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(KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":3,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":3,"returns_yearly":{"2026":0.7}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"itochu","name":"이토추상사","name_en":"Itochu","tier":3,"returns_yearly":{"2021":25.6,"2022":17.9,"2023":66.6,"2024":9.1,"2025":40.8,"2026":-3.4}},{"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":"phison","name":"Phison","name_en":"Phison Electronics","tier":3,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"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":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-10.8}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"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":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null}],"analysis":"AI 수요 정점 기업(멀티칩 컴퓨트, 비상장이라 수익률 미집계). 모델 학습·추론에 막대한 컴퓨트를 사들이는 수요 노드로, 그 지출이 공급사(샌디스크 +858%·삼성전기 +630%·AT&S 등 AI 인프라)를 끌어올린다. 오픈AI와 함께 데이터센터 capex의 발원지로, 본주가 없으니 그 수요는 오직 사슬 아래 공급단의 폭등으로만 드러난다.","analysis_en":"An AI demand apex (multi-chip compute; returns not tracked as it is private). A demand node buying vast compute for training and inference, whose spending lifts suppliers (SanDisk +858%, Samsung Electro-Mechanics +630%, AT&S AI infra). With OpenAI, a source of datacenter capex; with no stock, its demand shows only as a surge in the supply layer below.","analysis_asof":"2026-06-23"},"edges":[{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"qualifier":"aws_trainium_compute"},"note":"AWS Trainium 5GW 사용, 아마존 최대 $250억 투자($100B AWS 약정).","note_en":"Uses 5GW of AWS Trainium; Amazon invests up to $25B ($100B AWS commitment).","sources":[{"stance":"confirms","publisher":"Anthropic","publisher_en":"Anthropic","kind":"ir","lang":"en","published_at":"2026-04-19","url":"https://www.anthropic.com/news/anthropic-amazon-compute","title":"Anthropic·아마존, 최대 5GW Trainium 컴퓨트 확대","title_en":"Anthropic and Amazon expand to up to 5GW of Trainium","excerpt":"아마존이 최대 $250억 투자, Anthropic은 AWS에 10년 $100B 약정.","excerpt_en":"Amazon invests up to $25B; Anthropic commits $100B to AWS over 10 years."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-03","url":"https://newsletter.semianalysis.com/p/amazons-ai-resurgence-aws-anthropics-multi-gigawatt-trainium-expansion","title":"AWS·Anthropic 멀티기가와트 Trainium 확장","title_en":"AWS & Anthropic's Multi-Gigawatt Trainium Expansion","excerpt":"3개 AWS 캠퍼스 1.3GW+가 Anthropic 학습 전용, 최대 캠퍼스에 Trainium2 약 100만 개.","excerpt_en":"Three AWS campuses (>1.3GW) built solely for Anthropic's training; nearly a million Trainium2 in the largest."}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"high","metric":{"qualifier":"gcp_tpu_compute"},"note":"구글 클라우드 TPU 5GW(100만개) 사용, 구글 최대 $400억 투자.","note_en":"Uses 5GW of Google Cloud TPUs (1M); Google invests up to $40B.","sources":[{"stance":"confirms","publisher":"TechCrunch","publisher_en":"TechCrunch","kind":"news","lang":"en","published_at":"2026-04-24","url":"https://techcrunch.com/2026/04/24/google-to-invest-up-to-40b-in-anthropic-in-cash-and-compute/","title":"구글, Anthropic에 최대 $400억 투자(현금+컴퓨트)","title_en":"Google to invest up to $40B in Anthropic (cash + compute)","excerpt":"구글이 Anthropic에 최대 $400억 투자, TPU 100만개·5GW 확보.","excerpt_en":"Google invests up to $40B in Anthropic, securing 1M TPUs / 5GW."},{"stance":"confirms","publisher":"Anthropic","publisher_en":"Anthropic","kind":"ir","lang":"en","published_at":"2026-04-21","url":"https://www.anthropic.com/news/google-broadcom-partnership-compute","title":"Anthropic, 구글·브로드컴과 멀티 GW 컴퓨트 파트너십 확대","title_en":"Anthropic expands Google/Broadcom partnership for multi-GW compute","excerpt":"구글이 Anthropic에 최대 $400억 투자, TPU 100만개·5GW 확보.","excerpt_en":"Google invests up to $40B in Anthropic, securing 1M TPUs / 5GW."