# OpenAI
> 생성형 AI 수요의 정점. 엔비디아 시스템 10GW 배치(엔비디아가 OpenAI에 최대 $1000억 투자)와 브로드컴 공동설계 커스텀 가속기 10GW(코드명 Nexus, 약 $3500억), MS 애저 $2500억 구매를 약속했다. 이 자본투자가 가치사슬 상류(칩·메모리·장비)로 흘러내리는 출발점이다. 비상장.
Canonical: https://valuechain.wiki/openai · Updated: 2026-07-12T05:39:06.086239+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 OpenAI의 직접 연결 기업은 8곳(관계 기준 공급 7·매출 0·투자 3)이고, 사슬을 2차까지 넓히면 45곳에 닿는다. 링크의 근거 출처는 15건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 생성형 AI 수요 정점
- 고객 집중도: 엔비디아·브로드컴·MS에 대규모 capex 약속.
- 사업부문: ChatGPT 구독, API, 엔터프라이즈

## Value-chain annual returns (top→bottom: demand → node → supply)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| OpenAI | node | · | · | · | · | · | · |
| AMD | benef1 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Broadcom | benef1 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 소프트뱅크그룹 | benef1 | +10.2% | +9.9% | +39.2% | +6.5% | +8.5% | +3.2% |
| 마이크로소프트 | benef1 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| Oracle | benef1 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| AT&S | benef2 | +57.5% | -22% | -27.6% | -41.3% | +188.9% | +390.3% |
| Micron Technology | benef2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| Western Digital | benef2 | +17.7% | -51.6% | +66% | +13.9% | +283.7% | +238.4% |
| Seagate | benef2 | +87.5% | -51.4% | +69.1% | +4.1% | +225.3% | +231.4% |
| UMC | benef2 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +215.1% |
| Intel | benef2 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +197.7% |
| Marvell | benef2 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| ASE테크놀로지 | benef2 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Astera Labs | benef2 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef2 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 유니마이크론 | benef2 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| 글로벌파운드리 | benef2 | · | -17.1% | +12.5% | -29.2% | -18.6% | +97.8% |
| Ciena | benef2 | +45.6% | -33.8% | -11.7% | +88.4% | +175.8% | +97% |
| Vertiv | benef2 | +33.8% | -45.3% | +251.8% | +136.8% | +42.8% | +96.9% |
| 크레도 | benef2 | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| 삼성전자 | benef2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| GE Vernova | benef2 | · | · | · | · | +99% | +67.3% |
| Caterpillar | benef2 | +16% | +18.6% | +25.9% | +24.7% | +60.3% | +67% |
| Keysight | benef2 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| Monolithic Power | benef2 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Wiwynn | benef2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| TSMC | benef2 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Arista Networks | benef2 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| Equinix | benef2 | +20.3% | -21.1% | +25.4% | +19.5% | -16.9% | +38.6% |
| Quanta | benef2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| Cummins | benef2 | -1.7% | +14.1% | +1.7% | +48.9% | +49.4% | +33.3% |
| Eaton | benef2 | +46.7% | -7.2% | +56.2% | +39.5% | -2.8% | +28.6% |
| NVIDIA | benef2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Schneider Electric | benef2 | +25.9% | +1.6% | +25.8% | +36.1% | +0.5% | +13% |
| Foxconn | benef2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| 돗판인쇄 | benef2 | +49.3% | -2.1% | +99.1% | +8.1% | +10.7% | +9.9% |
| IREN | benef2 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| Super Micro | benef2 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| IonQ | benef2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| Brookfield | benef2 | · | · | +45.6% | +39.7% | -0.2% | -9% |
| Constellation Energy | benef2 | · | · | +37.2% | +92.7% | +58.8% | -28.6% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 주성엔지니어링 | benef3 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| Soitec | benef3 | -3.7% | -13.4% | -2.3% | -37.4% | -68.9% | +271.9% |
| 키옥시아 | benef3 | · | · | · | · | +1082.1% | +260.5% |
| Dell | benef3 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| Murata | benef3 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef3 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| Bloom Energy | benef3 | -23.5% | -12.8% | -22.6% | +50.1% | +291.2% | +181.5% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| Nebius | benef3 | · | · | · | · | +202.2% | +162.4% |
| ACM Research | benef3 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef3 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef3 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| Corning | benef3 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef3 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| FormFactor | benef3 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef3 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef3 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| Onto Innovation | benef3 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef3 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef3 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef3 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| onsemi | benef3 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| 퀴니티 일렉트로닉스 | benef3 | · | · | · | · | · | +76.3% |
| Coherent | benef3 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef3 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef3 | · | · | · | -35.4% | +165.3% | +70% |
| InnoLight | benef3 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 후성 | benef3 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Sumitomo Electric | benef3 | +11.4% | +6.3% | +30.8% | +52.9% | +139% | +55.3% |
| Delta Electronics | benef3 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Fujimi | benef3 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef3 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| Analog Devices | benef3 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef3 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef3 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef3 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| ABB | benef3 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| 파워텍 (PTI) | benef3 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 페가트론 | benef3 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| 에어프로덕츠 | benef3 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Luxshare | benef3 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef3 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Amphenol | benef3 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef3 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| 니콘 | benef3 | +46.2% | +10.9% | +23.1% | +13.7% | +19.7% | +15.9% |
| FANUC | benef3 | -16.5% | +4.4% | -8.1% | +15.6% | +37.7% | +15.3% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| 위스트론 | benef3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| AGC | benef3 | +50% | -4.7% | +21.5% | -15.8% | +32.7% | +14.4% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef3 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef3 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 원익IPS | benef3 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| 한미반도체 | benef3 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| Cameco | benef3 | +63.2% | +4.3% | +90.5% | +19.5% | +78.4% | +4.9% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| 코보 | benef3 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef3 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef3 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| BlackRock | benef3 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| LG디스플레이 | benef3 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Phison | benef3 | +26.8% | -10.7% | +45.1% | -6.7% | +418.3% | -6% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| Mobileye | benef3 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| 파크시스템스 | benef3 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| TE Connectivity | benef3 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef3 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| D-Wave Quantum | benef3 | · | -85.3% | -38.9% | +854.5% | +211.3% | -23.2% |
| 유니테스트 | benef3 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| Rigetti Computing | benef3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| 이엔에프테크놀로지 | benef3 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| SFA반도체 | benef3 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| Oklo | benef3 | · | +0.7% | +6.5% | +101% | +238% | -31.9% |
| BYD일렉트로닉스 | benef3 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |
| 솔브레인 | benef3 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| UBTech | benef3 | · | · | · | -21.6% | +95.4% | -39.2% |
| 에스앤에스텍 | benef3 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |

