{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","ticker":"NOW","updated_at":"2026-07-10T12:05:56.524+00:00","canonical":"https://valuechain.wiki/servicenow","same_as":["https://finance.yahoo.com/quote/NOW","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1373715"],"citable":"밸류체인 그래프 기준 ServiceNow의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 36곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-10 기준).","citable_en":"Per the valuechain.wiki graph, ServiceNow is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 36 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-10).","kicker":"기업 워크플로 AI(Now Assist 에이전트)","kicker_en":"Enterprise workflow AI (Now Assist agents)","lead":"기업 워크플로 SaaS 1위. 2025년 구독 매출 $12.8B(+21%), AI 비서 Now Assist ACV가 $7.5억을 넘어 2026년 $15억+를 노린다. AI 에이전트를 Pro Plus·Enterprise Plus에 넣어 소비 기반 과금으로 전환 중이며, 갱신 고객 ACV가 평균 3배 늘었다. 클라우드·GPU를 사서 기업에 AI 에이전트를 파는, agent-native 응용 수요층의 대표다.","lead_en":"The No.1 in enterprise-workflow SaaS. 2025 subscription revenue $12.8B (+21%), with its Now Assist AI assistant surpassing $750M ACV and targeting $1.5B+ in 2026. It is shifting to consumption-based pricing by bundling AI agents into Pro Plus and Enterprise Plus, with renewing customers expanding ACV 3x on average. A flagship of the agent-native application demand layer, buying cloud and GPUs to sell AI agents to enterprises.","segments":{"fy":2025,"parts":[{"name":"워크플로 구독"},{"name":"Now Assist AI 에이전트"}],"total":"2025 구독 $12.8B (+21%)","concentration":"Now Assist ACV $750M→$1.5B(2026E)."},"segments_en":{"fy":2025,"parts":[{"name":"Workflow subscriptions"},{"name":"Now Assist AI agents"}],"total":"2025 subscription $12.8B (+21%)","concentration":"Now Assist ACV $750M to $1.5B (2026E)."},"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":1,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":2,"returns_yearly":{"2025":1082.1,"2026":260.5}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":2,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"murata","name":"Murata","name_en":"Murata Manufacturing","tier":2,"returns_yearly":{"2021":-14,"2022":-11.7,"2023":24.7,"2024":-16.5,"2025":29.9,"2026":217.4}},{"slug":"nanya-pcb","name":"난야PCB","name_en":"Nan Ya PCB","tier":2,"returns_yearly":{"2021":110.6,"2022":-46.7,"2023":-0.5,"2024":-38.3,"2025":188.2,"2026":213.4}},{"slug":"ase","name":"ASE테크놀로지","name_en":"ASE Technology","tier":2,"returns_yearly":{"2021":38.3,"2022":-12.8,"2023":60.9,"2024":10.1,"2025":65.6,"2026":167.6}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":2,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":2,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"ibiden","name":"Ibiden","name_en":"Ibiden","tier":2,"returns_yearly":{"2021":30.4,"2022":-19.6,"2023":51.6,"2024":-38.6,"2025":261,"2026":147.1}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":2,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"unimicron","name":"유니마이크론","name_en":"Unimicron","tier":2,"returns_yearly":{"2021":133.5,"2022":-30.2,"2023":35.2,"2024":-19.7,"2025":175.7,"2026":131.6}},{"slug":"corning","name":"Corning","name_en":"Corning","tier":2,"returns_yearly":{"2021":5.9,"2022":-11.6,"2023":-1.2,"2024":60.6,"2025":87.8,"2026":118.8}},{"slug":"lumentum","name":"Lumentum","name_en":"Lumentum","tier":2,"returns_yearly":{"2021":11.6,"2022":-50.7,"2023":0.5,"2024":60.1,"2025":339.1,"2026":117.6}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