},{"stance":"confirms","publisher":"Futurum Group","publisher_en":"Futurum Group","kind":"research","lang":"en","published_at":"2026-04-09","url":"https://futurumgroup.com/insights/anthropics-gigawatt-scale-tpu-deal-with-broadcom-creates-a-structural-advantage/","title":"Anthropic 기가와트급 TPU·Broadcom 딜의 구조적 우위","title_en":"Anthropic's Gigawatt-Scale TPU Deal with Broadcom","excerpt":"Google·Broadcom과 멀티기가와트 TPU 컴퓨트 계약(2027년부터 가동).","excerpt_en":"Signed a multi-gigawatt TPU compute deal with Google and Broadcom, capacity from 2027."},{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-02-19","url":"https://www.g-enews.com/article/Global-Biz/2026/02/202602191747342709fbbec65dfb_1","title":"앤트로픽, 클로드 판매 수수료로 아마존·구글·MS에 $64억 지급","title_en":"Anthropic to pay Amazon/Google/MS $6.4B in Claude fees","excerpt":"앤트로픽은 클로드 구동에 구글·아마존·MS 클라우드 의존, 구글이 대규모 투자.","excerpt_en":"Anthropic relies on Google/Amazon/MS cloud for Claude; Google invests heavily."},{"stance":"confirms","publisher":"위키백과","publisher_en":"Wikipedia","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://ko.wikipedia.org/wiki/앤트로픽","title":"앤트로픽(Anthropic)","title_en":"Anthropic","excerpt":"앤트로픽은 클로드 구동에 구글·아마존·MS 클라우드 의존, 구글이 대규모 투자.","excerpt_en":"Anthropic relies on Google/Amazon/MS cloud for Claude; Google invests heavily."},{"stance":"mentions","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-03","url":"https://newsletter.semianalysis.com/p/amazons-ai-resurgence-aws-anthropics-multi-gigawatt-trainium-expansion","title":"AWS·Anthropic 멀티기가와트 Trainium 확장","title_en":"AWS & Anthropic's Multi-Gigawatt Trainium Expansion","excerpt":"Anthropic 지출의 상당 부분이 Google Cloud로 향한다.","excerpt_en":"A large share of Anthropic's spending goes to Google Cloud."}]},{"direction":"investor","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"as_of":"2026-06","qualifier":"strategic_investor"},"note":"아마존이 Anthropic에 최대 $250억 투자(AWS).","note_en":"Amazon invests up to $25B in Anthropic (AWS).","sources":[{"stance":"confirms","publisher":"Anthropic","publisher_en":"Anthropic","kind":"filing","lang":"en","published_at":"2026-06-01","url":"https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation","title":"앤트로픽 대규모 펀딩·기업가치 (공식)","title_en":"Anthropic large funding rounds & valuation (official)","excerpt":"Anthropic closed a Series H raising $65B at a ~$965B post-money valuation (June 1, 2026); Amazon and Alphabet are strategic investors.","excerpt_en":"Anthropic closed a Series H raising $65B at a ~$965B post-money valuation (June 1, 2026); Amazon and Alphabet are strategic investors."},{"stance":"confirms","publisher":"Anthropic","publisher_en":"Anthropic","kind":"ir","lang":"en","published_at":"2026-04-19","url":"https://www.anthropic.com/news/anthropic-amazon-compute","title":"Anthropic·아마존, 최대 5GW Trainium 컴퓨트 확대","title_en":"Anthropic and Amazon expand to up to 5GW of Trainium","excerpt":"아마존이 Anthropic에 최대 $250억 투자(AWS).","excerpt_en":"Amazon invests up to $25B in Anthropic (AWS)."}]},{"direction":"investor","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"high","metric":{"as_of":"2026-06","qualifier":"strategic_investor"},"note":"구글이 Anthropic에 최대 $400억 투자(현금+TPU).","note_en":"Google invests up to $40B in Anthropic (cash + TPU).","sources":[{"stance":"confirms","publisher":"TechCrunch","publisher_en":"TechCrunch","kind":"news","lang":"en","published_at":"2026-04-24","url":"https://techcrunch.com/2026/04/24/google-to-invest-up-to-40b-in-anthropic-in-cash-and-compute/","title":"구글, Anthropic에 최대 $400억 투자(현금+컴퓨트)","title_en":"Google to invest up to $40B in Anthropic (cash + compute)","excerpt":"구글이 Anthropic에 최대 $400억 투자(현금+TPU).","excerpt_en":"Google invests up to $40B in Anthropic (cash + TPU)."