Consumer devices · In-house silicon · Services
Apple
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).
AAPL Updated Jul 12, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Apple is directly linked to 34 companies (34 supply, 0 revenue, 1 investment relationships) and reaches 114 companies within two hops; the links are backed by 57 dated sources, 19 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-10'21+34.6%'22-26.4%'23+49%'24+30.7%'25+9.1%YTD+16.2%
Money in ▸services (App Store · subscription · iCloud)●Revenue $109.2Bconsumers · carriers (iPhone · Mac · services)●
AppleFY2025 revenue about $391B
▸ Money outSamsung Electronics●Supply share ~65%Globalstar●supplier share 63%TSMC●Revenue share 17%Analog Devices●Revenue share 14%SK hynix●Sony Semiconductor Solutions●Amkor Technology●STMicroelectronics●Foxconn (Hon Hai)●LG Innotek●Qualcomm●Arm Holdings●Murata Manufacturing●Luxshare Precision●LG Display●코보 (RF)●스카이웍스 (RF)●페가트론 (조립)●스카이웍스 (RF 프론트엔드)●Kyocera●Micron Technology◐Broadcom◐Siemens EDA◐Samsung Electro-Mechanics◐NXP Semiconductors◐Synopsys◐Cadence Design Systems◐Fujikura (FPC / flexible printed circuits)◐Alibaba Group◐써니옵티컬◐BYD전자◐Jabil (consumer-electronics contract mfg, shrinking)◐Texas Instruments○Infineon Technologies○
Financials & Segments
- Total revenue · FY2025 revenue about $391B (iPhone, Mac, iPad, Wearables, Services)
- Customer concentration · Demand end (consumers). Supplier concentration: TSMC for its own chips, Samsung/SK/Micron for memory, Broadcom for wireless.
- Segments · iPhone · Mac & iPad · Services
Revenue from
- services (App Store · subscription · iCloud) High confidence· Revenue $109.2B · FY2025 · Services segment revenue
App Store, subscriptions, iCloud and payments. FY2025 services revenue $109.2B (+13.5%), its second-largest business. - consumers · carriers (iPhone · Mac · services) High confidence
The demand end of the chain. Sells directly to consumers, carriers and service subscribers (about $391B in FY2025).
Pays to
- Samsung Electronics High confidence· Supply share ~65% · iPhone 17 · iPhone 17 LPDDR5X share (top supplier)
Largest memory supplier (LPDDR, NAND) for the iPhone; took 60-70% of iPhone 17 LPDDR5X.Confirms KO Korea Economic Daily Published Dec 21, 2025: Samsung's quiet win: sweeping up Apple's memory orders - Globalstar High confidence· supplier share 63% · FY2025 · Apple's share of Globalstar revenue (wholesale capacity)
Apple sources the satellite infrastructure behind iPhone and Apple Watch Emergency SOS wholesale from Globalstar, which derived 63% of FY2025 revenue ($172.7M) from Apple; Apple holds a 20% ($400M) stake in the Globalstar SPE and prepays next-generation capex. After Amazon's acquisition of Globalstar closes, Amazon Leo is set to take over the service.Confirms KO ZDNet Korea Published Apr 19, 2026: Amazon's Globalstar acquisition puts its satellite D2D service on track - TSMC High confidence· Revenue share 17% · 2025 · Apple's share of TSMC revenue
Foundry for the A and M series. Apple is TSMC's second-largest customer (17% of revenue). - Analog Devices High confidence· Revenue share 14% · FY2017 · Apple share of ADI revenue (historical peak)
Supplies analog/mixed-signal chips to Apple (Force Touch controller). Apple was ADI's largest single end customer at ~14% of revenue in FY2017 (since undisclosed below 10%).Confirms EN SEC EDGAR Published Nov 21, 2017: Analog Devices FY2017 Form 10-K (Apple largest customer 14%)Confirms EN eeNews Europe Published Oct 1, 2015: Teardown: ADI provides Force Touch controller in iPhone - SK hynix High confidence
Memory supplier (LPDDR, NAND) for the iPhone.Confirms KO Korea Economic Daily Published Dec 21, 2025: Samsung's quiet win: sweeping up Apple's memory orders - Sony Semiconductor Solutions High confidence
Purchases CMOS image sensors from Sony Semiconductor. - Amkor Technology High confidence
Outsources packaging and test of iPhone and other chips to Amkor (10+ year, largest-customer relationship).Confirms EN Amkor Technology IR Accessed Jun 20, 2026: Amkor breaks ground on $7B Arizona packaging campus (Apple largest customer) - STMicroelectronics High confidence