"onsemi","name":"onsemi","name_en":"onsemi","tier":2,"returns_yearly":{"2021":107.5,"2022":-8.2,"2023":33.9,"2024":-24.5,"2025":-14.1,"2026":77.2}},{"slug":"coherent","name":"Coherent","name_en":"Coherent","tier":2,"returns_yearly":{"2021":-10,"2022":-48.6,"2023":24,"2024":117.6,"2025":94.8,"2026":75.8}},{"slug":"eoptolink","name":"Eoptolink","name_en":"Eoptolink","tier":2,"returns_yearly":{"2021":-10.1,"2022":-27.7,"2023":136.6,"2024":197,"2025":368.8,"2026":74.9}},{"slug":"innolight","name":"InnoLight","name_en":"InnoLight","tier":2,"returns_yearly":{"2021":-30.7,"2022":-18.3,"2023":253.7,"2024":12,"2025":468.1,"2026":68.8}},{"slug":"keysight","name":"Keysight","name_en":"Keysight Technologies","tier":2,"returns_yearly":{"2021":56.3,"2022":-17.2,"2023":-7,"2024":1,"2025":26.5,"2026":58.5}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":2,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":2,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":2,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":2,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"abb","name":"ABB","name_en":"ABB","tier":2,"returns_yearly":{"2021":23.9,"2022":7.3,"2023":18.9,"2024":39,"2025":36.1,"2026":27.2}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":2,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":2,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":2,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":2,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":2,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":2,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":2,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":2,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":2,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":2,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"samsung-electro-mechanics","name":"삼성전기","name_en":"Samsung Electro-Mechanics","tier":3,"returns_yearly":{"2021":-11.8,"2022":-18.5,"2023":-1.4,"2024":-2.5,"2025":110,"2026":467.7}},{"slug":"jusung-engineering","name":"주성엔지니어링","name_en":"Jusung Engineering","tier":3,"returns_yearly":{"2021":127.9,"2022":-42.6,"2023":173.3,"2024":-3.1,"2025":30.7,"2026":364.1}},{"slug":"sumco","name":"섬코","name_en":"SUMCO Corporation","tier":3,"returns_yearly":{"2021":-4.3,"2022":-3.9,"2023":21.3,"2024":-48.1,"2025":41.7,"2026":225.8}},{"slug":"psk-inc","name":"피에스케이","name_en":"PSK Inc","tier":3,"returns_yearly":{"2021":22.7,"2022":-19.6,"2023":14.2,"2024":-2.6,"2025":228.2,"2026":208}},{"slug":"lg-innotek","name":"LG이노텍","name_en":"LG Innotek","tier":3,"returns_yearly":{"2021":78.2,"2022":-22,"2023":-28.8,"2024":-22.1,"2025":66.8,"2026":204.6}},{"slug":"arm","name":"Arm Holdings","name_en":"Arm Holdings","tier":3,"returns_yearly":{"2024":64.2,"2025":-11.4,"2026":195.8}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":3,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":3,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"kulicke-soffa","name":"Kulicke & Soffa","name_en":"Kulicke & Soffa","tier":3,"returns_yearly":{"2021":92.4,"2022":-25.8,"2023":25.5,"2024":-13.2,"2025":-0.3,"2026":150.1}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":3,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"arteris","name":"Arteris","name_en":"Arteris","tier":3,"returns_yearly":{"2022":-79.6,"2023":37,"2024":73,"2025":52.1,"2026":124.3}},{"slug":"formfactor","name":"FormFactor","name_en":"FormFactor","tier":3,"returns_yearly":{"2021":6.3,"2022":-51.4,"2023":87.6,"2024":5.5,"2025":26.8,"2026":110.7}},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":3,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":3,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"jcet","name":"JCET","name_en":"JCET (Jiangsu Changjiang Electronics)","tier":3,"returns_yearly":{"2021":-34,"2022":0.2,"2023":-15.2,"2024":73.3,"2025":28,"2026":104.6}},{"slug":"onto-innovation","name":"Onto Innovation","name_en":"Onto Innovation","tier":3,"returns_yearly":{"2021":112.9,"2022":-32.7,"2023":124.6,"2024":9,"2025":-5.3,"2026":103.6}},{"slug":"simmtech","name":"심텍","name_en":"Simmtech","tier":3,"returns_yearly":{"2021":119.6,"2022":-34.6,"2023":12.4,"2024":-63.3,"2025":392.9,"2026":94.9}},{"slug":"daeduck","name":"대덕전자","name_en":"Daeduck Electronics","tier":3,"returns_yearly":{"2021":64.2,"2022":-0.3,"2023":13.3,"2024":-22.7,"2025":250.2,"2026":92.1}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":3,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"tower-semiconductor","name":"Tower Semiconductor","name_en":"Tower Semiconductor","tier":3,"returns_yearly":{"2021":53.7,"2022":8.9,"2023":-29.4,"2024":68.8,"2025":128,"2026":89.7}},{"slug":"screen-holdings","name":"SCREEN Holdings","name_en":"SCREEN Holdings","tier":3,"returns_yearly":{"2021":40.7,"2022":-13.2,"2023":220.1,"2024":-24.1,"2025":84.9,"2026":86.3}},{"slug":"teradyne","name":"Teradyne","name_en":"Teradyne","tier":3,"returns_yearly":{"2021":36.8,"2022":-46.3,"2023":24.8,"2024":16.5,"2025":54.4,"2026":85.9}},{"slug":"asmpt","name":"ASMPT","name_en":"ASMPT","tier":3,"returns_yearly":{"2021":-29,"2022":-12.4,"2023":21.8,"2024":-4.8,"2025":47.6,"2026":82}},{"slug":"resonac","name":"Resonac","name_en":"Resonac","tier":3,"returns_yearly":{"2021":-2.6,"2022":-4,"2023":37.5,"2024":30.3,"2025":137.9,"2026":80.4}},{"slug":"macom","name":"MACOM","name_en":"MACOM Technology","tier":3,"returns_yearly":{"2021":42.3,"2022":-19.6,"2023":47.6,"2024":39.8,"2025":31.8,"2026":80.1}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":3,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"qnity-electronics","name":"퀴니티 일렉트로닉스","name_en":"Qnity Electronics","tier":3,"returns_yearly":{"2026":76.3}},{"slug":"entegris","name":"Entegris","name_en":"Entegris","tier":3,"returns_yearly":{"2021":44.6,"2022":-52.5,"2023":83.5,"2024":-17.1,"2025":-14.6,"2026":72.8}},{"slug":"kokusai-electric","name":"Kokusai Electric","name_en":"Kokusai Electric","tier":3,"returns_yearly":{"2024":-35.4,"2025":165.3,"2026":70}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":3,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"global-unichip","name":"Global Unichip","name_en":"Global Unichip","tier":3,"returns_yearly":{"2021":21.4,"2022":67.6,"2023":99.4,"2024":-13.7,"2025":101.4,"2026":66.4}},{"slug":"ajinomoto","name":"Ajinomoto","name_en":"Ajinomoto","tier":3,"returns_yearly":{"2021":31,"2022":36,"2023":44.5,"2024":4,"2025":14.1,"2026":63.7}},{"slug":"foosung","name":"후성","name_en":"Foosung","tier":3,"returns_yearly":{"2021":59.9,"2022":-33.5,"2023":-34.5,"2024":-39.1,"2025":67.4,"2026":62.2}},{"slug":"besi","name":"BESI","name_en":"BESI","tier":3,"returns_yearly":{"2021":33.7,"2022":-6.1,"2023":121.8,"2024":-9.3,"2025":35,"2026":56.2}},{"slug":"fujimi","name":"Fujimi","name_en":"Fujimi