AI demand apex · origin of datacenter capex
OpenAI
The apex of generative-AI demand. Committed to 10GW of NVIDIA systems (NVIDIA invests up to $100B in OpenAI), 10GW of custom accelerators co-designed with Broadcom (code-named Nexus, ~$350B), and $250B of Microsoft Azure. This capex is where the spending that flows up the chain (chips, memory, equipment) originates. Private.
Updated Jun 21, 2026
Money in ▸엔터프라이즈·API 고객◐소비자·기업 (ChatGPT 구독)◐
OpenAIApex of generative-AI demand
Financials & Segments
- Total revenue · Apex of generative-AI demand
- Customer concentration · Large capex commitments to NVIDIA, Broadcom and Microsoft.
- Segments · ChatGPT subscriptions · API · Enterprise
Revenue from
- 엔터프라이즈·API 고객 Medium confidence
Enterprise/API revenue. - 소비자·기업 (ChatGPT 구독) Medium confidence
ChatGPT paid-subscription revenue.
Pays to
- Broadcom High confidence
Co-designs 10GW custom accelerators with Broadcom (Nexus, ~$350B). - Microsoft High confidence
Commits to $250B of Microsoft Azure. - NVIDIA High confidence
Deploys 10GW of NVIDIA systems; NVIDIA invests up to $100B. - CoreWeave High confidence
Rents GPU-cloud compute from CoreWeave. - AMD Medium confidence
Also deploys some AMD MI accelerators (multi-vendor).Mentions EN CNBC Published Sep 22, 2025: "OpenAI uses AMD accelerators alongside NVIDIA (multi-vendor)."
Value-chain ripple (tiers 2–3)
Following node-to-node links up to 3 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | 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 |
| Microsoft | 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 |
| United Microelectronics (UMC) | benef2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +206.4 |
| SK hynix | 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 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +155.7 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +151.9 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +150.7 |
| GlobalFoundries | benef2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +145.8 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +121 |
| Credo Technology | 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 (Hon Hai) | 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 |
| Samsung Electro-Mechanics | benef3 | -11.8 | -18.5 | -1.4 | -2.5 | +110 | +713.6 |
| Kioxia | benef3 | · | · | · | · | +1082.1 | +408.4 |
| LG Innotek | benef3 | +78.2 | -22 | -28.8 | -22.1 | +66.8 | +370.1 |
| Jusung Engineering | benef3 | +127.9 | -42.6 | +173.3 | -3.1 | +30.7 | +367 |
| Arm Holdings | benef3 | · | · | · | +64.2 | -11.4 | +302 |
| Cohu | 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 |
| PSK Inc | benef3 | +22.7 | -19.6 | +14.2 | -2.6 | +228.2 | +168.3 |
| SUMCO Corporation | benef3 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +163.6 |
| MediaTek | benef3 | +27.8 | -26.6 | +49 | +59.1 | +25.1 | +154.3 |
| Daeduck Electronics | benef3 | +64.2 | -0.3 | +13.3 | -22.7 | +250.2 | +148.3 |
| Applied Materials | benef3 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +140.7 |
| Lam Research | 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 |
| Nan Ya PCB | 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 |
| Simmtech | 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 |
| Foosung | 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 |
| Tokyo Electron (TEL) | 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 |
| KC Tech | 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 |
| Nepes | benef3 | -29.5 | -44 | +6.7 | -62.7 | +179.2 | +70.5 |
| JCET (Jiangsu Changjiang Electronics) | benef3 | -34 | +0.2 | -15.2 | +73.3 | +28 | +67.8 |
| Tokyo Ohka Kogyo (TOK) | 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 |
| Shin-Etsu Chemical | benef3 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +43.8 |
| Powertech Technology (PTI) | benef3 | +4.8 | -7.5 | +86 | -16 | +128.6 | +43.1 |
| Hanmi Semiconductor | benef3 | +98.5 | -21.7 | +313.1 | +93.7 | +87.9 | +40.2 |
| Wonik IPS | benef3 | -19.7 | -19.8 | -0.2 | -25.5 | +408.8 | +36.4 |
| Hana Micron | benef3 | +109 | -41 | +143.5 | -52.4 | +269.3 | +29.8 |
| Disco Corporation | benef3 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | +29 |
| Wonik QnC | 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 |
| ISC | benef3 | +43.2 | +14.2 | +116.5 | -11.9 | +126.8 | +23.4 |
| HPSP | benef3 | · | · | +216.5 | -30.4 | +54.7 | +21.7 |
| Dongjin Semichem | 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 |
| King Yuan Electronics (KYEC) | benef3 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| Eugene Technology | 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 |
| Hana Materials | benef3 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -3.6 |
| Uni Test | benef3 | +23.4 | -57.8 | +11.3 | -1.6 | +6.8 | -5.1 |
| Leeno Industrial | benef3 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -12.6 |
| SFA Semicon | benef3 | -5.8 | -34.1 | +48.7 | -48.7 | +139.8 | -13.3 |
| ENF Technology | benef3 | -32.9 | -23.6 | +1.3 | -16.1 | +204.6 | -13.9 |
| Park Systems | benef3 | +25.1 | +1.6 | +41.6 | +37.3 | +28.9 | -15.8 |
| Soulbrain | benef3 | -8.2 | -3.9 | +16.6 | -37.6 | +192.8 | -24.6 |
| S&S Tech | benef3 | -17.3 | -5 | +45.8 | -31.2 | +210.8 | -33.6 |
OpenAI is the apex of demand in this value chain. If cycle propagation starts with demand, this is where it starts. Its commitments (10GW of NVIDIA at up to $100B cross-investment, 10GW of Broadcom custom accelerators at ~$350B, $250B of Microsoft Azure) flow down into chips, memory, equipment and materials. It is private, so it cannot be validated via a stock price, but tracing the chain backwards, it converges as the first driver of every gain.