{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","ticker":"APH","updated_at":"2026-07-12T05:22:19.481246+00:00","canonical":"https://valuechain.wiki/amphenol","same_as":["https://finance.yahoo.com/quote/APH","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=820313"],"citable":"밸류체인 그래프 기준 Amphenol의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 37곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Amphenol is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 37 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"NYSE · 인터커넥트 · AI 서버 구리 연결","kicker_en":"NYSE · Interconnect · Copper links of the AI server","lead":"커넥터·인터커넥트 기업으로 엔비디아 GB200 NVL72의 구리 케이블 카트리지 공급사다. 시스템당 자재가치 약 $10만~12만으로, 통신솔루션 부문이 2025년 3분기 +96%(유기 +75%), 분기 매출 $6.2B(+53%, 영업이익률 27.5%). AI 인프라의 구리 연결을 쥔다.","lead_en":"A connector and interconnect maker, the supplier of NVIDIA GB200 NVL72 copper cable cartridges. Material value is ~$100-120k per system; its Communications Solutions grew 96% in Q3 2025 (75% organic), with $6.2B quarterly revenue (+53%, 27.5% operating margin). It holds the copper links of AI infrastructure.","segments":{"fy":2025,"parts":[{"desc":"GB200 NVL72 구리 케이블 카트리지 등 AI 서버·통신 인터커넥트. 2025년 3분기 +96%(유기 +75%)로 AI 랙 출하에 직접 연동.","name":"통신솔루션(AI 인터커넥트)"},{"desc":"차량 하네스·산업 센서 등 레거시 커넥터 — 분산형 M&A로 넓혀온 부품 기반.","name":"하네스·센서"}],"total":"3Q 매출 $6.2B (+53%)","concentration":"GB200 구리 케이블 카트리지 $100~120k/시스템."},"segments_en":{"fy":2025,"parts":[{"desc":"AI-server and telecom interconnect including GB200 NVL72 copper cable cartridges; +96% (75% organic) in Q3 2025, tied directly to AI rack shipments.","name":"Comms Solutions (AI interconnect)"},{"desc":"Vehicle harnesses and industrial sensors — the legacy connector base broadened through decentralized M&A.","name":"Harness/sensors"}],"total":"Q3 revenue $6.2B (+53%)","concentration":"GB200 copper cartridge 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부품군을 넓혀온 실행력이 진입장벽이다. 위험은 구리 등 원자재 가격과 GB200→차세대 아키텍처 전환기에 케이블 설계 사양이 바뀔 때의 스펙 리스크다.","analysis_en":"The thesis is Amphenol's position as the 'invisible essential' — the copper interconnect inside the AI rack. Copper cable cartridges are worth $100-120k per NVIDIA GB200 NVL72 system, so rack shipments translate straight into Communications Solutions revenue — Q3 2025 saw that segment up 96% (75% organic) and company revenue of $6.2B (+53%) at a 27.5% operating margin. With customers spanning NVIDIA, Dell and Foxconn across rack design and assembly, it bets on 'how many AI racks ship' rather than any single finished-system winner, and its decentralized-M&A execution broadening the parts portfolio is the moat. Risks are copper and raw-material prices and spec risk when cable designs change across the GB200-to-next-gen transition.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"서버 ODM·통신 (커넥터)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"Communications Solutions 부문 매출(+96% YoY·+75% organic)","scale":"B","value":3.309,"period":"Q3-2025","basis_en":"Communications Solutions segment net sales, Q3 2025 (+96% YoY, +75% organic)"},"note":"서버 ODM·통신장비에 커넥터·케이블 공급. Communications Solutions 부문 매출이 Q3-2025 $3,309M(+96% YoY·+75% organic)으로 AI 인프라 수요에 급증했고, IT데이터콤 시장이 +128%로 전사 매출의 37%를 차지했다(앰페놀은 개별 고객명을 공시하지 않음).","note_en":"Supplies connectors and cables to server ODMs and telecom equipment. Communications Solutions segment net sales reached $3,309M in Q3 2025 (+96% YoY, +75% organic) on surging AI-infrastructure demand, and the IT datacom market grew +128% to make up 37% of total sales (Amphenol does not disclose individual customer names).","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://finance.yahoo.com/news/amphenol-corporation-strong-ai-powered-130121095.html","title":"Amphenol, AI 기반 강한 성장","title_en":"Amphenol strong AI-powered growth","excerpt":"3Q 매출 $6.194B(+53%), Communications Solutions +96%, IT데이터콤 +128% — AI 인프라 견인.","excerpt_en":"Q3 sales $6.194B (+53%); Communications Solutions +96%; IT datacom +128%, led by AI infrastructure."