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Corporation","tier":3,"returns_yearly":{"2021":-7.1,"2022":-59.9,"2023":130,"2024":34.4,"2025":22.6,"2026":-21.8}},{"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":"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":"oklo","name":"Oklo","name_en":"Oklo","tier":3,"returns_yearly":{"2022":0.7,"2023":6.5,"2024":101,"2025":238,"2026":-42.5}},{"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":"jyp-entertainment","name":"JYP Ent.","name_en":"JYP Entertainment","tier":3,"returns_yearly":{"2021":27.1,"2022":77.8,"2023":4.5,"2024":0.4,"2025":-1.6,"2026":-45.7}},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null},{"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":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"결제·은행 기술 인프라 기업. 2025년 -67.3%, 2026년 -21.1%로 약세가 이어진다. 공급단(평균 +4.5%)이 본주(-21.1%)보다 앞서 있다. 지출이 아래로 번지며 공급사 쪽 탄력이 먼저 나타나는 구도다. 연결 노드 중 가장 앞선 곳은 비자(+7.6%), 가장 처진 곳은 마스터카드(+2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Fiserv operates across Payments and banking infrastructure. It remained weak at -67.3% in 2025 and -21.1% in 2026. The supply side (avg +4.5%) leads the stock (-21.1%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Visa Inc (+7.6%) and the furthest behind is Mastercard Inc (+2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It relies on payment networks and cloud and AI software, while acquiring fintech businesses to add products and geographic reach.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Payfare Inc.","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"취득 현금 4600만달러 차감 후 Payfare 인수가격","value":95000000,"period":"2025 acquisition","basis_en":"Payfare purchase price net of $46 million of acquired cash","qualifier":null},"note":"파이서브는 2025년 3월 Payfare 지분 100%를 인수해 즉시소득 접근과 인력 대상 뱅킹 프로그램 관리 기능을 내재화했다. 10-K 기준 취득 현금 차감 후 인수가격은 9500만달러다.","note_en":"Fiserv acquired 100% of Payfare in March 2025, adding program management for instant earnings access and workforce banking. The 10-K reports a $95 million purchase price net of acquired cash.","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/798354/000079835426000009/fi-20251231.htm","title":"FISERV INC 10-K (2026-02-19)","title_en":"FISERV INC 10-K (2026-02-19)","excerpt":"파이서브는 Payfare를 취득 현금 차감 후 9500만달러에 인수했으며 금융 부문의 임베디드 금융 역량을 확장했다고 공시했다.","excerpt_en":"The Company acquired Payfare for a purchase price of $95 million, net of $46 million of acquired cash."},{"stance":"confirms","publisher":"파이서브","publisher_en":"Fiserv","kind":"ir","lang":"en","published_at":"2025-03-03","url":"https://investors.fiserv.com/news-releases/news-release-details/fiserv-enhances-its-embedded-finance-solutions-closing","title":"Fiserv Enhances Its Embedded Finance Solutions by Closing the Acquisition of Payfare","title_en":"Fiserv Enhances Its Embedded Finance Solutions by Closing the Acquisition of Payfare","excerpt":"파이서브는 Payfare 발행주식 전부를 주당 4캐나다달러, 총 1억9314만9036캐나다달러에 취득했다고 발표했다.","excerpt_en":"The Purchaser acquired all of the issued and outstanding shares of Payfare for C$193,149,036 in the aggregate."}]},{"direction":"revenue","counterparty":"TD Bank Group","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"merchant_locations","as_of":"2025-07-23","basis":"파이서브 처리 시스템과 Clover로 이전되는 TD 가맹점 영업장 수","value":30000,"period":"2025 agreement and migration","basis_en":"TD merchant locations migrating to Fiserv processing and Clover","qualifier":"approximately"},"note":"TD의 캐나다 가맹점 사업은 다년 관리서비스 계약으로 Clover 등 파이서브 기술을 사용한다. 