# Arm Holdings (ARM)
> CPU 아키텍처 IP를 설계해 라이선스·로열티로 수익을 내는 회사. FY2024(2024.3) 매출 $3.23B. 전 세계 스마트폰의 95%+가 ARM 기반이며 애플·퀄컴·삼성·엔비디아·브로드컴·AMD가 ARM IP로 칩을 만든다. Armv9 전환과 서버·AI로 로열티 성장.
Canonical: https://valuechain.wiki/arm · Updated: 2026-07-12T06:24:25.797222+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Arm Holdings의 직접 연결 기업은 12곳(관계 기준 공급 3·매출 8·투자 1)이고, 사슬을 2차까지 넓히면 16곳에 닿는다. 링크의 근거 출처는 17건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: $49.2억 (FY2026, 2026년 3월기, +23%)
- 고객 집중도: 스마트폰 95%+가 ARM 기반. v9 아키텍처가 로열티 매출의 25%(장기 목표 60~70%), CSS가 로열티의 ~20%(19개 라이선스·11사·5곳 출하)로 칩당 단가를 끌어올린다. 데이터센터 로열티가 전년比 2배. 소프트뱅크가 ~90% 지배. 애플·퀄컴·삼성·엔비디아·미디어텍이 핵심 고객.
- 사업부문: 로열티, 라이선스·기타

## Annual stock return (as of 2026-07-10)
- 2024: +64.2%
- 2025: -11.4%
- 2026 YTD: +195.8%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Dell | lead3 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Marvell | lead3 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| Lenovo | lead3 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| AMD | lead3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| HPE | lead3 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead3 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| 팔로알토 네트웍스 | lead3 | +56.7% | -24.8% | +111.3% | +23.4% | +1.2% | +76.9% |
| Aurora Innovation | lead3 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Mercury Systems | lead3 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead3 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead3 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 기가바이트 | lead3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Cloudflare | lead3 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead3 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| 플래닛랩스 | lead3 | · | -29.3% | -43.2% | +63.6% | +388.1% | +32.1% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| SK텔레콤 | lead3 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead3 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| 지리자동차 | lead3 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| Apple | lead3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| Broadcom | lead3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 위스트론 | lead3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| Qualcomm | lead3 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| Foxconn | lead3 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| Airbnb Inc | lead3 | · | -48.6% | +59.2% | -3.5% | +3.3% | +9.5% |
| IREN | lead3 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| Costco Wholesale | lead3 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| 메타 플랫폼스 | lead3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead3 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead3 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead3 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead3 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead3 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| 현대차 | lead3 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| MercadoLibre | lead3 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| McDonald's | lead3 | +27.8% | +0.5% | +15.1% | +0.1% | +7.9% | -9% |
| LVMH | lead3 | +46.6% | +12.7% | -1.8% | -7.3% | -20.4% | -9% |
| Tesla | lead3 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Disney | lead3 | -14.5% | -43.9% | +4.3% | +24.4% | +3.3% | -15.3% |
| Toyota Motor Corporation | lead3 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| Coupang | lead3 | · | -49.9% | +10.1% | +35.8% | +7.3% | -20.3% |
| Netflix | lead3 | +11.4% | -51.1% | +65.1% | +83.1% | +5.2% | -21.7% |
| 알리바바 | lead3 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead3 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| 바이두 | lead3 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| Oracle | lead3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| Kratos | lead3 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead3 | · | · | · | · | +1% | -54.6% |
| 삼성전자 | lead2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| 알파벳 (구글) | lead2 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| NVIDIA | lead2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 아마존 | lead2 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 미디어텍 | lead1 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| 알칩 | lead1 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +34.7% |
| Arm Holdings | node | · | · | · | +64.2% | -11.4% | +195.8% |
| Cadence Design Systems | benef1 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| 소프트뱅크그룹 | benef1 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| Synopsys | benef1 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 지멘스 | benef2 | +12.2% | +5.1% | +20.1% | +28% | +26.4% | +8.7% |
| AMD | benef3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| Broadcom | benef3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| NVIDIA | benef3 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Siemens Energy | benef3 | -35.4% | -2.7% | -27% | +314.2% | +149.9% | +5.7% |
| 마이크로소프트 | benef3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| Oracle | benef3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |

