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Energy","tier":3,"returns_yearly":{"2021":-35.4,"2022":-2.7,"2023":-27,"2024":314.2,"2025":149.9,"2026":1.8}},{"slug":"nikon","name":"니콘","name_en":"Nikon","tier":3,"returns_yearly":{"2021":46.2,"2022":10.9,"2023":23.1,"2024":13.7,"2025":19.7,"2026":-2.4}},{"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":-3}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":3,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":-3.7}},{"slug":"fanuc","name":"FANUC","name_en":"FANUC","tier":3,"returns_yearly":{"2021":-16.5,"2022":4.4,"2023":-8.1,"2024":15.6,"2025":37.7,"2026":-4.5}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":3,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-6.7}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":3,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":-7.4}},{"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":-8.5}},{"slug":"workday","name":"워크데이","name_en":"Workday, Inc.","tier":3,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"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":-9}},{"slug":"brookfield","name":"Brookfield","name_en":"Brookfield Asset Management Ltd.","tier":3,"returns_yearly":{"2023":45.6,"2024":39.7,"2025":-0.2,"2026":-9.7}},{"slug":"tko-group-holdings","name":"TKO 그룹 홀딩스","name_en":"TKO Group Holdings, Inc.","tier":3,"returns_yearly":{"2021":3.6,"2022":39.9,"2023":23.9,"2024":74.2,"2025":48.9,"2026":-10.3}},{"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":-10.5}},{"slug":"fox","name":"폭스","name_en":"Fox Corporation","tier":3,"returns_yearly":{"2021":28.2,"2022":-16.6,"2023":-0.8,"2024":66.3,"2025":51.8,"2026":-13.8}},{"slug":"american-express","name":"아메리칸 익스프레스","name_en":"American Express","tier":3,"returns_yearly":{"2021":36.9,"2022":-8.5,"2023":28.7,"2024":60.3,"2025":26,"2026":-15.8}},{"slug":"nintendo","name":"닌텐도","name_en":"Nintendo","tier":3,"returns_yearly":{"2021":-4.1,"2022":3.4,"2023":53.3,"2024":25.6,"2025":-0.6,"2026":-17.4}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-18}},{"slug":"first-solar","name":"퍼스트 솔라","name_en":"First Solar","tier":3,"returns_yearly":{"2021":-11.9,"2022":71.9,"2023":15,"2024":2.3,"2025":48.2,"2026":-21.7}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-24.1}},{"slug":"charter-communications","name":"차터 커뮤니케이션스","name_en":"Charter Communications, Inc.","tier":3,"returns_yearly":{"2021":-1.4,"2022":-48,"2023":14.6,"2024":-11.8,"2025":-39.1,"2026":-27.2}},{"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":-31.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-38.8}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-44.3}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","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 광고 중개 플랫폼. 2025년 +108.1% 뒤 2026년 -52.4%로 크게 되돌렸다. 공급단(평균 +8.3%)이 본주(-52.4%)보다 앞서 있다. 지출이 아래로 번지며 공급사 쪽 탄력이 먼저 나타나는 구도다.","analysis_en":"AppLovin Corporation operates across AI advertising platform. After +108.1% in 2025, it gave back -52.4% in 2026. The supply side (avg +8.3%) leads the stock (-52.4%), with spending rippling down to suppliers first. It relies on computing and data infrastructure from providers including Google Cloud and Aerospike, and it has also made separate equity investments.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investor","counterparty":"KKR & Co.","counterparty_slug":"kkr-co","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2018-07-17","basis":"KKR의 앱러빈 투자 발표액","value":400000000,"period":"2018 investment","basis_en":"Announced KKR investment in AppLovin","qualifier":null},"note":"KKR은 2018년 앱러빈에 4억달러를 투자했고 KKR Denali를 통해 의결권 10%를 넘게 보유했다. KKR Denali는 2024년에 잔여 지분을 모두 매각해 2024년 말 특수관계인 지위가 끝났다.","note_en":"KKR invested $400 million in AppLovin in 2018 and later held more than 10% of voting interests through KKR Denali. KKR Denali sold all remaining shares in 2024 and ceased to be a related party by year-end.