# Cadence Design Systems (CDNS)
> 세계 2위 EDA 기업으로 점유율 약 30%. FY2025 매출 $5.30B(+14%), 백로그 $7.8B. NVIDIA Grace Blackwell·에이전트AI 협력 확대, 하드웨어(Palladium/Protium) 호조. 시놉시스와 양강.
Canonical: https://valuechain.wiki/cadence · Updated: 2026-07-12T08:20:34.520603+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Cadence Design Systems의 직접 연결 기업은 22곳(관계 기준 공급 0·매출 22)이고, 사슬을 2차까지 넓히면 40곳에 닿는다. 링크의 근거 출처는 11건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2025 매출 $5.30B (+14%)
- 고객 집중도: 전 설계사·파운드리 고객. 시놉시스와 양강.
- 사업부문: EDA 툴, IP, 시스템 설계·해석(SDA)

## Annual stock return (as of 2026-07-10)
- 2021: +36.6%
- 2022: -13.8%
- 2023: +69.6%
- 2024: +10.3%
- 2025: +4%
- 2026 YTD: +22.9%

## 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% |
| Seagate | lead3 | +87.5% | -51.4% | +69.1% | +4.1% | +225.3% | +231.4% |
| 이리듐 | lead3 | +5% | +24.5% | -19.1% | -28.1% | -38.5% | +190.7% |
| 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% |
| 새틀로직 | lead3 | · | -68.6% | -42.6% | +62.9% | -34.4% | +142.8% |
| SK하이닉스 | lead3 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 바이어샛 | lead3 | +36.4% | -28.9% | -11.7% | -69.6% | +304.9% | +113.5% |
| 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% |
| 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% |
| 블랙스카이 | lead3 | -57.1% | -65.7% | -9.1% | -3.7% | +73.8% | +33.4% |
| 플래닛랩스 | lead3 | · | -29.3% | -43.2% | +63.6% | +388.1% | +32.1% |
| 글로벌스타 | lead3 | +241.2% | +14.7% | +45.9% | +6.7% | +96.6% | +31.2% |
| 디어 앤 컴퍼니 | lead3 | +28.9% | +26.6% | -5.5% | +7.6% | +11.4% | +26.7% |
| 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% |
| 니콘 | lead3 | +46.2% | +10.9% | +23.1% | +13.7% | +19.7% | +15.9% |
| SES | lead3 | +2.8% | +10.6% | -13% | -36% | +141.5% | +15.8% |
| 위스트론 | lead3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| 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% |
| IREN | lead3 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| 파이어플라이 에어로스페이스 | lead3 | · | · | · | · | · | +7.7% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 유텔샛 | lead3 | +17.8% | -30.7% | -51.8% | -48.9% | +32.1% | +3.2% |
| 메타 플랫폼스 | lead3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| 인튜이티브 머신스 | lead3 | · | +3.7% | -74.4% | +610.8% | -10.6% | -0.6% |
| 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% |
| 노스럽 그러먼 | lead3 | +29.3% | +43% | -12.8% | +1.9% | +23.6% | -4.6% |
| 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% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| Tesla | lead3 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| 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% |
| 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% |
| 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% |
| 사이더스 스페이스 | lead3 | · | · | -91.9% | -44.4% | -35.9% | -31.2% |
| Kratos | lead3 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| AeroVironment | lead3 | -28.6% | +38.1% | +47.1% | +22.1% | +57.2% | -40.2% |
| Pony.ai | lead3 | · | · | · | · | +1% | -54.6% |
| 포티넷 | lead2 | +142% | -32% | +19.7% | +61.4% | -16% | +98.4% |
| GigaDevice | lead2 | +7.3% | -17% | -45.1% | +103.8% | +147.9% | +94.6% |
| 크레도 | lead2 | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| 삼성전자 | lead2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| 리얼텍 | lead2 | +19.6% | -33.8% | +56.2% | +19.1% | -6.4% | +73.7% |
| Global Unichip | lead2 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Cambricon | lead2 | -48.7% | -21.2% | +77.1% | +420% | +120.1% | +65.9% |
| Cisco | lead2 | +45.8% | -22.5% | +9.3% | +21% | +33.5% | +59.8% |
| Montage Technology | lead2 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| Analog Devices | lead2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| Microchip | lead2 | +27.5% | -18% | +30.9% | -35% | +14.6% | +40.6% |
| 알칩 | lead2 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +34.7% |
| Hygon | lead2 | · | · | +54.2% | +93.4% | +106.9% | +33.6% |
| NVIDIA | lead2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Ambarella | lead2 | +121% | -59.5% | -25.5% | +18.7% | -2.6% | +9.1% |
| 스페이스X | lead2 | · | · | · | · | · | +0.7% |
| 소니 반도체 | lead2 | +27.2% | -8.4% | +27.8% | +17.9% | +1% | -2.4% |
| Phison | lead2 | +26.8% | -10.7% | +45.1% | -6.7% | +418.3% | -6% |
| Mobileye | lead2 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| 웨이얼반도체(윌세미) | lead2 | -12.1% | -49.7% | -8.3% | +22.8% | +15.5% | -14.8% |
| 샤오미 | lead2 | -43.9% | -21.1% | -4.6% | +209.7% | -6.9% | -27.2% |
| UMC | lead1 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +215.1% |
| Intel | lead1 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +197.7% |
| Arm Holdings | lead1 | · | · | · | +64.2% | -11.4% | +195.8% |
| ST마이크로일렉트로닉스 | lead1 | +32.4% | -26.8% | +41.7% | -49.7% | +5.3% | +176.6% |
| Astera Labs | lead1 | · | · | · | · | +25.6% | +148.2% |
| 미디어텍 | lead1 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| 글로벌파운드리 | lead1 | · | -17.1% | +12.5% | -29.2% | -18.6% | +97.8% |
| 르네사스 | lead1 | +8.2% | +2.4% | +88% | -13.6% | +23.8% | +84.9% |
| 텍사스인스트루먼트 | lead1 | +17.5% | -9.9% | +6.4% | +13.1% | -4.5% | +81.6% |
| 인피니언 | lead1 | +10.4% | -8.6% | +3.4% | -4% | +31% | +75.5% |
| TSMC | lead1 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| NXP반도체 | lead1 | +44.8% | -29.2% | +48.4% | -8% | +6.4% | +35.8% |
| SMIC | lead1 | -29.6% | -7.4% | -18.3% | +169.9% | +98.4% | +5.6% |
| Cadence Design Systems | node | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |

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 as of 2026-07-09)

## Money in · revenue from (22)
### NVIDIA (high)  → /nvidia.md
- metric: 점유율 30% · 2024 · EDA 세계 점유율
- note: 엔비디아가 케이던스 EDA 툴·IP로 AI 칩을 설계 — 세계 ~30% 점유의 대표 고객. AI 칩 설계 폭증이 곧 라이선스 수요.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "케이던스 EDA 세계 ~30% 2위."
- [confirms] 서울경제 (KO, news, published 2025-03-01) https://www.sedaily.com/article/14136879: "AI 칩 설계로 케이던스 성장."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: EDA 툴·IP 매출."

### AMD (high)  → /amd.md
- note: AMD에 EDA 설계 툴·IP 공급.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "케이던스 EDA 세계 ~30% 2위."
- [confirms] 서울경제 (KO, news, published 2025-03-01) https://www.sedaily.com/article/14136879: "AI 칩 설계로 케이던스 성장."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: EDA 툴·IP 매출."

### Marvell (high)  → /marvell.md
- note: Marvell에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "Marvell가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "Marvell가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### Broadcom (high)  → /broadcom.md
- note: Broadcom에 EDA 설계 툴·IP 공급.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "케이던스 EDA 세계 ~30% 2위."
- [confirms] 서울경제 (KO, news, published 2025-03-01) https://www.sedaily.com/article/14136879: "AI 칩 설계로 케이던스 성장."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: EDA 툴·IP 매출."

### 알칩 (high)  → /alchip.md
- note: 알칩에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "알칩가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "알칩가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### 미디어텍 (mid)  → /mediatek.md
- note: 미디어텍에 파운드리·IP·EDA 공급.
- [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."

### NXP반도체 (mid)  → /nxp.md
- note: NXP반도체에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "NXP반도체가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "NXP반도체가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### 텍사스인스트루먼트 (mid)  → /texas-instruments.md
- note: 텍사스인스트루먼트에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "텍사스인스트루먼트가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "텍사스인스트루먼트가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### ST마이크로일렉트로닉스 (mid)  → /stmicroelectronics.md
- note: ST마이크로일렉트로닉스에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "ST마이크로일렉트로닉스가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "ST마이크로일렉트로닉스가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### 글로벌파운드리 (mid)  → /globalfoundries.md
- note: 글로벌파운드리에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "글로벌파운드리 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스."
- [confirms] TSMC (EN, ir, published 2025-04-01) https://www.tsmc.com/english/dedicatedFoundry/oip/eda_alliance: "글로벌파운드리 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스."