}]},{"direction":"investor","counterparty":"SK텔레콤 (소수지분)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"minority_strategic_investor"},"note":"SK텔레콤이 2023년 2% 투자, 후속 라운드로 ~0.3%까지 희석.","note_en":"SK Telecom invested for 2% in 2023, diluted to ~0.3% after later rounds.","sources":[{"stance":"confirms","publisher":"전자신문","publisher_en":"The Electronic Times (ETNews)","kind":"news","lang":"ko","published_at":"2023-08-13","url":"https://www.etnews.com/20230813000055","title":"SKT, 美 AI 기업 '앤트로픽'에 1억달러 투자…다국어 LLM 공동개발","title_en":"SKT invests $100 million in US AI firm Anthropic to co-develop multilingual LLM","excerpt":"SK텔레콤이 미국 생성형 인공지능(AI) 기업 앤트로픽에 1억달러(약 1300억원) 규모 전략적 투자(SI)를 단행한다.","excerpt_en":"SK Telecom is making a strategic investment of $100 million (about 130 billion won) in US generative AI company Anthropic."},{"stance":"confirms","publisher":"SK텔레콤 보도자료","publisher_en":"SK Telecom (press release)","kind":"ir","lang":"en","published_at":"2023-08-13","url":"https://www.sktelecom.com/en/press/press_detail.do?idx=1576","title":"SKT, 앤트로픽에 1억달러 투자 및 AI 혁신 위한 협력 발표","title_en":"SKT Invests USD 100 Million in Anthropic and Joins Forces with the Company to Promote AI Innovation","excerpt":"SKT today announced that it is investing additional USD 100 million in Anthropic, an AI safety and research company based in San Francisco.","excerpt_en":"SKT today announced that it is investing additional USD 100 million in Anthropic, an AI safety and research company based in San Francisco."}]},{"direction":"revenue","counterparty":"쇼피파이","counterparty_slug":"shopify","confidence":"high","metric":{"model":"Claude Sonnet 4.5"},"note":"쇼피파이 사이드킥·매직에 Claude(소넷 4.5) 모델을 공급 — 구글 클라우드 Vertex AI 경유. 대형 커머스 플랫폼향 엔터프라이즈 모델 채택 사례로, 소비 이커머스 워크로드로 매출 저변을 넓힌다.","note_en":"Supplies its Claude (Sonnet 4.5) models to Shopify's Sidekick and Magic via Google Cloud Vertex AI — an enterprise adoption at a large commerce platform that broadens its revenue base into consumer e-commerce workloads.","sources":[{"stance":"confirms","publisher":"Anthropic","publisher_en":"Anthropic","kind":"news","lang":"en","published_at":"2025-10-01","url":"https://claude.com/customers/shopify","title":"앤트로픽 사례연구 — 쇼피파이 사이드킥, Claude Sonnet 채택","title_en":"Anthropic case study — Shopify Sidekick built on Claude Sonnet","excerpt":"Shopify Sidekick is powered by Anthropic Claude Sonnet 4.5 via Google Cloud Vertex AI.","excerpt_en":"Shopify Sidekick runs on Anthropic Claude Sonnet 4.5 via Vertex AI."}]},{"direction":"revenue","counterparty":"엔터프라이즈·API 고객","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue","unit":"USD","basis":"런레이트 매출","value":30000000000,"period":"2026","basis_en":"run-rate revenue","qualifier":"approx"},"note":"Claude API·엔터프라이즈 매출(런레이트 ~$300억).","note_en":"Claude API/enterprise revenue (~$30B run-rate).","sources":[{"stance":"confirms","publisher":"VentureBeat","publisher_en":"VentureBeat","kind":"news","lang":"en","published_at":"2026-05-28","url":"https://venturebeat.com/technology/anthropic-says-it-hit-a-30-billion-revenue-run-rate-after-crazy-80x-growth","title":"앤트로픽 매출 런레이트 급증(런레이트 $47B, 2026.5)","title_en":"Anthropic revenue run-rate surge (~$47B annualized, May 2026)","excerpt":"Anthropic hit ~$47B annualized revenue run-rate (May 2026), up from ~$9B at end-2025; API/enterprise is the core.","excerpt_en":"Anthropic hit ~$47B annualized revenue run-rate (May 2026), up from ~$9B at end-2025; API/enterprise is the core."},{"stance":"confirms","publisher":"TechCrunch","publisher_en":"TechCrunch","kind":"news","lang":"en","published_at":"2026-04-24","url":"https://techcrunch.com/2026/04/24/google-to-invest-up-to-40b-in-anthropic-in-cash-and-compute/","title":"구글, Anthropic에 최대 $400억 투자(현금+컴퓨트)","title_en":"Google to invest up to $40B in Anthropic (cash + compute)","excerpt":"1000개 이상 기업이 연 $100만+ 지출, 런레이트 ~$300억.","excerpt_en":"1000+ enterprises spend $1M+/yr; ~$30B run-rate."