Purchases ToF and image sensors from STMicroelectronics. - Foxconn (Hon Hai) High confidence
Contract-assembles iPhones and products at Foxconn. - LG Innotek High confidence
Uses substrates and camera modules from LG Innotek. - Qualcomm High confidence
Uses/buys 5G modem chips from Qualcomm.Confirms KO Korea Economic Daily Published Jan 7, 2026: Samsung Foundry wins Qualcomm orders, chases TSMC - Arm Holdings High confidence
Uses/buys CPU-architecture IP (license and royalty) from Arm Holdings. - Murata Manufacturing High confidence
MLCCs to Apple devices (No.1).Confirms KO Finance Scope Published May 26, 2026: AI-driven MLCC demand, Samsung Electro-Mechanics and Murata at full utilization - Luxshare Precision High confidence
Outsources iPhone assembly/components to Luxshare. - LG Display High confidence
OLED panels for iPhone upper tiers, iPad and Watch (~30M iPhone 17 panels). - 코보 (RF) High confidence
iPhone RF front-end supplier (~47% of Qorvo revenue). - 스카이웍스 (RF) High confidence
iPhone RF front-end supplier (most of Skyworks' revenue).Confirms EN StockTitan Published Nov 7, 2025: Skyworks 10-K summary (Apple concentration, Qorvo merger) - 페가트론 (조립) High confidence
Top-two iPhone assembler; Apple's largest supplier at 59.34% of Pegatron's 2024 sales.Confirms EN Yahoo Finance Published Jan 23, 2026: Apple/Dell supplier Pegatron expects US plant by end-March - 스카이웍스 (RF 프론트엔드) High confidence
iPhone RF front-end supplier (most of Skyworks' revenue). - Kyocera High confidence
Sources the multilayer ceramic camera-sensor substrate and tiny MLCCs from Kyocera — a camera-substrate structure only Kyocera makes, a rare case of reverse dependence where even Apple is tied to a single source for this part.Confirms EN gori.me Published Sep 15, 2025: Tim Cook saw inside Kyocera's Yokohama lab — the ceramic substrate powering iPhone's camera - Micron Technology Medium confidence
Memory supplier for the iPhone (one of the three).Mentions KO Korea Economic Daily Published Dec 21, 2025: Samsung's quiet win: sweeping up Apple's memory orders - Broadcom Medium confidence
Buys wireless and RF parts. Apple is one of Broadcom's largest customers. - Siemens EDA Medium confidence
Pays for Siemens EDA (Calibre etc.) licenses. - Samsung Electro-Mechanics Medium confidence
Buys MLCCs and substrates from Samsung Electro-Mechanics.Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates - NXP Semiconductors Medium confidence
Purchases NFC/UWB chips from NXP Semiconductors. - Synopsys Medium confidence
Uses/buys EDA tools and IP from Synopsys.Confirms KO Seoul Economic Daily Published Jul 1, 2025: China conditionally approves Synopsys-Ansys merger - Cadence Design Systems Medium confidence
Uses/buys EDA tools and IP from Cadence Design Systems.Confirms KO Seoul Economic Daily Published Mar 1, 2025: Cadence, an AI chip-design leader, reignites growth - Fujikura (FPC / flexible printed circuits) Medium confidence
One of the world's top-5 FPC makers supplying flexible printed circuits (FPC/FPCB) used in iPhones and other devices. - Alibaba Group Medium confidence
Apple chose Alibaba (Qwen-based) as its AI partner for iPhones sold in China, confirmed by Chairman Joe Tsai (Feb 2025); rollout delayed by regulatory review, terms undisclosed.Confirms EN CNBC Published Feb 13, 2025: Apple will integrate Alibaba's AI into iPhones in China, Joe Tsai says - 써니옵티컬 Medium confidence
MacBook camera modules and iPhone 17 lenses (expanding). - BYD전자 Medium confidence
iPad assembly and iPhone mid-frame supplier.Mentions EN MiniChart (research digest) Published May 29, 2025: BYD Electronic: Apple and AI hypergrowth forecast - Jabil (consumer-electronics contract mfg, shrinking) Medium confidence
Apple has some consumer electronics built by Jabil — once Jabil's largest customer (17% of revenue), now below 10% as Jabil exits low-margin work. (A symmetric revenue edge exists on the Jabil node.)Confirms EN FreightWaves Published Jun 17, 2025: Apple supplier Jabil plans $500M venture to build AI data centers - Texas Instruments Low confidence
Purchases analog and power ICs from Texas Instruments. - Infineon Technologies Low confidence
Purchases power ICs from Infineon.
