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(UMC)","tier":1,"returns_yearly":{"2021":43.2,"2022":-40.3,"2023":39.2,"2024":-19,"2025":28.8,"2026":215.1}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":1,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"arm","name":"Arm Holdings","name_en":"Arm Holdings","tier":1,"returns_yearly":{"2024":64.2,"2025":-11.4,"2026":195.8}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":1,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":1,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":1,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"globalfoundries","name":"글로벌파운드리","name_en":"GlobalFoundries","tier":1,"returns_yearly":{"2022":-17.1,"2023":12.5,"2024":-29.2,"2025":-18.6,"2026":97.8}},{"slug":"renesas","name":"르네사스","name_en":"Renesas Electronics","tier":1,"returns_yearly":{"2021":8.2,"2022":2.4,"2023":88,"2024":-13.6,"2025":23.8,"2026":84.9}},{"slug":"texas-instruments","name":"텍사스인스트루먼트","name_en":"Texas Instruments","tier":1,"returns_yearly":{"2021":17.5,"2022":-9.9,"2023":6.4,"2024":13.1,"2025":-4.5,"2026":81.6}},{"slug":"infineon","name":"인피니언","name_en":"Infineon Technologies","tier":1,"returns_yearly":{"2021":10.4,"2022":-8.6,"2023":3.4,"2024":-4,"2025":31,"2026":75.5}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"nxp","name":"NXP반도체","name_en":"NXP Semiconductors","tier":1,"returns_yearly":{"2021":44.8,"2022":-29.2,"2023":48.4,"2024":-8,"2025":6.4,"2026":35.8}},{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":1,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}}],"benefiting":[],"analysis":"케이던스의 논지는 '모든 칩이 반드시 거치는 톨게이트'라는 구조다. 세계 EDA 점유율 약 30%로 시놉시스와 양강 과점을 이루며, AMD·엔비디아·브로드컴·애플 같은 설계사부터 TSMC·삼성·인텔·글로벌파운드리 같은 파운드리(PDK·DTCO 인증)까지 반도체 설계 전 과정이 이 툴 위에서 돌아간다. 전환비용이 극도로 높아(설계 자산·인력이 툴에 묶임) 매출은 반복적이고, FY2025 매출 $5.30B(+14%)에 백로그 $7.8B가 향후 매출을 선확정한다. 성장 동력은 AI 칩 설계 폭증과 하드웨어(Palladium/Protium)·에이전트AI 확장이다. 원가의 최대 축은 설계 SW R&D 인력이라, 실적은 라이선스 성장 대비 인건비 레버리지로 결정된다. 재평가 트리거는 AI 설계 수요, 하드웨어 사이클, 그리고 시놉시스와의 점유 균형이다.","analysis_en":"Cadence's thesis is structural — the tollgate every chip must pass. At ~30% global EDA share it forms a duopoly with Synopsys, and the entire chip-design flow runs on its tools, from designers like AMD, NVIDIA, Broadcom and Apple to foundries like TSMC, Samsung, Intel and GlobalFoundries (PDK/DTCO certification). Switching costs are extreme — design assets and engineers are locked to the tools — so revenue is recurring, with FY2025 revenue of $5.30B (+14%) and a $7.8B backlog pre-committing future sales. Growth is driven by the surge in AI-chip design and the expansion of hardware (Palladium/Protium) and agentic AI. The largest cost is design-software R&D headcount, so results turn on license growth versus labor leverage. Re-rating triggers are AI-design demand, the hardware cycle, and the share balance with Synopsys.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"type":"share","unit":"%","basis":"EDA 세계 점유율","value":30,"period":"2024","basis_en":"global EDA share"},"note":"엔비디아가 케이던스 EDA 툴·IP로 AI 칩을 설계 — 세계 ~30% 점유의 대표 고객. AI 칩 설계 폭증이 곧 라이선스 수요.","note_en":"NVIDIA designs its AI chips on Cadence EDA tools/IP — a flagship customer behind its ~30% share; the AI-chip design surge is license demand.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"케이던스 EDA 세계 ~30% 2위.","excerpt_en":"Cadence is No.2 in EDA at ~30%."},{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.sedaily.com/article/14136879","title":"AI 반도체 설계 강자 케이던스, 성장엔진 재점화","title_en":"Cadence, an AI chip-design leader, reignites growth","excerpt":"AI 칩 설계로 케이던스 성장.","excerpt_en":"Cadence grows on AI-chip design."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC 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공급.","note_en":"Supplies EDA tools and IP to Broadcom.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"케이던스 EDA 세계 ~30% 2위.","excerpt_en":"Cadence is No.2 in EDA at ~30%."},{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.sedaily.com/article/14136879","title":"AI 반도체 설계 강자 케이던스, 성장엔진 재점화","title_en":"Cadence, an AI chip-design leader, reignites growth","excerpt":"AI 칩 설계로 케이던스 성장.","excerpt_en":"Cadence grows on AI-chip design."