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-24","url":"https://www.sec.gov/Archives/edgar/data/820313/000110465925102142/aph-20250930x10q.htm","title":"Amphenol Form 10-Q (분기 2025-09-30) 부문별 매출","title_en":"Amphenol Form 10-Q (quarter ended 2025-09-30) segment net sales","excerpt":"Communications Solutions 부문 매출 Q3-2025 약 $3,309M(전사 순매출 $6,194M, +53%).","excerpt_en":"Communications Solutions segment net sales ~$3,309M in Q3 2025 (total net sales $6,194M, +53%)."},{"stance":"confirms","publisher":"The Motley Fool","publisher_en":"The Motley Fool","kind":"research","lang":"en","published_at":"2025-10-22","url":"https://www.fool.com/earnings/call-transcripts/2025/10/22/amphenol-aph-q3-2025-earnings-call-transcript/","title":"Amphenol Q3 2025 어닝콜 전사","title_en":"Amphenol Q3 2025 earnings call transcript","excerpt":"CEO: IT데이터콤 매출 +128%(달러·유기 동일), AI 애플리케이션 수요 가속이 견인; 전사 매출의 37%.","excerpt_en":"CEO: IT datacom sales grew +128% (USD and organic) on accelerating AI-application demand; 37% of total sales."}]},{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아 GB200 NVL72 구리 케이블 카트리지·인터커넥트 공급(시스템당 $100~120k, 업계 다수 보도) — 앰페놀 공시엔 고객명이 없으나 GB200 인터커넥트 공급은 폭넓게 확인된다.","note_en":"Supplies NVIDIA GB200 NVL72 copper cable cartridges and interconnect (~$100-120k per system, widely reported) — Amphenol discloses no customer names, but its GB200 interconnect supply is broadly corroborated.","sources":[{"stance":"mentions","publisher":"BeyondSPX","publisher_en":"BeyondSPX","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://everyticker.com/quote/APH/analysis/amphenol-s-ai-interconnect-revolution-how-decentralized-execution-builds-a-structural-moat-nyse-aph","title":"Amphenol AI 인터커넥트(GB200 구리 카트리지)","title_en":"Amphenol AI interconnect (GB200 copper cartridge)","excerpt":"엔비디아 GB200 NVL72 구리 케이블 카트리지·인터커넥트 공급(어그리게이터 분석).","excerpt_en":"NVIDIA GB200 NVL72 copper cable cartridges/interconnect supply (aggregator analysis)."},{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-24","url":"https://www.sec.gov/Archives/edgar/data/820313/000110465925102142/aph-20250930x10q.htm","title":"Amphenol Form 10-Q (분기 2025-09-30) 부문별 매출","title_en":"Amphenol Form 10-Q (quarter ended 2025-09-30) segment net sales","excerpt":"AI 인터커넥트 수요가 IT데이터콤 +128%를 견인(개별 고객명 미공시).","excerpt_en":"AI-interconnect demand drove IT datacom +128% (no individual customers disclosed)."}]},{"direction":"revenue","counterparty":"Dell","counterparty_slug":"dell","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"델 AI 서버에 커넥터·인터커넥트 공급 — 완제 서버 브랜드까지 커버해 특정 완제품 승자에 베팅하지 않는 폭넓은 노출. 앰페놀은 개별 고객명을 공시하지 않아 '델' 지목은 제3자 보도 기반이며, 부문 차원 AI 인터커넥트 수요만 공식 확인된다(IT데이터콤 +128%·전사 37%).","note_en":"Supplies connectors and interconnect to Dell AI servers — broad exposure that also covers finished-server brands without betting on a single winner. Amphenol discloses no individual customer names, so naming 'Dell' is third-party-sourced; only segment-level AI-interconnect demand is officially confirmed (IT datacom +128%, 37% of sales).","sources":[{"stance":"mentions","publisher":"BeyondSPX","publisher_en":"BeyondSPX","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://everyticker.com/quote/APH/analysis/amphenol-s-ai-interconnect-revolution-how-decentralized-execution-builds-a-structural-moat-nyse-aph","title":"Amphenol AI 인터커넥트(GB200 구리 카트리지)","title_en":"Amphenol AI interconnect (GB200 copper cartridge)","excerpt":"델 AI 서버에 커넥터 공급(어그리게이터 분석 — 앰페놀 미공시).","excerpt_en":"Connectors to Dell AI servers (aggregator analysis; not disclosed by Amphenol)."},{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-24","url":"https://www.sec.gov/Archives/edgar/data/820313/000110465925102142/aph-20250930x10q.htm","title":"Amphenol Form 10-Q (분기 2025-09-30) 부문별 매출","title_en":"Amphenol Form 10-Q (quarter ended 2025-09-30) segment net sales","excerpt":"부문 차원 확인: IT데이터콤 +128%·전사 37%(개별 고객 미공시).","excerpt_en":"Segment-level confirmation: IT datacom +128%, 37% of sales (no individual customers disclosed)."