오픈AI의 논점은 '전체 AI capex 사이클의 발원지'라는 데 있다. 생성형 AI 컴퓨트 수요의 정점으로서 엔비디아 시스템 10GW($1000억 투자)·브로드컴 공동설계 커스텀 가속기 10GW(약 $3500억)·MS 애저 $2500억 구매를 약정했고, 이 자본이 스타게이트 등을 거쳐 칩·메모리·전력·장비로 흘러내린다. 비상장이라 본주가 없어, 그 수요는 오직 사슬 아래 공급단(삼성전기·AT&S·소이텍 등)의 폭등으로만 드러난다. 핵심 관전점은 이 천문학적 약정이 실제 자금조달·전력 확보·부지로 이행되느냐 — 약정과 이행 사이의 간극이 AI 사슬 전체의 최대 변수다. 그래프 파급: 이 노드는 수요의 종착이자 상류 전이의 시작점인 허브다. (analysis as of 2026-06-23)

## Money in · revenue from (2)
### 엔터프라이즈·API 고객 (mid)
- note: 기업용 API·엔터프라이즈 매출(비공개 세부).
- [confirms] OpenAI (EN, filing, published 2025-06-01) https://openai.com/api/: "OpenAI 공식: 엔터프라이즈·개발자 대상 유료 API로 매출 발생."

### 소비자·기업 (ChatGPT 구독) (mid)
- note: ChatGPT 유료 구독 매출(비공개 세부).
- [confirms] OpenAI (EN, filing, published 2025-06-01) https://openai.com/chatgpt/pricing/: "OpenAI 공식: ChatGPT Plus·Pro·Team·Enterprise 구독으로 소비자·기업 매출."

## Money out · pays to (7)
### Broadcom (high)  → /broadcom.md
- note: 브로드컴과 커스텀 가속기 10GW 공동설계(Nexus, 약 $3500억).
- [confirms] DCD (EN, news, published 2026-05-01) https://www.datacenterdynamics.com/en/news/openai-and-broadcom-in-discussions-over-financing-of-18bn-custom-chip-project-report/: "브로드컴 공동설계 커스텀 가속기 10GW(코드명 Nexus)."
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/OpenAI: "브로드컴 공동설계 커스텀 가속기 10GW(코드명 Nexus)."
- [confirms] DatacenterDynamics (DCD) (EN, news, published 2025-10-13) https://www.datacenterdynamics.com/en/news/openai-partners-with-broadcom-for-development-of-custom-ai-accelerators-and-ethernet-solutions/: "오픈AI 자체 설계 맞춤 가속기 총 10GW, 브로드컴 이더넷으로 스케일(2029년까지 배치)."

### 마이크로소프트 (high)  → /microsoft.md
- note: MS 애저 클라우드 $2500억 구매 약속.
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/OpenAI: "MS 애저 $2500억 구매 약속."
- [confirms] CNBC (EN, news, published 2025-09-22) https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.html: "MS 애저 $2500억 구매 약속."

### NVIDIA (high)  → /nvidia.md
- note: 엔비디아 시스템 10GW 배치, 엔비디아가 최대 $1000억 상호투자.
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/OpenAI: "엔비디아 10GW 시스템 구매, 최대 $1000억 상호투자."
- [confirms] Network World (EN, news, published 2025-09-23) https://www.networkworld.com/article/4061728/nvidia-and-openai-open-100b-10-gw-data-center-alliance.html: "오픈AI가 최소 10GW 규모 엔비디아 시스템 배치(1단계 2026년 하반기 Vera Rubin)."
- [confirms] CNBC (EN, news, published 2025-09-22) https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.html: "엔비디아 10GW 시스템 구매, 최대 $1000억 상호투자."