인수된 약 3,400개 가맹점 관계와 3만개 영업장이 파이서브 처리 시스템과 Clover로 이전됐다.","note_en":"TD's Canadian merchant business uses Fiserv technology, including Clover, under a multi-year managed-services agreement. About 3,400 acquired merchant relationships covering 30,000 locations migrated to Fiserv processing and Clover.","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/798354/000079835426000009/fi-20251231.htm","title":"FISERV INC 10-K (2026-02-19)","title_en":"FISERV INC 10-K (2026-02-19)","excerpt":"파이서브는 TD가 가맹점 사업에서 Clover를 포함한 자사 기술을 쓰는 다년 관리서비스 계약을 체결했다고 공시했다.","excerpt_en":"We signed a multi-year strategic managed services program agreement with The Toronto-Dominion Bank to utilize our technology, including Clover."},{"stance":"confirms","publisher":"파이서브","publisher_en":"Fiserv","kind":"ir","lang":"en","published_at":"2025-07-23","url":"https://investors.fiserv.com/news-releases/news-release-details/fiserv-announces-strategic-relationship-td","title":"Fiserv Announces Strategic Relationship With TD","title_en":"Fiserv Announces Strategic Relationship With TD","excerpt":"TD 가맹점 솔루션이 Clover를 포함한 파이서브 기술을 사용하며, 약 3만개 가맹점 영업장이 이전된다고 발표했다.","excerpt_en":"The acquisition includes a portfolio of approximately 3,400 TD merchant relationships with 30,000 merchant locations."}]},{"direction":"cost","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":{"type":"count","unit":"software_engineers","as_of":"2026-01-08","basis":"GitHub Copilot이 배포된 파이서브 소프트웨어 엔지니어 수","value":8000,"period":"as of 2026-01-08","basis_en":"Fiserv software engineers with GitHub Copilot deployed","qualifier":"more_than"},"note":"파이서브는 전사에 Microsoft 365 Copilot을 배포하고 Azure 기반 Microsoft Foundry 사용을 확대한다. 이 소프트웨어와 AI 인프라는 내부 생산성과 제품 개발에 직접 투입된다.","note_en":"Fiserv is deploying Microsoft 365 Copilot across the company and expanding its use of Azure-powered Microsoft Foundry. These software and AI infrastructure services directly support internal productivity and product development.","sources":[{"stance":"confirms","publisher":"파이서브","publisher_en":"Fiserv","kind":"ir","lang":"en","published_at":"2026-01-08","url":"https://investors.fiserv.com/news-releases/news-release-details/fiserv-collaborates-microsoft-accelerate-ai-driven-innovation","title":"Fiserv Collaborates with Microsoft to Accelerate AI-Driven Innovation","title_en":"Fiserv Collaborates with Microsoft to Accelerate AI-Driven Innovation","excerpt":"파이서브는 Microsoft 365 Copilot을 전사에 배포하고 Microsoft Foundry 사용을 확대하며, GitHub Copilot은 8,000명 넘는 엔지니어에게 배포됐다.","excerpt_en":"GitHub Copilot has been deployed to more than 8,000 software engineers across Fiserv."}]},{"direction":"revenue","counterparty":"웰스파고","counterparty_slug":"wells-fargo","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-19","basis":"웰스파고 가맹점 사업 처리 및 기타 서비스 계약 금액","value":null,"period":"multi-year agreement active from 2025","basis_en":"Value of the processing and other-services agreement for Wells Fargo's merchant business","qualifier":"confirmed_no_disclosed_value"},"note":"기존 합작사가 2025년 4월 종료된 뒤에도 파이서브는 웰스파고의 현재·신규 가맹점 고객을 처리하는 다년 계약을 유지한다. 계약 금액은 공개되지 않았다.","note_en":"After the merchant-services joint venture ended in April 2025, Fiserv retained a multi-year agreement to process current and future Wells Fargo merchant clients. The contract value was not disclosed.","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/798354/000079835426000009/fi-20251231.htm","title":"FISERV INC 10-K (2026-02-19)","title_en":"FISERV INC 10-K (2026-02-19)","excerpt":"파이서브는 웰스파고 가맹점 사업에 처리와 기타 서비스를 제공하는 다년 계약을 체결했다고 공시했다.","excerpt_en":"We entered into a multi-year agreement with Wells Fargo to provide processing for current and future merchant clients."