}]},{"direction":"cost","counterparty":"Broadcom","counterparty_slug":"broadcom","confidence":"mid","metric":{"qualifier":"custom_accelerator"},"note":"구글 TPU 설계 파트너 브로드컴 경유 커스텀 컴퓨트 확대.","note_en":"Expands custom compute via Broadcom, the Google-TPU design partner.","sources":[{"stance":"confirms","publisher":"Anthropic","publisher_en":"Anthropic","kind":"ir","lang":"en","published_at":"2026-04-21","url":"https://www.anthropic.com/news/google-broadcom-partnership-compute","title":"Anthropic, 구글·브로드컴과 멀티 GW 컴퓨트 파트너십 확대","title_en":"Anthropic expands Google/Broadcom partnership for multi-GW compute","excerpt":"Anthropic·구글·브로드컴 멀티 GW 차세대 컴퓨트 파트너십.","excerpt_en":"Anthropic-Google-Broadcom partnership for multi-GW next-gen compute."},{"stance":"confirms","publisher":"Futurum Group","publisher_en":"Futurum Group","kind":"research","lang":"en","published_at":"2026-04-09","url":"https://futurumgroup.com/insights/anthropics-gigawatt-scale-tpu-deal-with-broadcom-creates-a-structural-advantage/","title":"Anthropic 기가와트급 TPU·Broadcom 딜의 구조적 우위","title_en":"Anthropic's Gigawatt-Scale TPU Deal with Broadcom","excerpt":"Broadcom이 Google TPU용 맞춤 AI칩·광인터커넥트 공급, 통합 계층 역할.","excerpt_en":"Broadcom supplies custom AI chips and optical interconnects for Google TPUs; the integration layer."}]},{"direction":"revenue","counterparty":"소비자 구독 (Claude)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Claude 소비자·프로 구독 매출.","note_en":"Claude consumer/pro subscription revenue.","sources":[{"stance":"confirms","publisher":"Anthropic","publisher_en":"Anthropic","kind":"filing","lang":"en","published_at":"2025-06-01","url":"https://www.anthropic.com/pricing","title":"Anthropic Claude 요금제(Pro·Max·Team·Enterprise 구독)","title_en":"Anthropic Claude pricing (Pro, Max, Team, Enterprise subscriptions)","excerpt":"Anthropic 공식: Claude Pro·Max·Team·Enterprise 구독으로 소비자·기업 매출.","excerpt_en":"Anthropic official: consumer/business revenue from Claude Pro/Max/Team/Enterprise subscriptions."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":{"qualifier":"gpu_compute"},"note":"엔비디아 GPU를 보조 학습·추론에 사용(멀티칩).","note_en":"Uses NVIDIA GPUs as a secondary training/inference substrate.","sources":[{"stance":"confirms","publisher":"Anthropic","publisher_en":"Anthropic","kind":"ir","lang":"en","published_at":"2026-04-21","url":"https://www.anthropic.com/news/google-broadcom-partnership-compute","title":"Anthropic, 구글·브로드컴과 멀티 GW 컴퓨트 파트너십 확대","title_en":"Anthropic expands Google/Broadcom partnership for multi-GW compute","excerpt":"Claude는 TPU·Trainium·엔비디아 GPU에 분산.","excerpt_en":"Claude runs across TPU, Trainium and NVIDIA GPUs."},{"stance":"mentions","publisher":"Futurum Group","publisher_en":"Futurum Group","kind":"research","lang":"en","published_at":"2026-04-09","url":"https://futurumgroup.com/insights/anthropics-gigawatt-scale-tpu-deal-with-broadcom-creates-a-structural-advantage/","title":"Anthropic 기가와트급 TPU·Broadcom 딜의 구조적 우위","title_en":"Anthropic's Gigawatt-Scale TPU Deal with Broadcom","excerpt":"Claude를 Trainium·TPU·NVIDIA GPU에 걸쳐 멀티플랫폼 운용.","excerpt_en":"Runs Claude across AWS Trainium, Google TPUs and NVIDIA GPUs."}]},{"direction":"cost","counterparty":"CoreWeave","counterparty_slug":"coreweave","confidence":"mid","metric":{"qualifier":"gpu_cloud_capacity"},"note":"코어위브에서 GPU 클라우드 컴퓨트 임차.","note_en":"Rents GPU-cloud compute from CoreWeave.","sources":[{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-09-16","url":"https://zdnet.co.kr/view/?no=20250916175927","title":"엔비디아 덕에 잘 나가는 코어위브, 상장 때보다 3배 폭등","title_en":"NVIDIA-fueled CoreWeave triples since IPO","excerpt":"코어위브에서 GPU 클라우드 컴퓨트 임차.","excerpt_en":"Rents GPU-cloud compute from CoreWeave."}]}]}