# Qualcomm (QCOM)
> 세계 최대 모바일 AP·모뎀 팹리스로 ARM 기반 스냅드래곤을 설계, TSMC·삼성 파운드리에 위탁생산한다. 최첨단 물량은 대부분 TSMC로 이동(삼성과 2나노 재논의 중). 애플 등에 모뎀을 공급하고 EDA(시높시스·케이던스)·ARM IP에 의존.
Canonical: https://valuechain.wiki/qualcomm · Updated: 2026-07-12T06:23:06.621192+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Qualcomm의 직접 연결 기업은 18곳(관계 기준 공급 13·매출 5)이고, 사슬을 2차까지 넓히면 87곳에 닿는다. 링크의 근거 출처는 26건이며 그중 1차공시가 5건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2025(2025.9 결산) 매출 $442.8억(+13.7%)·영업이익 $123.6억. 애플·삼성·샤오미 각 10%+ 고객
- 고객 집중도: 파운드리 TSMC(+삼성). ARM IP·EDA(시놉시스·케이던스·지멘스) 의존. 애플·삼성·샤오미 각 매출 10%+, 애플은 자체 모뎀 전환으로 QCT 매출 감소 리스크.
- 사업부문: QCT (칩셋), QTL (라이선스)

## Annual stock return (as of 2026-07-10)
- 2021: +22.3%
- 2022: -38.6%
- 2023: +35.1%
- 2024: +8.3%
- 2025: +13.8%
- 2026 YTD: +11.7%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 제너럴 모터스 | lead2 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| LG전자 | lead1 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| 교세라 | lead1 | +7.5% | -2.1% | +33.8% | -24% | +46.7% | +63% |
| Apple | lead1 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| 샤오미 | lead1 | -43.9% | -21.1% | -4.6% | +209.7% | -6.9% | -27.2% |
| Qualcomm | node | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| Soitec | benef1 | -3.7% | -13.4% | -2.3% | -37.4% | -68.9% | +271.9% |
| UMC | benef1 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +215.1% |
| JCET | benef1 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| 삼성전자 | benef1 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| SMIC | benef1 | -29.6% | -7.4% | -18.3% | +169.9% | +98.4% | +5.6% |
| KYEC | benef1 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| 리노공업 | benef1 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| 삼성전기 | benef2 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| 주성엔지니어링 | benef2 | +127.9% | -42.6% | +173.3% | -3.1% | +30.7% | +364.1% |
| 섬코 | benef2 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| 피에스케이 | benef2 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef2 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| GlobalWafers | benef2 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ACM Research | benef2 | +4.9% | -72.9% | +153.4% | -22.7% | +161.3% | +161.1% |
| Kulicke & Soffa | benef2 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| 코후 | benef2 | -0.2% | -15.9% | +10.4% | -24.6% | -12.8% | +141.4% |
| 어플라이드 머티어리얼즈 | benef2 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 미디어텍 | benef2 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Arteris | benef2 | · | -79.6% | +37% | +73% | +52.1% | +124.3% |
| FormFactor | benef2 | +6.3% | -51.4% | +87.6% | +5.5% | +26.8% | +110.7% |
| 케이씨텍 | benef2 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 램리서치 | benef2 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| Onto Innovation | benef2 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| 심텍 | benef2 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| 대덕전자 | benef2 | +64.2% | -0.3% | +13.3% | -22.7% | +250.2% | +92.1% |
| KLA | benef2 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef2 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| AMEC | benef2 | -22.7% | -11.6% | +8.9% | +58.3% | +93.5% | +86.3% |
| Teradyne | benef2 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| ASMPT | benef2 | -29% | -12.4% | +21.8% | -4.8% | +47.6% | +82% |
| Resonac | benef2 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| 도쿄일렉트론 | benef2 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef2 | · | · | · | · | · | +76.3% |
| Entegris | benef2 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| Kokusai Electric | benef2 | · | · | · | -35.4% | +165.3% | +70% |
| Naura | benef2 | +41.3% | -17.2% | -2.6% | +65.9% | +70.6% | +68.7% |
| ASML | benef2 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| 후성 | benef2 | +59.9% | -33.5% | -34.5% | -39.1% | +67.4% | +62.2% |
| BESI | benef2 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef2 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 유진테크 | benef2 | +28.1% | -45.1% | +64.1% | -12.6% | +202.5% | +49.5% |
| Montage Technology | benef2 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| 신에쓰화학 | benef2 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| 삼성E&A | benef2 | +74.5% | +20% | -13.7% | -15.9% | +76.7% | +43.2% |
| Tokyo Ohka Kogyo | benef2 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Camtek | benef2 | +110.1% | -52.3% | +215.9% | +18.3% | +31.7% | +35.2% |
| Ebara | benef2 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef2 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| 파워텍 (PTI) | benef2 | +4.8% | -7.5% | +86% | -16% | +128.6% | +26% |
| Linde | benef2 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| 에어프로덕츠 | benef2 | +13.8% | +3.9% | -9% | +8.1% | -12.7% | +23.7% |
| Cadence Design Systems | benef2 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef2 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Advantest | benef2 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 스미토모화학 | benef2 | +19.6% | -9.1% | -27.7% | -2.2% | +43.9% | +16% |
| 네패스 | benef2 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| Merck KGaA | benef2 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| Air Liquide | benef2 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef2 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 원익IPS | benef2 | -19.7% | -19.8% | -0.2% | -25.5% | +408.8% | +9.3% |
| 한미반도체 | benef2 | +98.5% | -21.7% | +313.1% | +93.7% | +87.9% | +5.5% |
| 코보 | benef2 | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 이오테크닉스 | benef2 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| 아이에스시 | benef2 | +43.2% | +14.2% | +116.5% | -11.9% | +126.8% | +0.3% |
| HPSP | benef2 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef2 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| LG디스플레이 | benef2 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| Photronics | benef2 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 파크시스템스 | benef2 | +25.1% | +1.6% | +41.6% | +37.3% | +28.9% | -11.2% |
| 하나머티리얼즈 | benef2 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 동진쎄미켐 | benef2 | +28.1% | -13.7% | +16.1% | -42.8% | +160.1% | -15.8% |
| 유니테스트 | benef2 | +23.4% | -57.8% | +11.3% | -1.6% | +6.8% | -24.8% |
| 이엔에프테크놀로지 | benef2 | -32.9% | -23.6% | +1.3% | -16.1% | +204.6% | -28.4% |
| SFA반도체 | benef2 | -5.8% | -34.1% | +48.7% | -48.7% | +139.8% | -31.8% |
| 솔브레인 | benef2 | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |
| 에스앤에스텍 | benef2 | -17.3% | -5% | +45.8% | -31.2% | +210.8% | -47.5% |
| 이코르 | benef3 | +52.7% | -41.7% | +25.4% | -4.2% | -42.8% | +444.2% |
| 난야PCB | benef3 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| MKS Instruments | benef3 | +16.4% | -51% | +22.6% | +2.2% | +54.4% | +131% |
| Corning | benef3 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| LG전자 | benef3 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| Ajinomoto | benef3 | +31% | +36% | +44.5% | +4% | +14.1% | +63.7% |
| 어드밴스드에너지 | benef3 | -5.7% | -5.4% | +27.5% | +6.6% | +81.6% | +47.2% |
| TSMC | benef3 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| SMC Corporation | benef3 | +0.9% | +4.5% | +28.6% | -28% | +4.2% | +26.6% |
| 듀폰 | benef3 | +15.4% | -13.4% | +14.4% | +1% | +28.7% | +12.6% |
| 요코가와전기 | benef3 | -15.9% | +23.6% | +30.6% | +18.8% | +52.3% | +9.4% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 지멘스 | benef3 | +12.2% | +5.1% | +20.1% | +28% | +26.4% | +8.7% |
| 하나마이크론 | benef3 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| 티씨케이 | benef3 | -10.1% | -16.9% | +2.8% | -28.7% | +225.7% | -2.5% |
| 스카이웍스 솔루션스 | benef3 | +2.7% | -39.9% | +26.5% | -18.9% | -25.5% | -2.8% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| 닛토덴코 | benef3 | -4.3% | -2.9% | +51.3% | +14.7% | +26% | -5.9% |
| 히타치 | benef3 | +40.6% | +16.7% | +75.4% | +71.1% | +37.5% | -11.8% |
| 코스모신소재 | benef3 | +121.4% | +48.7% | +128.9% | -60.4% | -3.4% | -22.5% |
| 에코프로에이치엔 | benef3 | · | +4.6% | +17% | -47.7% | +38% | -32% |
| SFA | benef3 | -7.8% | +13% | -26.9% | -28.9% | +84.8% | -32.7% |