},{"stance":"confirms","publisher":"Banking Dive","publisher_en":"Banking Dive","kind":"news","lang":"en","published_at":"2024-09-30","url":"https://www.bankingdive.com/news/fiserv-wells-fargo-end-joint-venture-april-600-million-impairment-charge/728380/","title":"Wells Fargo, Fiserv to end joint venture","title_en":"Wells Fargo, Fiserv to end joint venture","excerpt":"합작 종료 뒤에도 두 회사가 협력하며, 파이서브가 현재·신규 가맹점 고객을 처리하는 다년 계약을 맺었다고 보도했다.","excerpt_en":"Fiserv and Wells Fargo have entered into a multiyear agreement in which Fiserv will provide processing for current and future merchant clients."}]},{"direction":"cost","counterparty":"Visa Inc","counterparty_slug":"visa","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-01-25","basis":"Visa 결제망 사용에 따른 파이서브의 상대별 비용","value":null,"period":"payment-network relationship observed 2026","basis_en":"Fiserv's counterparty-specific cost for use of the Visa payment network","qualifier":"confirmed_no_disclosed_value"},"note":"Clover가 읽은 카드 거래 데이터는 파이서브를 거쳐 Visa 네트워크로 전달되고 승인 응답이 돌아온다. Visa 결제망은 파이서브의 가맹점 처리 서비스에 직접 필요한 외부 인프라지만 상대별 비용은 공개되지 않았다.","note_en":"Card data read by Clover passes through Fiserv to the Visa network and the authorization response returns through that network. Visa's rail is a direct infrastructure input to Fiserv merchant processing, but counterparty-specific cost is undisclosed.","sources":[{"stance":"confirms","publisher":"MoneyWeek","publisher_en":"MoneyWeek","kind":"analysis","lang":"en","published_at":"2026-01-25","url":"https://moneyweek.com/investments/invest-in-payment-providers","title":"How to invest in the new breed of payment providers","title_en":"How to invest in the new breed of payment providers","excerpt":"MoneyWeek는 Clover가 읽은 카드 데이터를 파이서브를 통해 Visa 네트워크로 보내고 승인 응답을 돌려받는 흐름을 설명했다.","excerpt_en":"This system reads the customer’s card and then sends the data via Fiserv to the Visa network."}]},{"direction":"cost","counterparty":"Mastercard Inc","counterparty_slug":"mastercard","confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2026-08-04","basis":"Mastercard Merchant Cloud 통합 계약 금액","value":null,"period":"strategic global partnership announced 2026","basis_en":"Value of the Mastercard Merchant Cloud integration agreement","qualifier":"confirmed_no_disclosed_value"},"note":"파이서브는 Mastercard Merchant Cloud를 Commerce Hub에 통합해 결제 승인과 부가서비스를 제공한다. Mastercard의 가맹점 서비스가 파이서브 상품에 투입되지만 거래 조건은 공개되지 않았다.","note_en":"Fiserv is integrating Mastercard Merchant Cloud into Commerce Hub to provide payment acceptance and value-added services. Mastercard merchant services are an input to Fiserv's offering, but commercial terms were not disclosed.","sources":[{"stance":"confirms","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"news","lang":"ko","published_at":"2026-08-04","url":"https://kr.investing.com/news/company-news/article-93CH-2043666","title":"Fiserv, 마스터카드와 가맹점 서비스 협력","title_en":"Fiserv Partners with Mastercard on Merchant Services","excerpt":"이번 파트너십은 마스터카드 Merchant Cloud를 Fiserv Commerce Hub에 통합하여, 가맹점들이 온라인, 모바일 및 오프라인 채널 전반에 걸쳐 서비스에 접근할 수 있는 단일 연결 지점을 생성합니다.","excerpt_en":"The partnership integrates Mastercard Merchant Cloud into Fiserv Commerce Hub, creating one connection across online, mobile and in-store channels."},{"stance":"confirms","publisher":"파이서브","publisher_en":"Fiserv","kind":"ir","lang":"en","published_at":"2026-08-04","url":"https://investors.fiserv.com/news-releases/news-release-details/fiserv-and-mastercard-deepen-global-partnership-help-merchants","title":"Fiserv and Mastercard Deepen Global Partnership to Help Merchants Innovate & Expand","title_en":"Fiserv and Mastercard Deepen Global Partnership to Help Merchants Innovate & Expand","excerpt":"양사는 Mastercard Merchant Cloud를 Fiserv Commerce Hub에 통합해 여러 채널의 고급 가맹점 서비스를 단일 연결로 제공한다고 발표했다.","excerpt_en":"The companies will integrate Mastercard Merchant Cloud into Fiserv Commerce Hub."}]}]}