### Astera Labs (mid)  → /astera-labs.md
- note: Astera Labs에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "Astera Labs가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "Astera Labs가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### 르네사스 (mid)  → /renesas.md
- note: 르네사스에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "르네사스가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "르네사스가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### 삼성전자 (mid)  → /samsung-electronics.md
- note: Samsung Electronics에 EDA 설계 툴·IP 공급.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "케이던스 EDA 세계 ~30% 2위."
- [confirms] 서울경제 (KO, news, published 2025-03-01) https://www.sedaily.com/article/14136879: "AI 칩 설계로 케이던스 성장."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: EDA 툴·IP 매출."

### Apple (mid)  → /apple.md
- note: Apple에 EDA 설계 툴·IP 공급.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "케이던스 EDA 세계 ~30% 2위."
- [confirms] 서울경제 (KO, news, published 2025-03-01) https://www.sedaily.com/article/14136879: "AI 칩 설계로 케이던스 성장."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: EDA 툴·IP 매출."

### Intel (mid)  → /intel.md
- note: Intel에 EDA 설계 툴·IP 공급.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "케이던스 EDA 세계 ~30% 2위."
- [confirms] 서울경제 (KO, news, published 2025-03-01) https://www.sedaily.com/article/14136879: "AI 칩 설계로 케이던스 성장."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: EDA 툴·IP 매출."

### TSMC (mid)  → /tsmc.md
- note: TSMC에 EDA 설계 툴·IP 공급.
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "케이던스 EDA 세계 ~30% 2위."
- [confirms] 서울경제 (KO, news, published 2025-03-01) https://www.sedaily.com/article/14136879: "AI 칩 설계로 케이던스 성장."
- [confirms] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: EDA 툴·IP 매출."

### Arm Holdings (mid)  → /arm.md
- note: Arm Holdings에 EDA 설계 툴 공급.
- [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."

### 크레도 (mid)  → /credo.md
- note: 크레도에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "크레도가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "크레도가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

### SMIC (mid)  → /smic.md
- note: SMIC에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "SMIC 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스."
- [confirms] TSMC (EN, ir, published 2025-04-01) https://www.tsmc.com/english/dedicatedFoundry/oip/eda_alliance: "SMIC 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스."

### UMC (mid)  → /umc.md
- note: UMC에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "UMC 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스."
- [confirms] TSMC (EN, ir, published 2025-04-01) https://www.tsmc.com/english/dedicatedFoundry/oip/eda_alliance: "UMC 파운드리가 Cadence Design Systems EDA 툴·IP를 공정(PDK·DTCO) 인증·라이선스."

### Qualcomm (mid)  → /qualcomm.md
- note: Qualcomm에 EDA 설계 툴 공급.
- [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."

### 인피니언 (mid)  → /infineon.md
- note: 인피니언에 EDA 툴·IP 공급.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-19) https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm: "인피니언가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."
- [confirms] SemiAnalysis (EN, research, published 2025-09-01) https://newsletter.semianalysis.com/p/eda-market-primer: "인피니언가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계."

## Money out · pays to (2)
### R&D 엔지니어·인건비 (비공개) (mid)
- note: 설계 SW R&D 인력이 최대 원가 — 툴 경쟁력의 원천이자, 라이선스 성장 대비 인건비 레버리지가 마진을 가른다(비공개).
- [mentions] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: R&D."

### 클라우드·컴퓨팅 인프라 (비공개) (low)
- note: 검증·시뮬레이션용 컴퓨팅 인프라 — 하드웨어·클라우드 검증 수요가 커질수록 늘어나는 원가(비공개).
- [mentions] SEC EDGAR (EN, filing, published 2025-02-24) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CDNS&type=10-K: "10-K: 인프라."

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

## 이 노드를 다룬 분석 (1)
- [필수성은 리레이팅의 충분조건이 아니다: EDA와 없는 병목](https://valuechain.wiki/analysis/eda-essential-yet-lagging.md) (2026-06-23)

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