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-24","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K","title":"Cadence 연례보고서 (10-K)","title_en":"Cadence Form 10-K","excerpt":"10-K: EDA 툴·IP 매출.","excerpt_en":"10-K: EDA tools/IP revenue."}]},{"direction":"revenue","counterparty":"알칩","counterparty_slug":"alchip","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"알칩에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to alchip.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"알칩가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"alchip designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"알칩가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"alchip designs chips on cadence EDA tools and IP."}]},{"direction":"revenue","counterparty":"미디어텍","counterparty_slug":"mediatek","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"미디어텍에 파운드리·IP·EDA 공급.","note_en":"Supplies foundry, IP and EDA to MediaTek.","sources":[{"stance":"confirms","publisher":"미디어텍","publisher_en":"MediaTek","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://corp.mediatek.com/investor-relations","title":"MediaTek IR","title_en":"MediaTek IR","excerpt":"미디어텍에 파운드리·IP·EDA 공급.","excerpt_en":"Supplies foundry, IP and EDA to MediaTek."},{"stance":"confirms","publisher":"나무위키","publisher_en":"Namu","kind":"reference","lang":"ko","published_at":"2025-01-01","url":"https://namu.wiki/w/TSMC","title":"TSMC 고객사로서 미디어텍","title_en":"MediaTek as a TSMC customer","excerpt":"미디어텍에 파운드리·IP·EDA 공급.","excerpt_en":"Supplies foundry, IP and EDA to MediaTek."}]},{"direction":"revenue","counterparty":"NXP반도체","counterparty_slug":"nxp","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"NXP반도체에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to nxp.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"NXP반도체가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"nxp designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"NXP반도체가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"nxp designs chips on cadence EDA tools and IP."}]},{"direction":"revenue","counterparty":"텍사스인스트루먼트","counterparty_slug":"texas-instruments","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"텍사스인스트루먼트에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to texas-instruments.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"텍사스인스트루먼트가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"texas-instruments designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"텍사스인스트루먼트가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"texas-instruments designs chips on cadence EDA tools and IP."}]},{"direction":"revenue","counterparty":"ST마이크로일렉트로닉스","counterparty_slug":"stmicroelectronics","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"ST마이크로일렉트로닉스에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to stmicroelectronics.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC 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IP."}]},{"direction":"revenue","counterparty":"글로벌파운드리","counterparty_slug":"globalfoundries","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"글로벌파운드리에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to globalfoundries.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"글로벌파운드리 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스.","excerpt_en":"globalfoundries foundry certifies and licenses cadence EDA tools/IP for its process (PDK/DTCO)."},{"stance":"confirms","publisher":"TSMC","publisher_en":"TSMC","kind":"ir","lang":"en","published_at":"2025-04-01","url":"https://www.tsmc.com/english/dedicatedFoundry/oip/eda_alliance","title":"TSMC OIP EDA 얼라이언스(공정 인증)","title_en":"TSMC OIP EDA Alliance (process certification)","excerpt":"글로벌파운드리 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스.","excerpt_en":"globalfoundries foundry certifies and licenses cadence EDA tools/IP for its process (PDK/DTCO)."}]},{"direction":"revenue","counterparty":"Astera Labs","counterparty_slug":"astera-labs","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Astera Labs에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to astera-labs.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"Astera Labs가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"astera-labs designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"Astera Labs가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"astera-labs designs chips on cadence EDA tools and IP."