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/app-20251231.htm","title":"AppLovin Corp 10-K (2026-02-19)","title_en":"AppLovin Corp 10-K (2026-02-19)","excerpt":"KKR Denali는 과거 앱러빈 의결권의 10%를 넘게 보유했다.","excerpt_en":"ownership of more than 10% of the Company’s voting interests"},{"stance":"confirms","publisher":"KKR","publisher_en":"KKR","kind":"ir","lang":"en","published_at":"2018-07-17","url":"https://media.kkr.com/news-details?download=1&news_id=1e261c32-dfae-4e6c-be04-ac47dc96a23a&type=1","title":"KKR to Invest $400 Million in AppLovin","title_en":"KKR to Invest $400 Million in AppLovin","excerpt":"KKR은 앱러빈에 4억달러를 투자하기로 합의했다고 발표했다.","excerpt_en":"a $400 million investment from KKR"}]},{"direction":"investment","counterparty":"Humans, Inc.","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"Humans 시리즈 C 우선주 투자 약정액","value":50000000,"period":"2024 investment agreement","basis_en":"Committed investment in Humans Series C preferred stock","qualifier":null},"note":"앱러빈은 Flip Shop 개발사 Humans의 시리즈 C 우선주에 5천만달러를 투자하기로 했다. 2025년에는 Humans의 재무 악화로 투자 장부가 전액을 손상 처리했다.","note_en":"AppLovin agreed to invest $50 million in Series C preferred stock of Humans, developer of the Flip Shop social-shopping app. It fully impaired the investment in 2025 after Humans' financial condition deteriorated.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/app-20251231.htm","title":"AppLovin Corp 10-K (2026-02-19)","title_en":"AppLovin Corp 10-K (2026-02-19)","excerpt":"앱러빈은 Humans의 시리즈 C 우선주에 5천만달러를 투자하기로 계약했다.","excerpt_en":"invest $50.0 million in the Series C preferred stock financing"}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"Google Cloud에 지급하는 비용 또는 계약액","value":null,"period":"FY2025","basis_en":"Fees paid or contract value attributable specifically to Google Cloud","qualifier":"confirmed_no_disclosed_value"},"note":"앱러빈은 Google Cloud의 GKE, Cloud CDN, Cloud Storage와 GPU 가상머신을 광고·AI 인프라에 사용한다. 2025년 말 공시한 7억280만달러의 비취소 구매의무는 공급사 이름이 가려진 클라우드 약정이므로 Google Cloud 상대 metric으로 귀속하지 않았다.","note_en":"AppLovin uses Google Cloud services including GKE, Cloud CDN, Cloud Storage, and GPU virtual machines for its advertising and AI infrastructure. Its $702.8 million of non-cancelable purchase obligations at year-end 2025 covered an unnamed cloud arrangement, so that company-wide amount is not attributed to Google Cloud in this edge metric.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/app-20251231.htm","title":"AppLovin Corp 10-K (2026-02-19)","title_en":"AppLovin Corp 10-K (2026-02-19)","excerpt":"비취소 구매의무는 주로 제3자 클라우드 컴퓨팅 서비스 계약과 관련된다.","excerpt_en":"agreement for third-party cloud computing services"},{"stance":"confirms","publisher":"Google Cloud","publisher_en":"Google Cloud","kind":"ir","lang":"en","published_at":"2023-12-12","url":"https://cloud.google.com/blog/products/compute/applovin-builds-ai-ad-platform-on-google-cloud-g2-vms/","title":"AI-driven growth: AppLovin's journey amplified by Google Cloud","title_en":"AI-driven growth: AppLovin's journey amplified by Google Cloud","excerpt":"앱러빈은 AI 광고 알고리즘을 받치는 인프라를 Google Cloud G2 VM으로 고도화했다.","excerpt_en":"AppLovin upgraded the infrastructure supporting its AI advertising algorithm"},{"stance":"confirms","publisher":"Google Cloud","publisher_en":"Google Cloud","kind":"ir","lang":"en","published_at":"2022-10-06","url":"https://cloud.google.com/blog/products/application-modernization/applovin-powers-future-growth-with-google-cloud","title":"Google