# OpenAI
> 생성형 AI 수요의 정점. 엔비디아 시스템 10GW 배치(엔비디아가 OpenAI에 최대 $1000억 투자)와 브로드컴 공동설계 커스텀 가속기 10GW(코드명 Nexus, 약 $3500억), MS 애저 $2500억 구매를 약속했다. 이 자본투자가 가치사슬 상류(칩·메모리·장비)로 흘러내리는 출발점이다. 비상장.
Canonical: https://valuechain.wiki/openai · Updated: 2026-06-21T16:13:43.671+00:00 · Source: ValueChain.wiki (refined facts, cited)

## Financials & segments
- 총매출: 생성형 AI 수요 정점
- 고객 집중도: 엔비디아·브로드컴·MS에 대규모 capex 약속.
- 사업부문: ChatGPT 구독, API, 엔터프라이즈

## Value-chain annual returns (top→bottom: demand → node → supply)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| OpenAI | node | · | · | · | · | · | · |
| AMD | benef1 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +150.9% |
| Broadcom | benef1 | +56.8% | -13.4% | +104.9% | +110.9% | +50.7% | +19.3% |
| 마이크로소프트 | benef1 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -21.2% |
| AT&S | benef2 | +57.5% | -22% | -27.6% | -41.3% | +188.9% | +493.2% |
| Micron Technology | benef2 | +24.1% | -46% | +72.1% | -1% | +240.5% | +297.6% |
| Marvell | benef2 | +84.9% | -57.5% | +63.7% | +83.8% | -22.8% | +265.9% |
| Intel | benef2 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +263.1% |
| UMC | benef2 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +206.4% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +204.7% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +199% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +155.7% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +151.9% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +150.7% |
| 글로벌파운드리 | benef2 | · | -17.1% | +12.5% | -29.2% | -18.6% | +145.8% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +121% |
| 크레도 | benef2 | · | · | +46.3% | +245.2% | +114.1% | +88.9% |
| CoreWeave | benef2 | · | · | · | · | · | +64.7% |
| TSMC | benef2 | +12.1% | -36.8% | +42.5% | +92.9% | +56% | +53.3% |
| Arista Networks | benef2 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +29.5% |
| Foxconn | benef2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +21.8% |
| NVIDIA | benef2 | +125.5% | -50.3% | +239% | +171.3% | +38.9% | +13.1% |
| Constellation Energy | benef2 | · | · | +37.2% | +92.7% | +58.8% | -22.2% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +713.6% |
| 키옥시아 | benef3 | · | · | · | · | +1082.1% | +408.4% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +370.1% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +367% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +302% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +198.2% |
| Kulicke & Soffa | benef3 | +92.6% | -25.9% | +25.5% | -13.3% | -0.3% | +170% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +168.3% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +163.6% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +49% | +59.1% | +25.1% | +154.3% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +148.3% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +140.7% |
| 램리서치 | benef3 | +53.7% | -40.8% | +88.8% | -6.9% | +139.5% | +128.1% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +126.4% |
| 난야PCB | benef3 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +125% |
| GlobalWafers | benef3 | +27.3% | -30.3% | +14.4% | -38.9% | +51% | +123.3% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +114.2% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +112.5% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +111.4% |
| Coherent | benef3 | -10% | -48.6% | +24% | +117.6% | +94.8% | +111.1% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +105.5% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +105.5% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +102.3% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +100% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +89.5% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +86.3% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +84.1% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +83.5% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +82.2% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +81% |
| Monolithic Power | benef3 | +35.5% | -27.9% | +79.9% | -5.6% | +54.5% | +73.2% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +71.9% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +70.5% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +67.8% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +52.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +51.4% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +50.8% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +43.8% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +43.1% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +40.2% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +36.4% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +29.8% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +29% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +25.1% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +24.6% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +23.9% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +23.4% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | +21.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | +7.7% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | +5.1% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| 유진테크 | benef3 | -33.1% | -48.7% | -3.7% | -3.3% | +25.7% | -1.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -3% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -3.6% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -5.1% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -12.6% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -13.3% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -13.9% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -15.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -24.6% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -33.6% |

OpenAI는 이 가치사슬에서 수요의 정점이다. 사이클 전파가 수요에서 시작된다면 그 출발점이 여기다. 엔비디아 10GW(최대 $1000억 상호투자), 브로드컴 커스텀 가속기 10GW($3500억), MS 애저 $2500억 약속이 칩·메모리·장비·소부장으로 차례로 흘러내린다. 비상장이라 주가로 검증할 수는 없으나, 사슬을 거꾸로 따라가면 모든 상승의 1차 동인으로 수렴한다.

## Money in · revenue from (2)
### 엔터프라이즈·API 고객 (mid)
- note: 기업용 API·엔터프라이즈 매출(비공개 세부).
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/OpenAI: "API·엔터프라이즈 매출."

### 소비자·기업 (ChatGPT 구독) (mid)
- note: ChatGPT 유료 구독 매출(비공개 세부).
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/OpenAI: "ChatGPT 구독·소비자 매출."

## Money out · pays to (5)
### Broadcom (high)  → /broadcom.md
- note: 브로드컴과 커스텀 가속기 10GW 공동설계(Nexus, 약 $3500억).
- [confirms] DCD (EN, news, published 2026-05-01) https://www.datacenterdynamics.com/en/news/openai-and-broadcom-in-discussions-over-financing-of-18bn-custom-chip-project-report/: "브로드컴 공동설계 커스텀 가속기 10GW(코드명 Nexus)."
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/OpenAI: "브로드컴 공동설계 커스텀 가속기 10GW(코드명 Nexus)."

### 마이크로소프트 (high)  → /microsoft.md
- note: MS 애저 클라우드 $2500억 구매 약속.
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/OpenAI: "MS 애저 $2500억 구매 약속."
- [confirms] CNBC (EN, news, published 2025-09-22) https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.html: "MS 애저 $2500억 구매 약속."

### NVIDIA (high)  → /nvidia.md
- note: 엔비디아 시스템 10GW 배치, 엔비디아가 최대 $1000억 상호투자.
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/OpenAI: "엔비디아 10GW 시스템 구매, 최대 $1000억 상호투자."
- [confirms] CNBC (EN, news, published 2025-09-22) https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.html: "엔비디아 10GW 시스템 구매, 최대 $1000억 상호투자."

### CoreWeave (high)  → /coreweave.md
- note: 코어위브에서 GPU 클라우드 컴퓨트 임차.
- [confirms] 지디넷코리아 (KO, news, published 2025-09-16) https://zdnet.co.kr/view/?no=20250916175927: "코어위브에서 GPU 클라우드 컴퓨트 임차."

### AMD (mid)  → /amd.md
- note: AMD MI 가속기도 일부 도입(멀티벤더).
- [mentions] CNBC (EN, news, published 2025-09-22) https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.html: "OpenAI는 엔비디아 외 AMD 가속기도 멀티벤더로 활용."

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