}]},{"direction":"revenue","counterparty":"Foxconn","counterparty_slug":"foxconn","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"서버 ODM 폭스콘에 AI 서버용 커넥터·케이블 공급 — 완성 랙이 폭스콘을 거쳐도 인터커넥트는 앰페놀에 의존한다. 앰페놀은 개별 고객명을 공시하지 않아 '폭스콘' 지목은 제3자 보도 기반이며, 부문 차원 수요만 공식 확인된다(IT데이터콤 +128%·전사 37%).","note_en":"Supplies AI-server connectors and cables to server ODM Foxconn — even as finished racks pass through Foxconn, the interconnect depends on Amphenol. Amphenol discloses no individual customer names, so naming 'Foxconn' is third-party-sourced; only segment-level demand is officially confirmed (IT datacom +128%, 37% of sales).","sources":[{"stance":"mentions","publisher":"BeyondSPX","publisher_en":"BeyondSPX","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://everyticker.com/quote/APH/analysis/amphenol-s-ai-interconnect-revolution-how-decentralized-execution-builds-a-structural-moat-nyse-aph","title":"Amphenol AI 인터커넥트(GB200 구리 카트리지)","title_en":"Amphenol AI interconnect (GB200 copper cartridge)","excerpt":"서버 ODM에 커넥터·케이블 공급(어그리게이터 분석 — 앰페놀 미공시).","excerpt_en":"Connectors/cables to server ODMs (aggregator analysis; not disclosed by Amphenol)."},{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-24","url":"https://www.sec.gov/Archives/edgar/data/820313/000110465925102142/aph-20250930x10q.htm","title":"Amphenol Form 10-Q (분기 2025-09-30) 부문별 매출","title_en":"Amphenol Form 10-Q (quarter ended 2025-09-30) segment net sales","excerpt":"부문 차원 확인: IT데이터콤 +128%·전사 37%(개별 고객 미공시).","excerpt_en":"Segment-level confirmation: IT datacom +128%, 37% of sales (no individual customers disclosed)."}]},{"direction":"cost","counterparty":"인수·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"acquisition","unit":"USD","basis":"CommScope 커넥티비티·케이블(CCS) 인수(사상 최대)","scale":"B","value":10.5,"period":"2025","basis_en":"CommScope Connectivity & Cable Solutions acquisition, largest-ever"},"note":"분산형 M&A·증설. 2025년 CommScope 커넥티비티·케이블(CCS) 사업을 $10.5B(사상 최대)에 인수했고, 앞서 OWN/DAS(Andrew) 사업을 $2.1B에 2025.2 완료해 Communications Solutions에 연 약 $1.3B 매출·4,000명을 더했다.","note_en":"Distributed M&A and capacity. In 2025 it agreed to acquire CommScope's Connectivity & Cable Solutions (CCS) business for $10.5B (its largest-ever deal), after completing the OWN/DAS (Andrew) businesses for $2.1B in February 2025, adding ~$1.3B of annual sales and 4,000 employees to Communications Solutions.","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-08-04","url":"https://www.cnbc.com/2025/08/04/amphenol-to-buy-commscopes-broadband-connectivity-cable-unit.html","title":"Amphenol, CommScope 커넥티비티·케이블 사업 $10.5B 인수","title_en":"Amphenol in $10.5B deal for CommScope's connectivity, cable unit","excerpt":"Amphenol, CommScope 커넥티비티·케이블 사업 $10.5B 인수 — 사상 최대 규모.","excerpt_en":"Amphenol to buy CommScope's connectivity & cable unit for $10.5B — its largest-ever acquisition."},{"stance":"confirms","publisher":"Amphenol IR","publisher_en":"Amphenol IR","kind":"filing","lang":"en","published_at":"2025-02-06","url":"https://investors.amphenol.com/news-and-events/news-details/2025/Amphenol-Corporation-Completes-Acquisition-of-OWN-and-DAS-Businesses-From-CommScope/default.aspx","title":"Amphenol, CommScope OWN·DAS 인수 완료","title_en":"Amphenol Completes Acquisition of OWN and DAS Businesses From CommScope","excerpt":"OWN/DAS(Andrew) 인수 2025.2.6 완료 — Communications Solutions에 연 $1.3B 매출·4,000명 추가.","excerpt_en":"OWN/DAS (Andrew) acquisition completed 2025-02-06 — adds $1.3B annual sales and 4,000 employees to Communications Solutions."}]},{"direction":"cost","counterparty":"구리·소재·제조 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"구리·소재·정밀 제조.","note_en":"Copper, materials and precision manufacturing.","sources":[{"stance":"confirms","publisher":"Amphenol","publisher_en":"Amphenol","kind":"filing","lang":"en","published_at":"2025-10-22","url":"https://investors.amphenol.com/","title":"Amphenol 회사·IR(NYSE)","title_en":"Amphenol company/IR (NYSE)","excerpt":"커넥터·케이블 제조.","excerpt_en":"Makes connectors and cables."}]}]}