# If Nikon moves, who benefits? How far does the value-chain ripple reach?
Canonical: https://valuechain.wiki/nikon · Facet: ripple · Updated: 2026-07-12T03:30:27.982+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Per the valuechain.wiki graph, Nikon is directly linked to 3 companies (2 supply, 1 revenue relationships) and reaches 12 companies within two hops; the links are backed by 10 dated sources, 1 of them primary filings (as of 2026-07-12).

Nikon operates across Nikkei 225, ArF litho, no EUV. It is -2.4% in 2026. The supply side (avg +51.2%) has moved harder than the stock (-2.4%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Intel (+159.6%) and the furthest behind is Sony Semiconductor Solutions (+12.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. What to watch now: a mature-node re-entry leveraging the ArF-immersion duopoly (ASML/Nikon), and whether diversification into healthcare and cinema (RED) can fill the structural ceiling on the lithography franchise.

## Demand chain (leading)
- T1 Intel (https://valuechain.wiki/intel.md)
- T2 Lenovo (https://valuechain.wiki/lenovo.md)
- T3 Waters Corporation (https://valuechain.wiki/waters.md)
- T2 Dell Technologies (https://valuechain.wiki/dell.md)
- T3 IREN (https://valuechain.wiki/iren.md)
- T2 HP Inc. (https://valuechain.wiki/hp.md)
- T2 Microsoft (https://valuechain.wiki/microsoft.md)
- T3 OpenAI (https://valuechain.wiki/openai.md)
- T3 Snowflake (https://valuechain.wiki/snowflake.md)
- T3 ServiceNow (https://valuechain.wiki/servicenow.md)
- T3 Walmart Inc (https://valuechain.wiki/walmart.md)
- T3 Starbucks Corp (https://valuechain.wiki/starbucks.md)
- T3 Costco Wholesale (https://valuechain.wiki/costco.md)
- T3 Johnson Controls (https://valuechain.wiki/johnson-controls.md)
- T3 Parker-Hannifin Corporation (https://valuechain.wiki/parker-hannifin.md)
- T3 Accenture plc (https://valuechain.wiki/accenture.md)
- T3 Stryker Corporation (https://valuechain.wiki/stryker.md)
- T3 Adobe Inc. (https://valuechain.wiki/adobe.md)
- T3 3M Company (https://valuechain.wiki/3m.md)
- T3 Illinois Tool Works Inc. (https://valuechain.wiki/illinois-tool-works.md)
- T3 Boston Scientific Corporation (https://valuechain.wiki/boston-scientific.md)
- T3 Autodesk, Inc. (https://valuechain.wiki/autodesk.md)
- T3 Rockwell Automation, Inc. (https://valuechain.wiki/rockwell-automation.md)
- T3 Take-Two Interactive Software, Inc. (https://valuechain.wiki/take-two-interactive.md)
- T3 Roper Technologies (https://valuechain.wiki/roper-technologies.md)
- T3 Kenvue Inc. (https://valuechain.wiki/kenvue.md)
- T3 Axon Enterprise, Inc. (https://valuechain.wiki/axon-enterprise.md)
- T3 The Kraft Heinz Company (https://valuechain.wiki/kraft-heinz.md)
- T3 Fiserv (https://valuechain.wiki/fiserv.md)
- T3 Otis Worldwide Corporation (https://valuechain.wiki/otis-worldwide.md)
- T3 Cognizant Technology Solutions Corporation (https://valuechain.wiki/cognizant.md)
- T3 Dover Corporation (https://valuechain.wiki/dover.md)
- T3 Veralto Corporation (https://valuechain.wiki/veralto.md)
- T3 Ralph Lauren Corporation (https://valuechain.wiki/ralph-lauren.md)
- T2 Alphabet (Google) (https://valuechain.wiki/alphabet.md)
- T3 Anthropic (https://valuechain.wiki/anthropic.md)
- T3 Planet Labs (https://valuechain.wiki/planet-labs.md)
- T3 McDonald's (https://valuechain.wiki/mcdonalds.md)
- T3 MercadoLibre, Inc. (https://valuechain.wiki/mercadolibre.md)
- T3 Shopify (https://valuechain.wiki/shopify.md)
- T3 Uber (https://valuechain.wiki/uber.md)
- T3 LVMH Moet Hennessy Louis Vuitton (https://valuechain.wiki/lvmh.md)
- T3 Recursion Pharmaceuticals (https://valuechain.wiki/recursion.md)
- T3 Intuit Inc. (https://valuechain.wiki/intuit.md)
- T3 Workday, Inc. (https://valuechain.wiki/workday.md)
- T3 Salesforce, Inc. (https://valuechain.wiki/salesforce.md)
- T3 Booking Holdings Inc. (https://valuechain.wiki/booking-holdings.md)
- T3 HCA Healthcare, Inc. (https://valuechain.wiki/hca-healthcare.md)
- T3 DoorDash, Inc. (https://valuechain.wiki/doordash.md)
- T3 AppLovin Corporation (https://valuechain.wiki/applovin.md)
- T3 Cintas Corporation (https://valuechain.wiki/cintas.md)
- T3 Colgate-Palmolive Company (https://valuechain.wiki/colgate-palmolive.md)
- T3 Honeywell Technologies (https://valuechain.wiki/honeywell-technologies.md)
- T3 AutoZone (https://valuechain.wiki/autozone.md)
- T3 eBay Inc. (https://valuechain.wiki/ebay.md)
- T3 Expedia Group, Inc. (https://valuechain.wiki/expedia-group.md)
- T3 Ingersoll Rand Inc. (https://valuechain.wiki/ingersoll-rand.md)
- T3 Omnicom Group Inc. (https://valuechain.wiki/omnicom-group.md)
- T2 Mercury Systems (https://valuechain.wiki/mercury-systems.md)
- T3 RTX (https://valuechain.wiki/rtx.md)
- T3 Lockheed Martin (https://valuechain.wiki/lockheed-martin.md)
- T2 ASUSTeK Computer (https://valuechain.wiki/asustek.md)
- T2 F5, Inc. (https://valuechain.wiki/f5.md)