Cloud to power AppLovin’s next phase of growth with leading cloud infrastructure and services","title_en":"Google Cloud to power AppLovin’s next phase of growth with leading cloud infrastructure and services","excerpt":"Google Cloud는 앱러빈의 구글 인프라·컴퓨팅 사용량을 두 배 이상 늘리는 협력이라고 밝혔다.","excerpt_en":"more than double its use of Google infrastructure and compute"}]},{"direction":"revenue","counterparty":"칼시","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"칼시의 앱러빈 광고 집행액 또는 앱러빈 매출 기여액","value":null,"period":"2025-12","basis_en":"Kalshi advertising spend on AppLovin or revenue attributable to Kalshi","qualifier":"confirmed_no_disclosed_value"},"note":"니덤의 웹사이트 조사에 따르면 칼시는 2025년 12월 앱러빈의 Axon을 도입한 신규 전자상거래 광고 고객이다. 고객별 광고 집행액과 앱러빈 매출 기여액은 공개되지 않았다.","note_en":"Needham's website survey identified Kalshi as a new e-commerce advertising customer that adopted AppLovin's Axon in December 2025. Neither customer spend nor AppLovin revenue attributable to Kalshi was disclosed.","sources":[{"stance":"confirms","publisher":"뉴스핌","publisher_en":"NewsPim","kind":"analysis","lang":"ko","published_at":"2026-02-11","url":"https://www.newspim.com/news/view/20260211000015","title":"[GAM] 앱러빈 ② AI 위협론 반박과 전자상거래 확장 기대","title_en":"[GAM] AppLovin ② Countering AI Threats and Expecting E-commerce Expansion","excerpt":"새로운 고객사로는 지난해 12월 예측시장 플랫폼 칼시","excerpt_en":"New customers included prediction-market platform Kalshi in December 2025."}]},{"direction":"revenue","counterparty":"엣시","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"엣시의 앱러빈 광고 집행액 또는 앱러빈 매출 기여액","value":null,"period":"2026-01","basis_en":"Etsy advertising spend on AppLovin or revenue attributable to Etsy","qualifier":"confirmed_no_disclosed_value"},"note":"니덤의 웹사이트 조사에 따르면 엣시는 2026년 1월 앱러빈의 Axon을 도입한 신규 전자상거래 광고 고객이다. 고객별 광고 집행액과 앱러빈 매출 기여액은 공개되지 않았다.","note_en":"Needham's website survey identified Etsy as a new e-commerce advertising customer that adopted AppLovin's Axon in January 2026. Neither customer spend nor AppLovin revenue attributable to Etsy was disclosed.","sources":[{"stance":"confirms","publisher":"뉴스핌","publisher_en":"NewsPim","kind":"analysis","lang":"ko","published_at":"2026-02-11","url":"https://www.newspim.com/news/view/20260211000015","title":"[GAM] 앱러빈 ② AI 위협론 반박과 전자상거래 확장 기대","title_en":"[GAM] AppLovin ② Countering AI Threats and Expecting E-commerce Expansion","excerpt":"올해 1월 온라인 마켓플레이스 엣시가 포함된 것으로 나타났다","excerpt_en":"The survey found that online marketplace Etsy was added in January 2026."}]},{"direction":"cost","counterparty":"Aerospike","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-01-20","basis":"Aerospike에 지급하는 라이선스·서비스 비용","value":null,"period":"2025","basis_en":"License and service fees paid to Aerospike","qualifier":"confirmed_no_disclosed_value"},"note":"앱러빈은 광고 의사결정에 필요한 기기·사용자 프로필을 조회하는 실시간 데이터 계층으로 Aerospike를 사용한다. 라이선스나 서비스 지급액은 공개되지 않았다.","note_en":"AppLovin uses Aerospike as a real-time data layer for device and user profiles needed in advertising decisions. License and service payments were not disclosed.","sources":[{"stance":"confirms","publisher":"Aerospike","publisher_en":"Aerospike","kind":"ir","lang":"en","published_at":"2026-01-20","url":"https://www.linkedin.com/posts/aerospike-inc-_fintech-adtech-aerospike-activity-7419419706853552128-Gyy9","title":"Aerospike: 2025 real-time AI customer outcomes","title_en":"Aerospike: 2025 real-time AI customer outcomes","excerpt":"Aerospike는 앱러빈이 자사 데이터 플랫폼으로 하루 700억 건의 광고 요청을 처리했다고 밝혔다.","excerpt_en":"AppLovin handled 70B ad requests per day across 3B devices with sub-millisecond decisions"}]}]}