# Recursion Pharmaceuticals (RXRX)
> AI 신약 발굴 기업. 23PB 자체 생물·화학 데이터로 파운데이션 모델을 학습하며, NVIDIA GPU 기반 BioHive-2 슈퍼컴퓨터를 운용한다(NVIDIA가 2023년 $5천만 투자, 2026년 2월 지분은 정리·협업 지속). 로슈·제넥텍·사노피와 협업. 2025년 4분기 매출 $35.5M(로슈 마일스톤 $30M 포함). 컴퓨트를 사서 신약을 만드는 AI 수요 노드.
Canonical: https://valuechain.wiki/recursion · Updated: 2026-07-12T03:38:39.704+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Recursion Pharmaceuticals의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 49곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 4Q25 매출 $35.5M
- 고객 집중도: 23PB 데이터, BioHive-2(NVIDIA). 로슈 마일스톤.
- 사업부문: 협업 매출(로슈·사노피), 자체 파이프라인, OS·데이터

## Annual stock return (as of 2026-07-10)
- 2022: -55%
- 2023: +27.9%
- 2024: -31.4%
- 2025: -39.5%
- 2026 YTD: -13%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Recursion Pharmaceuticals | node | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| 알파벳 (구글) | benef1 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| NVIDIA | benef1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 키옥시아 | benef2 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Murata | benef2 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef2 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| 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% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef2 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| Corning | benef2 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef2 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| TeraWulf | benef2 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| onsemi | benef2 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Coherent | benef2 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef2 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| InnoLight | benef2 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| GE Vernova | benef2 | · | · | · | · | +99% | +67.3% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Delta Electronics | benef2 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef2 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| Wiwynn | benef2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| TSMC | benef2 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Arista Networks | benef2 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| 알칩 | benef2 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +34.7% |
| Quanta | benef2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| Eaton | benef2 | +46.7% | -7.2% | +56.2% | +39.5% | -2.8% | +28.6% |
| ABB | benef2 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| 페가트론 | benef2 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Luxshare | benef2 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef2 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef2 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| 위스트론 | benef2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| Schneider Electric | benef2 | +25.9% | +1.6% | +25.8% | +36.1% | +0.5% | +13% |
| NextEra Energy | benef2 | +23.4% | -8.5% | -25.3% | +21.5% | +15.5% | +11.1% |
| Foxconn | benef2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| KYEC | benef2 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Berkshire Hathaway | benef2 | +29% | +3.3% | +15.5% | +27.1% | +10.9% | -1.8% |
| BlackRock | benef2 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| TE Connectivity | benef2 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| BYD일렉트로닉스 | benef2 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| 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% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| 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% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| AMD | benef3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| Tower Semiconductor | benef3 | +53.7% | +8.9% | -29.4% | +68.8% | +128% | +89.7% |
| 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% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| MACOM | benef3 | +42.3% | -19.6% | +47.6% | +39.8% | +31.8% | +80.1% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef3 | · | · | · | · | · | +76.3% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Quanta Services | benef3 | +59.5% | +24.6% | +51.7% | +46.6% | +33.7% | +56.1% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 기가바이트 | benef3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef3 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| Williams | benef3 | +38.4% | +32.8% | +11.9% | +62.3% | +14.9% | +26.6% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 에어프로덕츠 | benef3 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| 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% |
| 미쓰비시전기 | benef3 | -8.1% | +2.5% | +58.7% | +19.1% | +91% | +21.3% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| Apple | benef3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| 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% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| 미쓰비시상사 | benef3 | +52.5% | +15.9% | +84.1% | -0.3% | +70.2% | +8.7% |
| 아마존 | benef3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| Cameco | benef3 | +63.2% | +4.3% | +90.5% | +19.5% | +78.4% | +4.9% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 소프트뱅크그룹 | benef3 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| 코보 | benef3 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| 이토추상사 | benef3 | +25.6% | +17.9% | +66.6% | +9.1% | +40.8% | -3.4% |
| HD Hyundai Electric | benef3 | +4.2% | +132.5% | +159.4% | +300.5% | +120.2% | -3.7% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 캐논 | benef3 | +22.5% | +11.1% | +46.4% | +27% | -3.2% | -5.6% |
| LG디스플레이 | benef3 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| Mobileye | benef3 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| BYD | benef3 | -6.5% | +10.5% | -28.5% | +58.9% | +8.7% | -12.7% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| 마이크로소프트 | benef3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| D-Wave Quantum | benef3 | · | -85.3% | -38.9% | +854.5% | +211.3% | -23.2% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| Rigetti Computing | benef3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| Oracle | benef3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| UBTech | benef3 | · | · | · | -21.6% | +95.4% | -39.2% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |

투자 논점은 컴퓨트로 신약을 찍어내는 모델이 마일스톤 현금흐름으로 증명되느냐다. 23PB 자체 데이터로 파운데이션 모델을 학습하고 엔비디아 GPU 기반 BioHive-2로 후보물질을 대량 탐색하는데, 인프라는 두 층으로 나뉜다 — 모델 학습용 자체 GPU(엔비디아)와, Recursion OS·데이터를 6년 넘게 돌려온 주 클라우드 구글(2024년 Gemini까지 확장). 매출의 실체는 로슈·제넥텍·사노피 협업으로, 4Q25 매출 $35.5M에 로슈 마일스톤 $30M이 포함돼 아직 파이프라인이 아니라 파트너십에 의존한다. 엔비디아가 2023년 $5천만 전략투자를 2026년 2월 정리(협업은 지속)한 점은 지분 시그널의 약화로, 자체 임상 데이터로 파이프라인 가치를 증명하기 전까지는 컴퓨트 비용이 앞서고 매출은 마일스톤에 좌우되는 현금소진 구조가 재평가의 핵심 변수다. (analysis as of 2026-07-10)