}]},{"direction":"revenue","counterparty":"르네사스","counterparty_slug":"renesas","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"르네사스에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to renesas.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"르네사스가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"renesas designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"르네사스가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"renesas designs chips on cadence EDA tools and IP."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Samsung Electronics에 EDA 설계 툴·IP 공급.","note_en":"Supplies EDA tools and IP to Samsung Electronics.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"케이던스 EDA 세계 ~30% 2위.","excerpt_en":"Cadence is No.2 in EDA at ~30%."},{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.sedaily.com/article/14136879","title":"AI 반도체 설계 강자 케이던스, 성장엔진 재점화","title_en":"Cadence, an AI chip-design leader, reignites growth","excerpt":"AI 칩 설계로 케이던스 성장.","excerpt_en":"Cadence grows on AI-chip design."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-24","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K","title":"Cadence 연례보고서 (10-K)","title_en":"Cadence Form 10-K","excerpt":"10-K: EDA 툴·IP 매출.","excerpt_en":"10-K: EDA tools/IP revenue."}]},{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Apple에 EDA 설계 툴·IP 공급.","note_en":"Supplies EDA tools and IP to Apple.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"케이던스 EDA 세계 ~30% 2위.","excerpt_en":"Cadence is No.2 in EDA at ~30%."},{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.sedaily.com/article/14136879","title":"AI 반도체 설계 강자 케이던스, 성장엔진 재점화","title_en":"Cadence, an AI chip-design leader, reignites growth","excerpt":"AI 칩 설계로 케이던스 성장.","excerpt_en":"Cadence grows on AI-chip design."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-24","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K","title":"Cadence 연례보고서 (10-K)","title_en":"Cadence Form 10-K","excerpt":"10-K: EDA 툴·IP 매출.","excerpt_en":"10-K: EDA tools/IP revenue."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Intel에 EDA 설계 툴·IP 공급.","note_en":"Supplies EDA tools and IP to Intel.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"케이던스 EDA 세계 ~30% 2위.","excerpt_en":"Cadence is No.2 in EDA at ~30%."},{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.sedaily.com/article/14136879","title":"AI 반도체 설계 강자 케이던스, 성장엔진 재점화","title_en":"Cadence, an AI chip-design leader, reignites growth","excerpt":"AI 칩 설계로 케이던스 성장.","excerpt_en":"Cadence grows on AI-chip design."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-24","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K","title":"Cadence 연례보고서 (10-K)","title_en":"Cadence Form 10-K","excerpt":"10-K: EDA 툴·IP 매출.","excerpt_en":"10-K: EDA tools/IP revenue."}]},{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"TSMC에 EDA 설계 툴·IP 공급.","note_en":"Supplies EDA tools and IP to TSMC.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"케이던스 EDA 세계 ~30% 2위.","excerpt_en":"Cadence is No.2 in EDA at ~30%."},{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.sedaily.com/article/14136879","title":"AI 반도체 설계 강자 케이던스, 성장엔진 재점화","title_en":"Cadence, an AI chip-design leader, reignites growth","excerpt":"AI 칩 설계로 케이던스 성장.","excerpt_en":"Cadence grows on AI-chip design."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-24","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K","title":"Cadence 연례보고서 (10-K)","title_en":"Cadence Form 10-K","excerpt":"10-K: EDA 툴·IP 매출.","excerpt_en":"10-K: EDA tools/IP revenue."}]},{"direction":"revenue","counterparty":"Arm Holdings","counterparty_slug":"arm","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Arm Holdings에 EDA 설계 툴 공급.","note_en":"Supplies EDA design tools to Arm Holdings.","sources":[{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"IP 설계에 EDA 사용.","excerpt_en":"Uses EDA for IP design."},{"stance":"confirms","publisher":"Arm IR","publisher_en":"Arm IR","kind":"ir","lang":"en","published_at":"2024-07-01","url":"https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95","title":"Arm 연차보고서 FY2024","title_en":"Arm Annual Report FY2024","excerpt":"설계 R&D.","excerpt_en":"Design R&D."