2026 Q2 revenue rose 15% to JPY 2,904.4 billion, while adjusted EBITA reached JPY 376.1 billion at a 12.9% margin, both Q2 records. Energy revenue grew 28%, orders 47%, and H1 backlog reached JPY 10.5 trillion. FY2026 guidance was raised again to JPY 12,000 billion of revenue and JPY 1,560 billion of adjusted EBITA. The Mississippi transformer factory is scheduled for 2029 production, so the announced investment is distinct from current revenue.
• 23Hitachi Construction Machinery6305.TExcavators & mining equipment · Parts/service · Americas expansion / Hitachi Construction Machinery sells excavators and ultra-large mining equipment, then monetizes the installed base through parts and service. FY2026 first-half revenue reached a record JPY 698.076 billion, up 6.7%, while adjusted operating income rose 25.0%. Value-chain revenue reached 47% of total.
• 24CumminsCMIEngines & power · where data-center standby power meets the truck cycle / Cummins sells engines for trucks and mines alongside data-center power systems. Q2 2026 Power Systems sales rose 19% to $2.3 billion at a 24.5% EBITDA margin. In August it was selected for its largest BESS deployment at a large U.S. data center, with value and capacity undisclosed. Whitehaven's own 2019 report and a 2023 observation of 61 engines verify that relationship. Q3 results are due November 5, and shares were down 0.1% year to date on October 30.