Incorporated","tier":3,"returns_yearly":{"2021":64.7,"2022":-1.6,"2023":40.4,"2024":-24.2,"2025":28.4,"2026":54.6}},{"slug":"eugene-tech","name":"유진테크","name_en":"Eugene Technology","tier":3,"returns_yearly":{"2021":28.1,"2022":-45.1,"2023":64.1,"2024":-12.6,"2025":202.5,"2026":49.5}},{"slug":"montage","name":"Montage Technology","name_en":"Montage Technology","tier":3,"returns_yearly":{"2021":-18.2,"2022":-21.8,"2023":-18,"2024":51.4,"2025":169,"2026":47.4}},{"slug":"gigabyte","name":"기가바이트","name_en":"Gigabyte Technology","tier":3,"returns_yearly":{"2021":82.3,"2022":-3.4,"2023":173.2,"2024":-15.9,"2025":-4.7,"2026":44.4}},{"slug":"shin-etsu","name":"신에쓰화학","name_en":"Shin-Etsu Chemical","tier":3,"returns_yearly":{"2021":6.3,"2022":3.1,"2023":57.8,"2024":-15.6,"2025":7.6,"2026":44}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":43.2}},{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","tier":3,"returns_yearly":{"2021":-2.7,"2022":-3,"2023":63.8,"2024":4.3,"2025":111.5,"2026":42.9}},{"slug":"camtek","name":"Camtek","name_en":"Camtek","tier":3,"returns_yearly":{"2021":110.1,"2022":-52.3,"2023":215.9,"2024":18.3,"2025":31.7,"2026":35.2}},{"slug":"ebara","name":"Ebara","name_en":"Ebara","tier":3,"returns_yearly":{"2021":58.1,"2022":2.3,"2023":76.1,"2024":41,"2025":84,"2026":32.3}},{"slug":"asm-international","name":"ASM International","name_en":"ASM International","tier":3,"returns_yearly":{"2021":44.2,"2022":2.9,"2023":68.7,"2024":10.3,"2025":25.9,"2026":28.8}},{"slug":"powertech","name":"파워텍 (PTI)","name_en":"Powertech Technology (PTI)","tier":3,"returns_yearly":{"2021":4.8,"2022":-7.5,"2023":86,"2024":-16,"2025":128.6,"2026":26}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":3,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":24.1}},{"slug":"air-products","name":"에어프로덕츠","name_en":"Air Products and Chemicals","tier":3,"returns_yearly":{"2021":13.8,"2022":3.9,"2023":-9,"2024":8.1,"2025":-12.7,"2026":23.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":3,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"mitsubishi-electric","name":"미쓰비시전기","name_en":"Mitsubishi Electric","tier":3,"returns_yearly":{"2021":-8.1,"2022":2.5,"2023":58.7,"2024":19.1,"2025":91,"2026":21.3}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"sumitomo-chemical","name":"스미토모화학","name_en":"Sumitomo Chemical","tier":3,"returns_yearly":{"2021":19.6,"2022":-9.1,"2023":-27.7,"2024":-2.2,"2025":43.9,"2026":16}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"nepes","name":"네패스","name_en":"Nepes","tier":3,"returns_yearly":{"2021":-29.5,"2022":-44,"2023":6.7,"2024":-62.7,"2025":179.2,"2026":15.1}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"merck-kgaa","name":"Merck KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":3,"returns_yearly":{"2021":14.1,"2022":7.9,"2023":20.9,"2024":8.5,"2025":-4.8,"2026":12.5}},{"slug":"disco","name":"디스코","name_en":"Disco Corporation","tier":3,"returns_yearly":{"2021":-6.6,"2022":27.7,"2023":218.5,"2024":11.6,"2025":49.6,"2026":10.2}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"wonik-ips","name":"원익IPS","name_en":"Wonik IPS","tier":3,"returns_yearly":{"2021":-19.7,"2022":-19.8,"2023":-0.2,"2024":-25.5,"2025":408.8,"2026":9.3}},{"slug":"siemens-energy","name":"Siemens Energy","name_en":"Siemens Energy","tier":3,"returns_yearly":{"2021":-35.4,"2022":-2.7,"2023":-27,"2024":314.2,"2025":149.9,"2026":5.7}},{"slug":"hanmi-semiconductor","name":"한미반도체","name_en":"Hanmi