# BlackRock (BLK)
> 블랙록은 2025년 말 운용자산(AUM)이 14조 달러를 넘긴 세계 최대 자산운용사다. iShares ETF, 액티브 운용, 알라딘(Aladdin) 기술 플랫폼, GIP 인수로 확장한 사모 인프라를 축으로 삼는다. 수익의 대부분이 AUM에 연동된 운용보수라 실적이 자산 가격, 즉 금리 환경에 크게 좌우된다.
Canonical: https://valuechain.wiki/blackrock · Updated: 2026-07-12T04:08:55.99+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 BlackRock의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 0·투자 2)이고, 사슬을 2차까지 넓히면 26곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 운용자산(AUM) 14.04조 달러(2025년 말, 사상 최대). FY2025 총수익 242억 달러(+19%), 연간 순유입 기록적 6,980억 달러.
- 고객 집중도: 수익의 76%가 AUM연동 운용·자문보수 → 실적이 자산가격·금리에 좌우. GIP 인수와 AIP로 AI 데이터센터에 자본 공급.
- 사업부문: iShares ETF, 인덱스·액티브 운용, 대체·사모 인프라, 알라딘 기술

## Annual stock return (as of 2026-07-10)
- 2021: +29.4%
- 2022: -20.4%
- 2023: +17.9%
- 2024: +29.3%
- 2025: +6.6%
- 2026 YTD: -2.1%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BlackRock | node | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| 마이크로소프트 | benef1 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| Western Digital | benef2 | +17.7% | -51.6% | +66% | +13.9% | +283.7% | +238.4% |
| Seagate | benef2 | +87.5% | -51.4% | +69.1% | +4.1% | +225.3% | +231.4% |
| Intel | benef2 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +197.7% |
| Marvell | benef2 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| AMD | benef2 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ciena | benef2 | +45.6% | -33.8% | -11.7% | +88.4% | +175.8% | +97% |
| Vertiv | benef2 | +33.8% | -45.3% | +251.8% | +136.8% | +42.8% | +96.9% |
| 크레도 | benef2 | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| GE Vernova | benef2 | · | · | · | · | +99% | +67.3% |
| Caterpillar | benef2 | +16% | +18.6% | +25.9% | +24.7% | +60.3% | +67% |
| Wiwynn | benef2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| Arista Networks | benef2 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| Equinix | benef2 | +20.3% | -21.1% | +25.4% | +19.5% | -16.9% | +38.6% |
| Quanta | benef2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| Cummins | benef2 | -1.7% | +14.1% | +1.7% | +48.9% | +49.4% | +33.3% |
| Eaton | benef2 | +46.7% | -7.2% | +56.2% | +39.5% | -2.8% | +28.6% |
| NVIDIA | benef2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Schneider Electric | benef2 | +25.9% | +1.6% | +25.8% | +36.1% | +0.5% | +13% |
| Foxconn | benef2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | benef2 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| Super Micro | benef2 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| IonQ | benef2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| Brookfield | benef2 | · | · | +45.6% | +39.7% | -0.2% | -9% |
| Constellation Energy | benef2 | · | · | +37.2% | +92.7% | +58.8% | -28.6% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| AT&S | benef3 | +57.5% | -22% | -27.6% | -41.3% | +188.9% | +390.3% |
| 키옥시아 | benef3 | · | · | · | · | +1082.1% | +260.5% |
| Dell | benef3 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Micron Technology | benef3 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| Murata | benef3 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef3 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| Bloom Energy | benef3 | -23.5% | -12.8% | -22.6% | +50.1% | +291.2% | +181.5% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ASE테크놀로지 | benef3 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef3 | · | · | · | · | +202.2% | +162.4% |
| Ibiden | benef3 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef3 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 유니마이크론 | benef3 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Corning | benef3 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef3 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| 글로벌파운드리 | benef3 | · | -17.1% | +12.5% | -29.2% | -18.6% | +97.8% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 삼성전자 | benef3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| onsemi | benef3 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Coherent | benef3 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef3 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| InnoLight | benef3 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Keysight | benef3 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Sumitomo Electric | benef3 | +11.4% | +6.3% | +30.8% | +52.9% | +139% | +55.3% |
| Delta Electronics | benef3 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef3 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef3 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| TSMC | benef3 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| ABB | benef3 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 페가트론 | benef3 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Luxshare | benef3 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef3 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef3 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 니콘 | benef3 | +46.2% | +10.9% | +23.1% | +13.7% | +19.7% | +15.9% |
| FANUC | benef3 | -16.5% | +4.4% | -8.1% | +15.6% | +37.7% | +15.3% |
| 위스트론 | benef3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Cameco | benef3 | +63.2% | +4.3% | +90.5% | +19.5% | +78.4% | +4.9% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| Phison | benef3 | +26.8% | -10.7% | +45.1% | -6.7% | +418.3% | -6% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| Mobileye | benef3 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| TE Connectivity | benef3 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| D-Wave Quantum | benef3 | · | -85.3% | -38.9% | +854.5% | +211.3% | -23.2% |
| Rigetti Computing | benef3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| Oklo | benef3 | · | +0.7% | +6.5% | +101% | +238% | -31.9% |
| BYD일렉트로닉스 | benef3 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| UBTech | benef3 | · | · | · | -21.6% | +95.4% | -39.2% |