Investors
- Berkshire Hathaway High confidence· equity stake 57.84$B · 227,917,808 shares, ~1.5% of Apple
One of Apple's largest shareholders is Berkshire Hathaway, holding 227.9M shares as of 2026-03-31.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Apple | node | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Micron Technology | benef1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| STMicroelectronics | benef1 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| SK hynix | benef1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Texas Instruments | benef1 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +81.6 |
| Amkor Technology | benef1 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +79 |
| Samsung Electronics | benef1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Infineon Technologies | benef1 | +10.4 | -8.6 | +3.4 | -4 | +31 | +75.5 |
| Kyocera | benef1 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +63 |
| Fujikura | benef1 | +25.7 | +64.5 | +29.2 | +425.4 | +216.9 | +58.6 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| NXP Semiconductors | benef1 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Globalstar | benef1 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Broadcom | benef1 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Qualcomm | benef1 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Foxconn (Hon Hai) | benef1 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Berkshire Hathaway | benef1 | +29 | +3.3 | +15.5 | +27.1 | +10.9 | -1.8 |
| Sony Semiconductor Solutions | benef1 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Sunny Optical | benef1 | -1.5 | -46.8 | -54.4 | +46 | -8.9 | -9.4 |
| Alibaba Group | benef1 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| Samsung Electro-Mechanics | benef2 | -11.8 | -18.5 | -1.4 | -2.5 | +110 | +467.7 |
| Jusung Engineering | benef2 | +127.9 | -42.6 | +173.3 | -3.1 | +30.7 | +364.1 |
| Soitec | benef2 | -3.7 | -13.4 | -2.3 | -37.4 | -68.9 | +271.9 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +225.8 |
| PSK Inc | benef2 | +22.7 | -19.6 | +14.2 | -2.6 | +228.2 | +208 |
| LG Innotek | benef2 | +78.2 | -22 | -28.8 | -22.1 | +66.8 | +204.6 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +171.6 |
| ACM Research | benef2 | +4.9 | -72.9 | +153.4 | -22.7 | +161.3 | +161.1 |
| Cohu | benef2 | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +141.4 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| MediaTek | benef2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Arteris | benef2 | · | -79.6 | +37 | +73 | +52.1 | +124.3 |
| FormFactor | benef2 | +6.3 | -51.4 | +87.6 | +5.5 | +26.8 | +110.7 |
| KC Tech | benef2 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +108.1 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +103.6 |
| Wolfspeed | benef2 | · | · | · | · | · | +102.7 |
| Simmtech | benef2 | +119.6 | -34.6 | +12.4 | -63.3 | +392.9 | +94.9 |
| Daeduck Electronics | benef2 | +64.2 | -0.3 | +13.3 | -22.7 | +250.2 | +92.1 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +91 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +86.3 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +85.9 |
| ASMPT | benef2 | -29 | -12.4 | +21.8 | -4.8 | +47.6 | +82 |
| MDA Space | benef2 | · | -32.6 | +80 | +156.3 | -9.8 | +80.8 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Qnity Electronics | benef2 | · | · | · | · | · | +76.3 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +72.8 |
| Kokusai Electric | benef2 | · | · | · | -35.4 | +165.3 | +70 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Foosung | benef2 | +59.9 | -33.5 | -34.5 | -39.1 | +67.4 | +62.2 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +56.2 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +54.6 |
| Eugene Technology | benef2 | +28.1 | -45.1 | +64.1 | -12.6 | +202.5 | +49.5 |
| Montage Technology | benef2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +44 |
