{"slug":"macom","name":"MACOM","name_en":"MACOM Technology","ticker":"MTSI","updated_at":"2026-07-12T04:13:44.090325+00:00","canonical":"https://valuechain.wiki/macom","same_as":["https://finance.yahoo.com/quote/MTSI","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1493594"],"citable":"밸류체인 그래프 기준 MACOM의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, MACOM Technology is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 6 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · RF·광 반도체 · 레이저 드라이버·TIA","kicker_en":"Nasdaq · RF & optical semis · Laser drivers & TIAs","lead":"아날로그·RF·광 반도체 부품 기업. 트랜시버 핵심인 레이저 드라이버·TIA(트랜스임피던스 증폭기)와 PAM4 DSP·실리콘포토닉스를 800G·1.6T용으로 공급한다. 2026 회계 2분기 매출 $2.89억(+22.5%). 마벨과 함께 광부품의 한 축으로, 트랜시버(코히어런트·루멘텀) 아래에서 수혜.","lead_en":"An analog, RF and optical semiconductor maker. It supplies laser drivers and TIAs (transimpedance amplifiers), PAM4 DSP and silicon photonics for 800G/1.6T, the core of transceivers. Q2 FY2026 revenue $289M (+22.5%). With Marvell, an optical-component axis benefiting beneath the transceivers (Coherent, Lumentum).","segments":{"parts":[{"desc":"광트랜시버 핵심 부품. 800G·1.6T 전환이 콘텐츠·난이도를 키움.","name":"레이저 드라이버·TIA"},{"desc":"방산·통신용 RF 부품. 광과 다른 사이클의 안정 축.","name":"RF·마이크로파"},{"desc":"PAM4 DSP·SiPho로 고속 광통합 대응.","name":"실리콘포토닉스"}],"total":"2026 2Q 매출 $289M (+22.5%)","concentration":"800G·1.6T 트랜시버용 핵심 부품."},"segments_en":{"parts":[{"name":"Laser drivers/TIAs"},{"name":"RF/microwave"},{"name":"Silicon photonics"}],"total":"Q2 FY26 revenue $289M (+22.5%)","concentration":"Core components for 800G/1.6T transceivers."},"returns_yearly":{"2021":42.3,"2022":-19.6,"2023":47.6,"2024":39.8,"2025":31.8,"2026":80.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell 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Electric","tier":2,"returns_yearly":{"2021":-8.1,"2022":2.5,"2023":58.7,"2024":19.1,"2025":91,"2026":21.3}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":2,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"lumentum","name":"Lumentum","name_en":"Lumentum","tier":1,"returns_yearly":{"2021":11.6,"2022":-50.7,"2023":0.5,"2024":60.1,"2025":339.1,"2026":117.6}},{"slug":"coherent","name":"Coherent","name_en":"Coherent","tier":1,"returns_yearly":{"2021":-10,"2022":-48.6,"2023":24,"2024":117.6,"2025":94.8,"2026":75.8}}],"benefiting":[],"analysis":"MACOM의 논점은 '트랜시버 속도 상승의 부품 콘텐츠 수혜'다. 광트랜시버 안에 들어가는 레이저 드라이버·TIA를 파는 부품사라, 데이터센터 광통신이 800G→1.6T로 빨라질수록 트랜시버당 부품 콘텐츠와 난이도가 커지는 구조다. 코히어런트·루멘텀·이노라이트 등 트랜시버 제조사 물량에 연동돼 AI 데이터센터 광 사슬 하부에서 수혜하며, 마벨과 함께 광부품의 한 축을 이룬다. 리스크는 트랜시버 세대전환 시점과 실리콘포토닉스 경쟁. 그래프 파급: 트랜시버 3사가 수요를 끌고, 화합물 반도체 자체 팹이 원가·캐파의 상류.","analysis_en":"MACOM's thesis is component-content leverage on rising transceiver speeds. As a supplier of the laser drivers and TIAs inside optical transceivers, its content and difficulty per transceiver grow as datacenter optics accelerate from 800G to 1.6T. Tied to transceiver-maker volumes (Coherent, Lumentum, InnoLight), it benefits low in the AI-datacenter optical chain and forms one axis of optical components alongside Marvell. Risks are transceiver-generation timing and silicon-photonics competition. Graph propagation: the three transceiver makers pull demand, while its in-house compound-semiconductor fab is upstream for cost and capacity.