}]},{"direction":"revenue","counterparty":"크레도","counterparty_slug":"credo","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"크레도에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to credo.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"크레도가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"credo designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"크레도가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"credo designs chips on cadence EDA tools and IP."}]},{"direction":"revenue","counterparty":"SMIC","counterparty_slug":"smic","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"SMIC에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to smic.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"SMIC 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스.","excerpt_en":"smic foundry certifies and licenses cadence EDA tools/IP for its process (PDK/DTCO)."},{"stance":"confirms","publisher":"TSMC","publisher_en":"TSMC","kind":"ir","lang":"en","published_at":"2025-04-01","url":"https://www.tsmc.com/english/dedicatedFoundry/oip/eda_alliance","title":"TSMC OIP EDA 얼라이언스(공정 인증)","title_en":"TSMC OIP EDA Alliance (process certification)","excerpt":"SMIC 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스.","excerpt_en":"smic foundry certifies and licenses cadence EDA tools/IP for its process (PDK/DTCO)."}]},{"direction":"cost","counterparty":"R&D 엔지니어·인건비 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"설계 SW R&D 인력이 최대 원가 — 툴 경쟁력의 원천이자, 라이선스 성장 대비 인건비 레버리지가 마진을 가른다(비공개).","note_en":"Design-software R&D headcount is the largest cost — the source of tool competitiveness, and labor leverage versus license growth sets the margin (undisclosed).","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-24","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K","title":"Cadence 연례보고서 (10-K)","title_en":"Cadence Form 10-K","excerpt":"10-K: R&D.","excerpt_en":"10-K: R&D."}]},{"direction":"revenue","counterparty":"UMC","counterparty_slug":"umc","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"UMC에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to umc.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"UMC 파운드리가 Cadence Design Systems EDA 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Daily","kind":"news","lang":"ko","published_at":"2026-01-07","url":"https://www.hankyung.com/article/2026010776221","title":"삼성 파운드리, 퀄컴 물량 따내고 TSMC 추격","title_en":"Samsung Foundry wins Qualcomm orders, chases TSMC","excerpt":"삼성과 2나노 파운드리 재논의.","excerpt_en":"Samsung in talks for 2nm foundry."},{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"news","lang":"en","published_at":"2025-03-26","url":"https://www.trendforce.com/news/2025/03/26/news-qualcomm-reportedly-skips-samsung-taps-tsmcs-4nm-for-latest-snapdragon-8s-gen-4/","title":"퀄컴, 스냅드래곤 8s Gen4를 TSMC 4nm로","title_en":"Qualcomm taps TSMC 4nm for Snapdragon 8s Gen 4","excerpt":"스냅드래곤 최첨단 물량 TSMC로.","excerpt_en":"Leading-edge Snapdragon volume moved to TSMC."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-11-06","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=QCOM&type=10-K","title":"Qualcomm 연례보고서 (10-K)","title_en":"Qualcomm Form 10-K","excerpt":"10-K: QCT 칩셋·QTL 라이선스.","excerpt_en":"10-K: QCT chipsets and QTL licensing."}]},{"direction":"revenue","counterparty":"인피니언","counterparty_slug":"infineon","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"인피니언에 EDA 툴·IP 공급.","note_en":"Supplies EDA tools and IP to infineon.","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/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"인피니언가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"infineon designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"인피니언가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"infineon designs chips on cadence EDA tools and IP."}]},{"direction":"cost","counterparty":"클라우드·컴퓨팅 인프라 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"검증·시뮬레이션용 컴퓨팅 인프라 — 하드웨어·클라우드 검증 수요가 커질수록 늘어나는 원가(비공개).","note_en":"Compute infrastructure for verification/simulation — a cost that rises with hardware and cloud verification demand (undisclosed).","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-24","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K","title":"Cadence 연례보고서 (10-K)","title_en":"Cadence Form 10-K","excerpt":"10-K: 인프라.","excerpt_en":"10-K: infrastructure."}]}]}