## Supply chain (benefiting)
- T1 Sony Semiconductor Solutions (https://valuechain.wiki/sony-semiconductor.md)
- T2 TSMC (https://valuechain.wiki/tsmc.md)
- T3 Applied Materials (https://valuechain.wiki/applied-materials.md)
- T3 Lam Research (https://valuechain.wiki/lam-research.md)
- T3 Siemens EDA (https://valuechain.wiki/siemens-eda.md)
- T3 SCREEN Holdings (https://valuechain.wiki/screen-holdings.md)
- T3 JSR Corporation (https://valuechain.wiki/jsr.md)
- T3 Lasertec (https://valuechain.wiki/lasertec.md)
- T3 Tokyo Ohka Kogyo (TOK) (https://valuechain.wiki/tokyo-ohka.md)
- T3 Disco Corporation (https://valuechain.wiki/disco.md)
- T3 Entegris (https://valuechain.wiki/entegris.md)
- T3 KLA (https://valuechain.wiki/kla.md)
- T3 Onto Innovation (https://valuechain.wiki/onto-innovation.md)
- T3 ASM International (https://valuechain.wiki/asm-international.md)
- T3 Resonac (https://valuechain.wiki/resonac.md)
- T3 Hitachi High-Tech (https://valuechain.wiki/hitachi-hightech.md)
- T3 BESI (https://valuechain.wiki/besi.md)
- T3 HPSP (https://valuechain.wiki/hpsp.md)
- T3 Tokyo Electron (TEL) (https://valuechain.wiki/tokyo-electron.md)
- T3 Shin-Etsu Chemical (https://valuechain.wiki/shin-etsu.md)
- T3 SUMCO Corporation (https://valuechain.wiki/sumco.md)
- T3 Synopsys (https://valuechain.wiki/synopsys.md)
- T3 Cadence Design Systems (https://valuechain.wiki/cadence.md)
- T3 GlobalWafers (https://valuechain.wiki/globalwafers.md)
- T3 Teradyne (https://valuechain.wiki/teradyne.md)
- T3 Advantest (https://valuechain.wiki/advantest.md)
- T3 Global Unichip (https://valuechain.wiki/global-unichip.md)
- T3 Ebara (https://valuechain.wiki/ebara.md)
- T3 Linde (https://valuechain.wiki/linde.md)
- T3 Air Liquide (https://valuechain.wiki/air-liquide.md)
- T3 Fujimi Incorporated (https://valuechain.wiki/fujimi.md)
- T3 Leeno Industrial (https://valuechain.wiki/leeno.md)
- T3 Photronics (https://valuechain.wiki/photronics.md)
- T3 ASML (https://valuechain.wiki/asml.md)
- T3 Qnity Electronics (https://valuechain.wiki/qnity-electronics.md)
- T3 EO Technics (https://valuechain.wiki/eo-technics.md)
- T1 Tower Semiconductor (https://valuechain.wiki/tower-semiconductor.md)

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Full node: https://valuechain.wiki/nikon.md · JSON: https://valuechain.wiki/nikon.json