Semiconductor materials
Merck KGaA (EMD)
The Electronics (EMD) arm of Germany’s Merck. It supplies thin-film precursors, CMP, specialty gases and photoresists. It is producing molybdenum (to cut wiring resistance as AI chips scale) in Korea for Samsung and SK Hynix, and works with Intel and Micron. It is investing €3B+ by 2025 in next-gen materials.
MRK.DE Updated Sep 12, 2026 7 AI consumers· 4 recurring
Per the valuechain.wiki graph, Merck KGaA (EMD) is directly linked to 6 companies (1 supply, 5 revenue relationships) and reaches 17 companies within two hops; the links are backed by 9 dated sources, 1 of them primary filings (as of 2026-09-12).
Financials & Segments
- Total revenue · €3B+ next-gen materials investment
- Customer concentration · Materials to Samsung, SK, Intel, Micron.
- Segments · Thin films · CMP/planarization · Specialty gases/PR
Revenue from
- SK hynix High confidence
Supplies consumable materials into SK Hynix's HBM/DRAM processes — consumption rises as scaling and stacking advance.Confirms KO e4ds news Published Feb 11, 2026: Merck makes molybdenum chip material in Korea for Samsung/SKConfirms KO MoneyToday Published Feb 11, 2026: Merck to produce molybdenum in Korea for Samsung and SK demand - Samsung Electronics High confidence
Supplies thin-film, CMP, gas and molybdenum materials into Samsung's DRAM/foundry scaling — as processes shrink, material variety and demand grow, a steadier consumable axis than equipment.Confirms KO e4ds news Published Feb 11, 2026: Merck makes molybdenum chip material in Korea for Samsung/SKConfirms KO MoneyToday Published Feb 11, 2026: Merck to produce molybdenum in Korea for Samsung and SK demand - Intel Medium confidence
Supplies thin-film/CMP/gas materials into Intel's logic processes — a materials demand point for advanced-node transitions.Confirms KO e4ds news Published Feb 11, 2026: Merck makes molybdenum chip material in Korea for Samsung/SK - Micron Technology Medium confidence
Supplies consumable materials to Micron DRAM/NAND — recurring revenue tied to fab utilization.Confirms KO e4ds news Published Feb 11, 2026: Merck makes molybdenum chip material in Korea for Samsung/SK - LG Display Medium confidence
OLED organic materials (HTL, phosphorescent hosts) sales.
Pays to
- Veeva Systems Medium confidence
Germany's Merck KGaA committed to deploy Veeva Vault CRM across its global operations in 2026, while contract value and customer-specific revenue share were not disclosed.Confirms KO ZDNet Korea Published May 28, 2026: Merck KGaA Selects Veeva Vault CRM for Global DeploymentConfirms EN Veeva Systems Published May 27, 2026: Merck KGaA, Darmstadt, Germany Selects Veeva Vault CRM Worldwide - production & capacity expansion (undisclosed) Low confidence· Amount €500M · 가오슝 메가사이트 · thin films & specialty gases campus (opened Dec 2025)
Materials production sites and capacity (e.g., Korea molybdenum).Confirms KO e4ds news Published Feb 11, 2026: Merck makes molybdenum chip material in Korea for Samsung/SKConfirms EN Merck KGaA (EMD) Published Dec 1, 2025: Merck inaugurates Kaohsiung semiconductor materials megasiteConfirms EN The Korea Times Published Aug 18, 2022: Merck acquires chemical business of Korean firm Mecaro - chemical feedstock & R&D (undisclosed) Low confidence
Chemical feedstock, precursors and R&D.
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 |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| LG Electronics | lead2 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +105.5 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| HP Inc. | lead2 | +57.2 | -26.4 | +16.1 | +12.1 | -28.7 | +50.7 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| LG Display | lead1 | -6.8 | -30.9 | -8.5 | -20.6 | +26.2 | -21.8 |
| Merck KGaA (EMD) | node | +42.2 | -0.4 | -19.1 | -2.5 | -12.7 | +10.4 |
| Veeva Systems | benef1 | -6.2 | -36.8 | +19.3 | +9.2 | +6.2 | +23.2 |
| Amazon | benef2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Salesforce, Inc. | benef2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Merck KGaA (EMD) operates across Semiconductor materials. It is +10.4% in 2026. The demand side (avg +139.3%) leads the stock (+10.4%), so customer moves come first here. Among connected nodes the furthest ahead is Micron Technology (+256.4%) and the furthest behind is Samsung Electronics (+59.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It is investing €3B+ by 2025 in next-gen materials.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0 · Avg. target €135 · Price €135.85 (09-04) · Upside -1%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| UBS · Matthew Weston | Buy | €150 | Jun 26, 2026 | Report ↗ |
| Deutsche Bank · Falko Friedrichs | Hold | €125 | May 18, 2026 | Report ↗ |
| Barclays · Charles Pitman-King | Equal Weight | €130 | May 18, 2026 | Report ↗ |
Despite a solid Q1, patent expiries and FX headwinds split the street: UBS stays Buy (EUR 150) while Deutsche Bank and Barclays hold neutral stances (EUR 125 and 130).