## Money in · revenue from (2)
### 로슈·사노피·제약 (협업·마일스톤) (high)
- metric: 금액 $30M · 로슈 마일스톤 · 협업 마일스톤 수령
- note: 로슈·제넥텍·사노피와 협업, 마일스톤 수령(로슈 $30M).
- [confirms] Yahoo Finance (EN, news, published 2026-02-26) https://finance.yahoo.com/sectors/healthcare/articles/recursion-pharmaceuticals-details-ai-driven-050418210.html: "로슈·제넥텍·사노피와 협업, 마일스톤 수령(로슈 $30M)."
- [confirms] Recursion (EN, filing, published 2023-07-12) https://ir.recursion.com/news-releases/news-release-details/recursion-announces-collaboration-and-50-million-investment: "로슈·제넥텍·사노피와 협업, 마일스톤 수령(로슈 $30M)."

### 자체 신약 파이프라인 (임상) (mid)
- note: 자체 AI 발굴 파이프라인의 임상 진전.
- [confirms] Kavout (EN, research, published 2026-01-01) https://www.kavout.com/market-lens/recursion-pharmaceuticals-an-ai-powered-drug-discovery-powerhouse: "자체 AI 발굴 파이프라인의 임상 진전."

## Money out · pays to (3)
### NVIDIA (high)  → /nvidia.md
- metric: 금액 $50M · 2023 전략투자 · NVIDIA 전략 투자(2026.2 지분 정리)
- note: BioHive-2 슈퍼컴퓨터를 NVIDIA GPU로 구축·운용(파운데이션 모델 학습).
- [confirms] Kavout (EN, research, published 2026-01-01) https://www.kavout.com/market-lens/recursion-pharmaceuticals-an-ai-powered-drug-discovery-powerhouse: "BioHive-2 슈퍼컴퓨터를 NVIDIA GPU로 구축·운용(파운데이션 모델 학습)."
- [confirms] Recursion (EN, filing, published 2023-07-12) https://ir.recursion.com/news-releases/news-release-details/recursion-announces-collaboration-and-50-million-investment: "BioHive-2 슈퍼컴퓨터를 NVIDIA GPU로 구축·운용(파운데이션 모델 학습)."

### 알파벳 (구글) (high)  → /alphabet.md
- note: Recursion OS·데이터 플랫폼을 Google Cloud에서 운영(2019년 주 클라우드 지정, GKE·Compute Engine·BigQuery·클라우드 스토리지). 2024년 파트너십 확장으로 Gemini까지 탐색. BioHive-2 자체 GPU와는 별개 인프라 층.
- [confirms] PR Newswire (EN, ir, published 2024-10-21) https://www.prnewswire.com/news-releases/recursion-and-google-cloud-announce-expansion-of-partnership-to-support-drug-discovery-with-cloud-and-exploration-of-generative-ai-technologies-302281509.html: "6년 이상 협업. GKE·Compute Engine·BigQuery로 대규모 데이터셋 저장·분석, Gemini 역량 탐색."
- [confirms] Google Cloud (EN, ir, published 2019-03-01) https://cloud.google.com/blog/topics/customers/recursion-pharmaceuticals-accelerates-drug-discovery-with-google-cloud: "Recursion has selected Google Cloud as their primary public cloud provider."

### 클라우드·실험·습식랩 (비공개) (low)
- note: 클라우드·자동화 습식랩·데이터 생성.
- [confirms] Kavout (EN, research, published 2026-01-01) https://www.kavout.com/market-lens/recursion-pharmaceuticals-an-ai-powered-drug-discovery-powerhouse: "클라우드·자동화 습식랩·데이터 생성."

## Investors (1)
### NVIDIA (mid)  → /nvidia.md
- note: NVIDIA가 2023년 $5천만 전략 투자(2026.2 지분 정리, 협업 지속).
- [confirms] Yahoo Finance (EN, news, published 2026-02-26) https://finance.yahoo.com/sectors/healthcare/articles/recursion-pharmaceuticals-details-ai-driven-050418210.html: "NVIDIA가 2023년 $5천만 전략 투자(2026.2 지분 정리, 협업 지속)."
- [confirms] Recursion (EN, filing, published 2023-07-12) https://ir.recursion.com/news-releases/news-release-details/recursion-announces-collaboration-and-50-million-investment: "NVIDIA가 2023년 $5천만 전략 투자(2026.2 지분 정리, 협업 지속)."

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

## 이 노드를 다룬 분석 (2)
- [주문은 실측, 매출은 서사: 프론티어마다 인프라가 먼저 오른다](https://valuechain.wiki/analysis/frontiers-infra-before-application.md) (2026-06-23)
- [응용은 아직 서사, 인프라 수요는 이미 실측: 테크바이오라는 첫 사례](https://valuechain.wiki/analysis/ai-techbio-demand.md) (2026-06-23)

---
_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._