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"Coherent","counterparty_slug":"coherent","confidence":"high","metric":null,"note":"코히어런트 트랜시버에 레이저 드라이버·TIA를 공급 — 트랜시버가 800G→1.6T로 갈수록 부품당 콘텐츠가 커져, 코히어런트 출하가 곧 수요.","note_en":"Supplies laser drivers/TIAs to Coherent transceivers — as transceivers move to 800G/1.6T, per-part content grows, so Coherent shipments are the demand.","sources":[{"stance":"confirms","publisher":"Converge Digest","publisher_en":"Converge Digest","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://convergedigest.com/macom-revenue-jumps-23-as-ai-optical-demand-accelerates/","title":"MACOM, AI 광수요로 매출 +23%","title_en":"MACOM revenue jumps 23% as AI optical demand accelerates","excerpt":"Coherent 트랜시버에 레이저 드라이버·TIA 공급.","excerpt_en":"Supplies laser drivers and TIAs to Coherent transceivers."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-06","url":"https://www.sec.gov/Archives/edgar/data/0001493594/000149359425000049/ex99_1earningsreleaseq4fy25.htm","title":"MACOM FY2025 4분기 실적(8-K)","title_en":"MACOM FY2025 Q4 results (8-K)","excerpt":"Coherent 트랜시버에 레이저 드라이버·TIA 공급.","excerpt_en":"Supplies laser drivers and TIAs to Coherent transceivers."}]},{"direction":"revenue","counterparty":"Lumentum","counterparty_slug":"lumentum","confidence":"mid","metric":null,"note":"루멘텀 트랜시버에 레이저 드라이버·TIA를 공급 — AI 데이터센터 광통신 물량에 하부 부품으로 연동.","note_en":"Supplies laser drivers/TIAs to Lumentum transceivers — tied as a lower-layer part to AI-datacenter optical volumes.","sources":[{"stance":"confirms","publisher":"Converge Digest","publisher_en":"Converge Digest","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://convergedigest.com/macom-revenue-jumps-23-as-ai-optical-demand-accelerates/","title":"MACOM, AI 광수요로 매출 +23%","title_en":"MACOM revenue jumps 23% as AI optical demand accelerates","excerpt":"Lumentum 트랜시버에 레이저 드라이버·TIA 공급.","excerpt_en":"Supplies laser drivers and TIAs to Lumentum transceivers."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-06","url":"https://www.sec.gov/Archives/edgar/data/0001493594/000149359425000049/ex99_1earningsreleaseq4fy25.htm","title":"MACOM FY2025 4분기 실적(8-K)","title_en":"MACOM FY2025 Q4 results (8-K)","excerpt":"Lumentum 트랜시버에 레이저 드라이버·TIA 공급.","excerpt_en":"Supplies laser drivers and TIAs to Lumentum transceivers."}]},{"direction":"revenue","counterparty":"InnoLight","counterparty_slug":"innolight","confidence":"mid","metric":null,"note":"이노라이트 트랜시버에 레이저 드라이버·TIA를 공급 — 최대 트랜시버 벤더 중 하나라 고속 전환 수요의 핵심 노출처.","note_en":"Supplies laser drivers/TIAs to InnoLight transceivers — one of the largest transceiver vendors, a key exposure to the high-speed transition.","sources":[{"stance":"confirms","publisher":"Converge Digest","publisher_en":"Converge Digest","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://convergedigest.com/macom-revenue-jumps-23-as-ai-optical-demand-accelerates/","title":"MACOM, AI 광수요로 매출 +23%","title_en":"MACOM revenue jumps 23% as AI optical demand accelerates","excerpt":"InnoLight 트랜시버에 레이저 드라이버·TIA 공급.","excerpt_en":"Supplies laser drivers and TIAs to InnoLight transceivers."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-06","url":"https://www.sec.gov/Archives/edgar/data/0001493594/000149359425000049/ex99_1earningsreleaseq4fy25.htm","title":"MACOM FY2025 4분기 실적(8-K)","title_en":"MACOM FY2025 Q4 results (8-K)","excerpt":"InnoLight 트랜시버에 레이저 드라이버·TIA 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