Company value-chain data

We organize company value-chain data: who each company earns money from and who it pays, cross-checked with sources and dates.

• 01BESIBESI.ASBonding equipment · Hybrid bonding / Netherlands-listed bonding-equipment maker. Leader in hybrid bonding for next-gen HBM, with HBM4+ adoption expanding.↗
• 02MarvellMRVLCustom AI silicon · Optical DSP · Networking / Builds custom AI silicon for hyperscalers and optical interconnect (DSP) for data centers. Design partner for Amazon's Trainium and a supplier to Microsoft and Google. Chips are made by TSMC (N2, CoWoS); works with Samsung and SK on custom HBM and buys silicon capacitors from Samsung Electro-Mechanics.↗
• 03AppleAAPLConsumer devices · In-house silicon · Services / The demand end of the chain. Sells iPhone and Mac to consumers; its own chips (A, M) are made by TSMC, memory comes from Samsung, SK and Micron, and wireless parts from Broadcom. TSMC's second-largest customer (17% of revenue).↗
• 04Astera LabsALABAI server interconnect · Retimers / A fabless maker of AI server and rack connectivity (PCIe/CXL retimers, CXL memory, fabric switches). Its Aries and Scorpio parts were adopted into NVIDIA's next-gen 'Blackwell' GPU platform, driving rapid growth. Hyperscalers are its main customers; TSMC is its sole manufacturer.↗
• 05Samsung Electro-Mechanics009150.KSFC-BGA substrate · MLCC · Components / A component maker of FC-BGA semiconductor substrates and MLCC for AI accelerators. Began supplying AI-accelerator substrates in Q2 2025, shipping to NVIDIA, AMD, Apple and Marvell, with Broadcom added as a new customer for 2H 2026. FY2025 revenue ₩11.3T (operating profit ₩913B).↗
• 06ASMPT0522.HKBack-end packaging and bonding equipment / Hong Kong-listed global back-end equipment maker. Newly won SK hynix HBM4 TC bonder orders, splitting volume with Hanmi.↗
• 07Hanwha SemitechSemiconductor equipment · HBM4 TC bonder / Hanwha Group's semiconductor-equipment affiliate (private). New entrant in HBM4 TC bonders, in a patent dispute with Hanmi Semiconductor.↗
• 08Hanmi Semiconductor042700.KSBack-end semiconductor equipment · HBM TC bonder / A core HBM back-end equipment maker. Primary TC bonder supplier to SK hynix with a long series of single-supply contracts. Competes with ASMPT and Hanwha Semitech on HBM4 share.↗
• 09Micron TechnologyMUMemory · DRAM/NAND/HBM / One of the three major US memory makers. Supplies HBM3E to NVIDIA H200 and AMD MI350, joining the AI-memory race. FY2025 revenue $37.4B, adopting EUV (1-gamma).↗
• 10NVIDIANVDAAI accelerators · GPU · Data center / Dominates the AI accelerator (GPU) market. FY2026 revenue $215.9B (+65%), mostly Data Center. Buys HBM from SK hynix, Samsung and Micron, and outsources wafers to TSMC and Samsung foundries. Revenue is concentrated in a few large direct customers (cloud).↗
• 11TSMCTSMFoundry · Advanced packaging (CoWoS) / The world's largest semiconductor foundry. FY2025 revenue about NT$3.78T (HPC 58%). Makes chips for fabless designers such as NVIDIA, AMD and Apple, and packages HBM with CoWoS. Buys equipment from ASML (EUV) and others.↗
• 12AMDAMDAI accelerators · CPU · Adaptive SoC / NVIDIA's main rival. FY2025 revenue $34.6B (+34%), Data Center $16.6B. Supplies Instinct MI350 (288GB HBM3E) to Microsoft, Meta, Oracle and OpenAI. Chips made by TSMC (N3P) and GlobalFoundries; HBM bought from Samsung and Micron.↗
• 13BroadcomAVGOCustom AI ASIC · Networking · Infra software / Co-designs and builds custom AI chips such as Google's TPU, alongside networking silicon and VMware software. AI chip revenue is surging ($8.6B per quarter, +106%). Chips are made by TSMC; HBM is bought from SK hynix, Samsung and Micron.↗
• 14IntelINTCCPU · Data center · Foundry / The longtime leader in PC and server CPUs, now rebuilding a foundry (Intel Foundry). First in the industry to adopt ASML's High-NA EUV for its leading-edge nodes (18A, 14A). At the same time it outsources some chip tiles to TSMC, so it is also a foundry customer.↗
• 15ASMLASMLLithography · EUV monopoly / The monopoly supplier of advanced lithography. ASML is the world's only maker of EUV, and especially High-NA EUV. FY2025 revenue €32.7B; customers include every leading-edge chipmaker (TSMC, Samsung, SK, Intel, Micron). Samsung and SK took two-thirds of 2025 EUV shipments.↗
• 16Samsung Electronics005930.KSSemiconductors · Memory · Foundry / A diversified semiconductor company spanning memory, foundry, and finished products. In the AI cycle it supplies HBM to AMD and NVIDIA and builds chips for Tesla, Apple, and Qualcomm through its foundry.↗
• 17SK hynix000660.KSSemiconductors · Memory · HBM / The leader in HBM (high-bandwidth memory), supplying the memory inside AI accelerators on a near-exclusive basis. Revenue is heavily concentrated in a few AI-chip customers; cost flows to HBM bonding-equipment suppliers.↗
• 18MicrosoftMSFTCloud · AI infrastructure · In-house silicon / Big-tech operator of Windows, Office and the Azure cloud. FY2025 (ended June 2025) revenue was $281.7B. To expand AI data centers it raised cash capex about 45% in one year to $64.6B. As Nvidia’s largest GPU buyer, plus AMD, TSMC and its own Maia silicon, it is a key demand sink for AI chips.↗
• 19Alphabet (Google)GOOGLCloud · AI infrastructure · In-house silicon (TPU) / Big-tech operator of Search, YouTube, Android and Google Cloud. FY2025 revenue was $402.8B (+15%) and net income $132.2B. To expand AI data centers it raised cash capex from $52.5B to $91.4B in one year and guided 2026 to $175-185B. It co-designs its own TPU (Ironwood) with Broadcom and builds it at TSMC, while also buying Nvidia GPUs in volume. A key demand sink for AI chips.↗