Semiconductor","tier":3,"returns_yearly":{"2021":98.5,"2022":-21.7,"2023":313.1,"2024":93.7,"2025":87.9,"2026":5.5}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"softbank","name":"소프트뱅크그룹","name_en":"SoftBank Group","tier":3,"returns_yearly":{"2021":10.2,"2022":9.9,"2023":39.2,"2024":6.5,"2025":8.5,"2026":3.2}},{"slug":"qorvo","name":"코보","name_en":"Qorvo","tier":3,"returns_yearly":{"2021":-5.9,"2022":-42,"2023":24.2,"2024":-37.9,"2025":20.8,"2026":1.5}},{"slug":"eo-technics","name":"이오테크닉스","name_en":"EO Technics","tier":3,"returns_yearly":{"2021":7.6,"2022":-28.2,"2023":130.5,"2024":-16.2,"2025":163.2,"2026":0.7}},{"slug":"isc","name":"아이에스시","name_en":"ISC","tier":3,"returns_yearly":{"2021":43.2,"2022":14.2,"2023":116.5,"2024":-11.9,"2025":126.8,"2026":0.3}},{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","tier":3,"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-3.7}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"canon","name":"캐논","name_en":"Canon","tier":3,"returns_yearly":{"2021":22.5,"2022":11.1,"2023":46.4,"2024":27,"2025":-3.2,"2026":-5.6}},{"slug":"lg-display","name":"LG디스플레이","name_en":"LG Display","tier":3,"returns_yearly":{"2021":-6.8,"2022":-30.9,"2023":-8.5,"2024":-20.6,"2025":26.2,"2026":-5.7}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"park-systems","name":"파크시스템스","name_en":"Park Systems","tier":3,"returns_yearly":{"2021":25.1,"2022":1.6,"2023":41.6,"2024":37.3,"2025":28.9,"2026":-11.2}},{"slug":"byd","name":"BYD","name_en":"BYD","tier":3,"returns_yearly":{"2021":-6.5,"2022":10.5,"2023":-28.5,"2024":58.9,"2025":8.7,"2026":-12.7}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"dongjin-semichem","name":"동진쎄미켐","name_en":"Dongjin Semichem","tier":3,"returns_yearly":{"2021":28.1,"2022":-13.7,"2023":16.1,"2024":-42.8,"2025":160.1,"2026":-15.8}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"unitest","name":"유니테스트","name_en":"Uni Test","tier":3,"returns_yearly":{"2021":23.4,"2022":-57.8,"2023":11.3,"2024":-1.6,"2025":6.8,"2026":-24.8}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","tier":3,"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"hanwha-semitech","name":"한화세미텍","name_en":"Hanwha Semitech","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":3,"returns_yearly":null}],"analysis":"기업 워크플로 AI(Now Assist 에이전트). 2025년 -27.7%, 2026년 -29%로 약세가 이어진다. 공급단(평균 -5.7%)이 본주(-29%)보다 앞서 있다. 지출이 아래로 번지며 공급사 쪽 탄력이 먼저 나타나는 구도다. 연결 노드 중 가장 앞선 곳은 엔비디아(+8.7%), 가장 처진 곳은 마이크로소프트(-20.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. Now Assist ACV $750M→$1.5B(2026E).","analysis_en":"ServiceNow operates across Enterprise workflow AI (Now Assist agents). It remained weak at -27.7% in 2025 and -29% in 2026. The supply side (avg -5.7%) leads the stock (-29%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is NVIDIA (+8.7%) and the furthest behind is Microsoft (-20.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A flagship of the agent-native application demand layer, buying cloud and GPUs to sell AI agents to enterprises.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"기업 (워크플로 SaaS 구독)","counterparty_slug":null,"confidence":"high","metric":null,"note":"글로벌 기업에 워크플로 SaaS 구독(2025 $12.8B, +21%).","note_en":"Workflow-SaaS subscriptions to global enterprises ($12.8B in 2025, +21%).