반도체 설계 IP(CPU 아키텍처) 기업. 2025년 -11.4% 뒤 2026년 +199.9%로 반등했다. 본주(+199.9%)가 수요단(평균 +40.5%)과 공급단(평균 +9%)을 모두 앞선다. 사슬보다 먼저 달린 만큼, 수요단 숫자가 따라오지 못하면 되돌림이 먼저 오는 자리다. 연결 노드 중 가장 앞선 곳은 미디어텍(+124.3%), 가장 처진 곳은 시높시스(-5.6%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. 스마트폰 95%+ ARM 기반. 애플·퀄컴·삼성·엔비디아 고객. (analysis as of 2026-07-09)

## Money in · revenue from (8)
### Apple (high)  → /apple.md
- metric: 매출 ~$3.2B · FY2024 · 연간 매출
- note: Apple에 CPU 아키텍처 IP(라이선스·로열티) 공급.
- [confirms] 이코노미6 (KO, news, published 2026-01-15) https://www.economy6.com/2026/01/arm-stock.html: "애플·퀄컴·삼성·엔비디아가 ARM IP 사용."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "FY2024 매출 $3.23B."
- [confirms] SEC EDGAR (EN, filing, published 2024-05-22) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ARM&type=20-F: "20-F: 라이선스·로열티 매출."

### 미디어텍 (high)  → /mediatek.md
- metric: 금액 $2.6B · Arm FY2026 로열티(+21%)
- note: 미디어텍에 파운드리·IP·EDA 공급.
- [confirms] Arm Newsroom (EN, filing, published 2026-05-13) https://newsroom.arm.com/news/arm-q4-fye26-results: "Arm FY2026 매출 $49.2억(+23%): 로열티 $26.1억(+21%·v9 25%·CSS ~20%)·라이선스 $23.1억(+25%)"
- [confirms] 미디어텍 (EN, ir, published 2025-05-01) https://corp.mediatek.com/investor-relations: "미디어텍에 파운드리·IP·EDA 공급."
- [confirms] 나무위키 (KO, reference, published 2025-01-01) https://namu.wiki/w/TSMC: "미디어텍에 파운드리·IP·EDA 공급."

### Qualcomm (high)  → /qualcomm.md
- metric: 금액 $2.6B · Arm FY2026 로열티(+21%)
- note: Qualcomm에 CPU 아키텍처 IP 공급.
- [confirms] 이코노미6 (KO, news, published 2026-01-15) https://www.economy6.com/2026/01/arm-stock.html: "애플·퀄컴·삼성·엔비디아가 ARM IP 사용."
- [confirms] 한국경제 (KO, news, published 2026-01-07) https://www.hankyung.com/article/2026010776221: "삼성과 2나노 파운드리 재논의."
- [confirms] TrendForce (EN, news, published 2025-03-26) https://www.trendforce.com/news/2025/03/26/news-qualcomm-reportedly-skips-samsung-taps-tsmcs-4nm-for-latest-snapdragon-8s-gen-4/: "스냅드래곤 최첨단 물량 TSMC로."
- [confirms] SEC EDGAR (EN, filing, published 2024-11-06) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=QCOM&type=10-K: "10-K: QCT 칩셋·QTL 라이선스."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "FY2024 매출 $3.23B."
- [confirms] SEC EDGAR (EN, filing, published 2024-05-22) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ARM&type=20-F: "20-F: 라이선스·로열티 매출."

### NVIDIA (high)  → /nvidia.md
- metric: 금액 $2.6B · Arm FY2026 로열티(+21%)
- note: NVIDIA에 CPU 아키텍처 IP(라이선스·로열티) 공급.
- [confirms] 이코노미6 (KO, news, published 2026-01-15) https://www.economy6.com/2026/01/arm-stock.html: "애플·퀄컴·삼성·엔비디아가 ARM IP 사용."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "FY2024 매출 $3.23B."
- [confirms] SEC EDGAR (EN, filing, published 2024-05-22) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ARM&type=20-F: "20-F: 라이선스·로열티 매출."

### 알칩 (mid)  → /alchip.md
- metric: 금액 $2.6B · Arm FY2026 로열티(+21%)
- note: 알칩에 파운드리·IP 공급.
- [confirms] SemiWiki (EN, analysis, published 2026-02-01) https://semiwiki.com/forum/threads/alchip-technologies-reports-q4-and-2025-fy-financial-results.24811/: "알칩에 파운드리·IP 공급."
- [confirms] Alchip (EN, ir, published 2025-01-01) https://www.alchip.com/en/Newsroom/AI_Elevates_Production_Managements_Importance: "알칩에 파운드리·IP 공급."