블랙록의 투자 논점은 'AI에 돈을 대지만 시계는 금리에 맞춰 도는 세계 최대 운용사'다. AUM 14조 달러에서 수익의 76%가 AUM연동 보수라, 실적은 AI가 아니라 자산가격·금리에 좌우된다 — kicker 그대로다. AI 노출은 운영자가 아니라 '자본 공급자'로서다: GIP 인수와 AIP(마이크로소프트·MGX·엔비디아, 최대 $100B 잠재력)로 AI 데이터센터·전력에 자본을 대고, Aligned Data Centers를 약 $400억(EV)에 인수한다. 여기에 AUM과 무관한 알라딘 기술 구독(수익 +24%, ACV +31%)이 구조 성장 레그를 더한다. 관건은 금리·자산가격 사이클과 사모 인프라 자본배치의 성과이며, 리스크는 시장 급락에 따른 AUM·보수 감소다. (analysis as of 2026-07-09)

## Money in · revenue from (2)
### 투자자·클라이언트 (운용·자문보수) (high)
- metric: 매출 18,474$M · FY2025 · investment advisory & administration fees
- note: AUM 연동 투자자문·관리보수. FY2025 184.7억 달러(총수익의 76%).
- [confirms] SEC EDGAR (EN, filing, published 2026-02-25) https://www.sec.gov/Archives/edgar/data/2012383/000119312526071966/blk-20251231.htm: "투자자문·관리보수 18,474백만 달러."
- [confirms] BlackRock (EN, ir, published 2026-01-14) https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf: "Total revenue 24,216 ... Investment advisory and administration fees 18,474."

### 알라딘 기술 구독 클라이언트 (high)
- metric: 매출 1,981$M · FY2025 · technology services & subscription
- note: 알라딘 등 기술서비스·구독 수익 FY2025 19.8억 달러(+24%), ACV +31%.
- [confirms] BlackRock (EN, ir, published 2026-01-14) https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf: "Technology services and subscription revenue 1,981."

## Money out · pays to (2)
### 임직원 보상 (high)
- metric: cost 8,446$M · FY2025 · employee compensation & benefits
- note: 임직원 보상·후생 FY2025 84.5억 달러(총비용 171.7억).
- [confirms] BlackRock (EN, ir, published 2026-01-14) https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf: "Employee compensation and benefits 8,446 ... Total expense 17,171."

### 기술·데이터·일반관리비 (mid)
- metric: cost 2,731$M · FY2025 · general & administration
- note: 일반관리비(기술·데이터 포함) FY2025 27.3억 달러.
- [confirms] BlackRock (EN, ir, published 2026-01-14) https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf: "General and administration expense 2,731."

## Investments (3)
### 마이크로소프트 (high)  → /microsoft.md
- metric:  100$B · AIP total investment potential
- note: AI 인프라 파트너십(AIP) 공동 창립 — 마이크로소프트·MGX와 함께 AI 데이터센터·전력 인프라에 최대 1,000억 달러 투자 잠재력(지분 300억+부채)을 동원. GIP 통한 인프라 플랫폼 결합.
- [confirms] Microsoft (EN, ir, published 2024-09-17) https://news.microsoft.com/source/2024/09/17/blackrock-global-infrastructure-partners-microsoft-and-mgx-launch-new-ai-partnership-to-invest-in-data-centers-and-supporting-power-infrastructure/: "$100 billion investment potential will enhance American competitiveness in AI while meeting the growing need for energy infrastructure."

### Aligned Data Centers (AIP·GIP 인수) (mid)
- metric:  40$B
- note: AIP·MGX·GIP가 약 400억 달러(EV)에 Aligned Data Centers 지분 전량 인수(2025-10 발표, 2026 상반기 종결 예정). 50개+ 캠퍼스·5GW+.
- [confirms] Global Infrastructure Partners (EN, ir, published 2025-10-15) https://www.global-infra.com/news/ai-infrastructure-partnership-aip-mgx-and-blackrocks-global-infrastructure-partners-gip-to-acquire-all-equity-in-aligned-data-centers/: "AIP, MGX, and BlackRock's Global Infrastructure Partners (GIP) to Acquire All Equity in Aligned Data Centers."

### NVIDIA (mid)  → /nvidia.md
- note: 엔비디아가 2025년 3월 AIP에 파트너로 합류(xAI와 함께) — 블랙록·GIP·MS·MGX의 AI 데이터센터 투자에 AI 팩토리 전문성 제공. 블랙록은 인덱스·iShares로 엔비디아 대형 주주이기도.
- [confirms] BlackRock (EN, ir, published 2025-03-19) https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/blackrock-gip-microsoft-mgx-welcome-nvidia-xai-to-aip: "BlackRock, Global Infrastructure Partners, Microsoft and MGX welcome NVIDIA and xAI to the AI Infrastructure Partnership."

## 질문별 엔드포인트
- 누가 블랙록의 고객인가? 블랙록의 매출은 어디서 오는가? → https://valuechain.wiki/blackrock/customers.md
- 블랙록의 주요 공급사는 어디인가? 블랙록의 비용은 누구에게 가는가? → https://valuechain.wiki/blackrock/suppliers.md
- 블랙록 주가가 움직이면 누가 수혜를 보는가? 블랙록의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/blackrock/ripple.md
- 증권가가 보는 블랙록: 목표주가와 투자의견은? → https://valuechain.wiki/blackrock/consensus.md

## 이 노드를 다룬 분석 (2)
- [붐에 돈을 대는 자본은 금리 시계로 돈다: 은행·운용사·버크셔의 수익률](https://valuechain.wiki/analysis/capital-rate-clock.md) (2026-07-09)
- [아직 안 온 시계와 가장 세게 돈 시계: 사실로 본 지금의 위치](https://valuechain.wiki/analysis/clocks-not-run-clocks-that-ran.md) (2026-07-05)

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