| Samsung E&A | benef2 | +74.5 | +20 | -13.7 | -15.9 | +76.7 | +43.2 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +42.9 |
| Camtek | benef2 | +110.1 | -52.3 | +215.9 | +18.3 | +31.7 | +35.2 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | +32.3 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +28.8 |
| Powertech Technology (PTI) | benef2 | +4.8 | -7.5 | +86 | -16 | +128.6 | +26 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +25.1 |
| Air Products and Chemicals | benef2 | +13.8 | +3.9 | -9 | +8.1 | -12.7 | +23.7 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +22.9 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | +22.4 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
| Sumitomo Chemical | benef2 | +19.6 | -9.1 | -27.7 | -2.2 | +43.9 | +16 |
| FANUC | benef2 | -16.5 | +4.4 | -8.1 | +15.6 | +37.7 | +15.3 |
| Nepes | benef2 | -29.5 | -44 | +6.7 | -62.7 | +179.2 | +15.1 |
| Alphabet (Google) | benef2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Merck KGaA (EMD) | benef2 | +42.2 | -0.4 | -19.1 | -2.5 | -12.7 | +13.5 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Air Liquide | benef2 | +14.1 | +7.9 | +20.9 | +8.5 | -4.8 | +12.5 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | +10.2 |
| Toppan Printing | benef2 | +49.3 | -2.1 | +99.1 | +8.1 | +10.7 | +9.9 |
| Wonik IPS | benef2 | -19.7 | -19.8 | -0.2 | -25.5 | +408.8 | +9.3 |
| Mitsubishi | benef2 | +52.5 | +15.9 | +84.1 | -0.3 | +70.2 | +8.7 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| SMIC | benef2 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| Hanmi Semiconductor | benef2 | +98.5 | -21.7 | +313.1 | +93.7 | +87.9 | +5.5 |
| Hana Micron | benef2 | +109 | -41 | +143.5 | -52.4 | +269.3 | +5.3 |
| Qorvo | benef2 | -5.9 | -42 | +24.2 | -37.9 | +20.8 | +1.5 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +0.7 |
| SpaceX | benef2 | · | · | · | · | · | +0.7 |
| ISC | benef2 | +43.2 | +14.2 | +116.5 | -11.9 | +126.8 | +0.3 |
| Itochu | benef2 | +25.6 | +17.9 | +66.6 | +9.1 | +40.8 | -3.4 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | -4.5 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -5.2 |
| LG Display | benef2 | -6.8 | -30.9 | -8.5 | -20.6 | +26.2 | -5.7 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -6.6 |
| Park Systems | benef2 | +25.1 | +1.6 | +41.6 | +37.3 | +28.9 | -11.2 |
| Dongjin Semichem | benef2 | +28.1 | -13.7 | +16.1 | -42.8 | +160.1 | -15.8 |
| Uni Test | benef2 | +23.4 | -57.8 | +11.3 | -1.6 | +6.8 | -24.8 |
| ENF Technology | benef2 | -32.9 | -23.6 | +1.3 | -16.1 | +204.6 | -28.4 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -30.3 |
| SFA Semicon | benef2 | -5.8 | -34.1 | +48.7 | -48.7 | +139.8 | -31.8 |
| Soulbrain | benef2 | -8.2 | -3.9 | +16.6 | -37.6 | +192.8 | -35.9 |
| UBTech Robotics | benef2 | · | · | · | -21.6 | +95.4 | -39.2 |
| S&S Tech | benef2 | -17.3 | -5 | +45.8 | -31.2 | +210.8 | -47.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
Apple's thesis is locking in profit at the demand end of the chain through in-house silicon and services. Selling iPhone and Mac to consumers for about $391B in FY2025, its spending ripples down to move supplier results first — this node is the final demand anchor for the entire semiconductor and component chain. Two axes are central. First, it fabs its own chips (A, M) at TSMC (its second-largest customer, 17% of revenue) and controls memory (Samsung, SK, Micron), wireless (Broadcom, Qualcomm) and assembly (Foxconn, Pegatron, Luxshare), holding supply-negotiation power. Second, Services (FY2025 $109.2B, +13.5%) is high-margin recurring revenue that dampens the hardware cycle. Yet there are reverse-dependence points where even Apple is tied to a single source, such as Kyocera camera substrates, and new axes are opening in China AI (Alibaba) and satellite (Globalstar). Re-rating triggers are the iPhone replacement cycle, Services growth, and the on-device AI transition.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $380 · Price $315.32 (07-10) · Upside +21%