### AMD (mid)  → /amd.md
- metric: 금액 $2.6B · Arm FY2026 로열티(+21%)
- note: AMD에 CPU 아키텍처 IP(라이선스·로열티) 공급.
- [confirms] 이코노미6 (KO, news, published 2026-01-15) https://www.economy6.com/2026/01/arm-stock.html: "애플·퀄컴·삼성·엔비디아가 ARM IP 사용."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "FY2024 매출 $3.23B."
- [confirms] SEC EDGAR (EN, filing, published 2024-05-22) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ARM&type=20-F: "20-F: 라이선스·로열티 매출."

### 삼성전자 (mid)  → /samsung-electronics.md
- metric: 금액 $2.6B · Arm FY2026 로열티(+21%)
- note: Samsung Electronics에 CPU 아키텍처 IP(라이선스·로열티) 공급.
- [confirms] 이코노미6 (KO, news, published 2026-01-15) https://www.economy6.com/2026/01/arm-stock.html: "애플·퀄컴·삼성·엔비디아가 ARM IP 사용."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "FY2024 매출 $3.23B."
- [confirms] SEC EDGAR (EN, filing, published 2024-05-22) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ARM&type=20-F: "20-F: 라이선스·로열티 매출."

### Broadcom (mid)  → /broadcom.md
- metric: 금액 $2.6B · Arm FY2026 로열티(+21%)
- note: Broadcom에 CPU 아키텍처 IP(라이선스·로열티) 공급.
- [confirms] 이코노미6 (KO, news, published 2026-01-15) https://www.economy6.com/2026/01/arm-stock.html: "애플·퀄컴·삼성·엔비디아가 ARM IP 사용."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "FY2024 매출 $3.23B."
- [confirms] SEC EDGAR (EN, filing, published 2024-05-22) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ARM&type=20-F: "20-F: 라이선스·로열티 매출."

## Money out · pays to (4)
### Siemens EDA (mid)  → /siemens-eda.md
- metric: 금액 $4.9B · Arm FY2026 매출(+23%)
- note: 지멘스 EDA(Calibre 등) 라이선스 지급.
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/멘토_그래픽스: "Arm Holdings가 지멘스 EDA(Calibre·Tessent·Questa) 라이선스로 칩 설계."
- [confirms] SemiWiki (EN, research, published 2025-06-01) https://semiwiki.com/wikis/company-wikis/mentor-graphics-wiki/: "Arm Holdings가 지멘스 EDA(Calibre·Tessent·Questa) 라이선스로 칩 설계."

### Synopsys (mid)  → /synopsys.md
- metric: 금액 $4.9B · Arm FY2026 매출(+23%)
- note: Synopsys에서 EDA 설계 툴 매입/사용.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "IP 설계에 EDA 사용."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "설계 R&D."

### Cadence Design Systems (mid)  → /cadence.md
- metric: 금액 $4.9B · Arm FY2026 매출(+23%)
- note: Cadence Design Systems에서 EDA 설계 툴 매입/사용.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "IP 설계에 EDA 사용."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "설계 R&D."

### R&D 엔지니어·인건비 (비공개) (mid)
- metric: 금액 $4.9B · Arm FY2026 매출(+23%)
- note: 아키텍처 R&D 인력이 최대 원가(비공개).
- [mentions] SEC EDGAR (EN, filing, published 2024-05-22) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ARM&type=20-F: "20-F: R&D."

## Investors (2)
### 소프트뱅크 그룹 (지배주주) (high)
- metric: 점유율 90% · 소프트뱅크 지배지분
- note: 소프트뱅크 그룹이 Arm 상장 후에도 약 90% 보유.
- [confirms] 서울경제 (KO, news, published 2026-05-22) https://www.sedaily.com/article/20047400: "소프트뱅크는 2025년 회계년도 사업 보고서에 따르면 Arm 지분 약 90%를 보유하고 있다."
- [confirms] 로이터 (야후 파이낸스) (EN, news, published 2023-09-15) https://finance.yahoo.com/news/softbanks-arm-set-debut-nasdaq-113540728.html: "The IPO netted $4.87 billion for SoftBank, which still holds a 90.6% stake."

### 소프트뱅크 (high)  → /softbank.md
- metric: 점유율 90%
- note: 지배주주(지분 약 90%).
- [mentions] AInvest (EN, analysis, published 2026-04-01) https://www.ainvest.com/news/softbank-openai-bet-13-stake-ai-future-funded-global-debt-discipline-2604/: "SoftBank's stake in Arm (~90%)."

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

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