### CoreWeave (high)  → /coreweave.md
- note: 코어위브에서 GPU 클라우드 컴퓨트 임차.
- [confirms] 지디넷코리아 (KO, news, published 2025-09-16) https://zdnet.co.kr/view/?no=20250916175927: "코어위브에서 GPU 클라우드 컴퓨트 임차."

### Oracle (high)  → /oracle.md
- note: 스타게이트 컴퓨팅을 오라클 OCI에서 조달.
- [confirms] Data Center Frontier (EN, news, published 2025-09-29) https://www.datacenterfrontier.com/machine-learning/article/55319132/scaling-stargate-openais-five-new-us-data-centers-push-toward-10-gw-ai-infrastructure: "오라클이 주 클라우드 파트너로 스타게이트 신규 5곳 중 3곳 주도."
- [confirms] Data Center Frontier (EN, news, published 2025-09-01) https://www.datacenterfrontier.com/machine-learning/article/55316610/openai-and-oracles-300b-stargate-deal-building-ais-national-scale-infrastructure: "스타게이트 컴퓨팅을 오라클 OCI에서 조달."
- [confirms] OpenAI (EN, news, published 2025-07-22) https://openai.com/index/stargate-advances-with-partnership-with-oracle/: "스타게이트 컴퓨팅을 오라클 OCI에서 조달."

### Cerebras (high)  → /cerebras.md
- note: 추론을 엔비디아 외 Cerebras 웨이퍼스케일에서도 조달.
- [confirms] Futurum (EN, filing, published 2026-04-17) https://futurumgroup.com/insights/cerebras-s-1-teardown-is-the-23b-wafer-scale-ipo-the-end-of-gpu-homogeneity/: "추론을 엔비디아 외 Cerebras 웨이퍼스케일에서도 조달."

### AMD (mid)  → /amd.md
- note: AMD MI 가속기도 일부 도입(멀티벤더).
- [confirms] The Motley Fool (EN, research, published 2026-02-24) https://www.fool.com/investing/2026/02/24/amds-mi450-chip-just-landed-its-first-mega-deal-he/: "AMD-오픈AI 6GW 계약, MI450 배치에 워런트 1.6억 주(지분 10%) 연동."
- [mentions] CNBC (EN, news, published 2025-09-22) https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.html: "OpenAI는 엔비디아 외 AMD 가속기도 멀티벤더로 활용."

## Investors (4)
### 소프트뱅크 (high)  → /softbank.md
- metric: 점유율 13%
- note: 지분 약 13% 보유(MS 다음) — 스타게이트 재무 리드 파트너.
- [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 13% ownership positions it as one of OpenAI's largest shareholders."

### NVIDIA (high)  → /nvidia.md
- note: 엔비디아가 OpenAI에 최대 $1000억 투자(비지배 지분).
- [confirms] Network World (EN, news, published 2025-09-23) https://www.networkworld.com/article/4061728/nvidia-and-openai-open-100b-10-gw-data-center-alliance.html: "엔비디아가 오픈AI에 최대 1000억 달러 투자."
- [confirms] CNBC (EN, news, published 2025-09-22) https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.html: "엔비디아가 OpenAI에 최대 $1000억 투자(비지배 지분)."

### 마이크로소프트 (high)  → /microsoft.md
- note: 마이크로소프트가 OpenAI 최대 투자자(애저 독점·이익배분).
- [confirms] CNBC (EN, news, published 2025-10-28) https://www.cnbc.com/2025/10/28/open-ai-for-profit-microsoft.html: "2025.10.28 영리 전환: MS가 OpenAI 지분 27%(약 $1,350억)·애저 독점·2032 기술권."

### 소프트뱅크 그룹 (high)
- note: 소프트뱅크 누적 투자 $646억으로 약 13% 지분.
- [confirms] Data Center Frontier (EN, news, published 2025-09-29) https://www.datacenterfrontier.com/machine-learning/article/55319132/scaling-stargate-openais-five-new-us-data-centers-push-toward-10-gw-ai-infrastructure: "소프트뱅크가 지분·에너지 개발 파트너로 신규 2개 사이트 주도."

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

## 이 노드를 다룬 분석 (4)
- [수요의 일부는 공급자의 대차대조표에서 나온다: 회로형 금융의 취약점](https://valuechain.wiki/analysis/circular-ai-financing.md) (2026-06-23)
- [같은 칸이 두 번 끓는다: 닷컴 공급사슬 과부하는 지금도 진행 중이다](https://valuechain.wiki/analysis/dotcom-supply-chain.md) (2026-06-23)
- [돈의 입구는 하나다: AI 수요는 하이퍼스케일러 capex 한 곳으로 수렴한다](https://valuechain.wiki/analysis/ai-capex-demand-to-supply.md) (2026-06-23)
- [페레스의 시계: 설치기의 광기가 배치기의 인프라를 남긴다](https://valuechain.wiki/analysis/perez-tech-cycle.md) (2026-06-23)

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