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/1373715/000137371526000041/now2025ars.pdf","title":"ServiceNow FY2025 연차보고서(ARS)","title_en":"ServiceNow FY2025 annual report (ARS)","excerpt":"글로벌 기업에 워크플로 SaaS 구독(2025 $12.8B, +21%).","excerpt_en":"Workflow-SaaS subscriptions to global enterprises ($12.8B in 2025, +21%)."},{"stance":"confirms","publisher":"Futurum","publisher_en":"Futurum","kind":"research","lang":"en","published_at":"2026-01-29","url":"https://futurumgroup.com/insights/servicenow-q4-fy-2025-earnings-highlight-ai-platform-momentum/","title":"ServiceNow 4Q25 실적·AI 플랫폼","title_en":"ServiceNow Q4 FY2025 earnings, AI platform","excerpt":"글로벌 기업에 워크플로 SaaS 구독(2025 $12.8B, +21%).","excerpt_en":"Workflow-SaaS subscriptions to global enterprises ($12.8B in 2025, +21%)."}]},{"direction":"revenue","counterparty":"Now Assist AI 에이전트 (ACV)","counterparty_slug":null,"confidence":"high","metric":null,"note":"기업에 Now Assist AI 에이전트(ACV $750M→$1.5B).","note_en":"Now Assist AI agents to enterprises (ACV $750M to $1.5B).","sources":[{"stance":"confirms","publisher":"CX Today","publisher_en":"CX Today","kind":"news","lang":"en","published_at":"2026-01-30","url":"https://www.cxtoday.com/service-management-connectivity/servicenow-ai-adoption-q4-growth/","title":"ServiceNow, AI가 성장 주동력","title_en":"ServiceNow AI adoption is the main growth driver","excerpt":"기업에 Now Assist AI 에이전트(ACV $750M→$1.5B).","excerpt_en":"Now Assist AI agents to enterprises (ACV $750M to $1.5B)."},{"stance":"confirms","publisher":"Futurum","publisher_en":"Futurum","kind":"research","lang":"en","published_at":"2026-01-29","url":"https://futurumgroup.com/insights/servicenow-q4-fy-2025-earnings-highlight-ai-platform-momentum/","title":"ServiceNow 4Q25 실적·AI 플랫폼","title_en":"ServiceNow Q4 FY2025 earnings, AI platform","excerpt":"기업에 Now Assist AI 에이전트(ACV $750M→$1.5B).","excerpt_en":"Now Assist AI agents to enterprises (ACV $750M to $1.5B)."}]},{"direction":"cost","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"애저 클라우드 위에서 플랫폼·AI 에이전트 운영.","note_en":"Runs its platform and AI agents on Azure cloud.","sources":[{"stance":"confirms","publisher":"Futurum","publisher_en":"Futurum","kind":"research","lang":"en","published_at":"2026-01-29","url":"https://futurumgroup.com/insights/servicenow-q4-fy-2025-earnings-highlight-ai-platform-momentum/","title":"ServiceNow 4Q25 실적·AI 플랫폼","title_en":"ServiceNow Q4 FY2025 earnings, AI platform","excerpt":"애저 클라우드 위에서 플랫폼·AI 에이전트 운영.","excerpt_en":"Runs its platform and AI agents on Azure cloud."}]},{"direction":"cost","counterparty":"인프라·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"클라우드 인프라·R&D.","note_en":"Cloud infrastructure and R&D.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/1373715/000137371526000041/now2025ars.pdf","title":"ServiceNow FY2025 연차보고서(ARS)","title_en":"ServiceNow FY2025 annual report (ARS)","excerpt":"클라우드 인프라·R&D.","excerpt_en":"Cloud infrastructure and R&D."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"low","metric":null,"note":"AI 에이전트·LLM에 NVIDIA GPU 컴퓨트.","note_en":"NVIDIA GPU compute for AI agents and LLMs.","sources":[{"stance":"confirms","publisher":"CX Today","publisher_en":"CX Today","kind":"news","lang":"en","published_at":"2026-01-30","url":"https://www.cxtoday.com/service-management-connectivity/servicenow-ai-adoption-q4-growth/","title":"ServiceNow, AI가 성장 주동력","title_en":"ServiceNow AI adoption is the main growth driver","excerpt":"AI 에이전트·LLM에 NVIDIA GPU 컴퓨트.","excerpt_en":"NVIDIA GPU compute for AI agents and LLMs."}]}]}