팹리스 모바일 AP·모뎀(스냅드래곤) 기업. 최근 몇 년간 견조한 상승이 이어졌고 2026년 +11.7%다. 공급단(평균 +154%)이 본주(+11.7%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 소이텍(+271.9%), 가장 처진 곳은 애플(+16.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. 파운드리 TSMC(+삼성). ARM IP·EDA 의존. 고객 스마트폰 OEM·애플. (analysis as of 2026-07-10)

## Money in · revenue from (6)
### LG전자 VS (전장 반도체) (high)  → /lg-electronics.md
- metric: 금액 4,146억원 · FY2025 LG전자 VS Chip
- note: LG전자 전장(VS) 텔레매틱스·인포테인먼트용 반도체를 공급(NXP 등과 함께) — FY2025 VS Chip 매입 4,146억원 축.
- [confirms] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-13) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260313000662: "LG전자 VS Chip 매입처 NXP·Qualcomm 등"

### Apple (high)  → /apple.md
- metric: 매출 ~$39B · FY2024 · 연간 매출
- note: Apple에 5G 모뎀 칩 공급.
- [confirms] 한국경제 (KO, news, published 2026-01-07) https://www.hankyung.com/article/2026010776221: "삼성과 2나노 파운드리 재논의."
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "In fiscal 2025, revenues from Apple, Samsung and Xiaomi each comprised 10% or more of consolidated revenues; Apple buys MDM (thin modem) products and is expected to increasingly use its own modem, a significant negative to QCT."
- [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."

### 스마트폰 OEM (삼성·샤오미 등) (high)
- metric: 매출 $27.8B · FY2025 · QCT 핸드셋 FY2025 매출(삼성 ≥10%)
- note: 스냅드래곤 AP·모뎀을 스마트폰 OEM에 공급.
- [confirms] 한국경제 (KO, news, published 2026-01-07) https://www.hankyung.com/article/2026010776221: "갤럭시·샤오미 등 스냅드래곤 탑재."
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT Handsets revenue $27,793M in FY2025; Samsung comprised 10%+ of consolidated revenues."

### 샤오미 (high)  → /xiaomi.md
- metric: 매출 비중 10% · FY2025 10-K 고객 집중도
- note: 플래그십 스냅드래곤 AP 판매(세계 3위 스마트폰 제조사).
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "Xiaomi comprised 10% or more of Qualcomm's fiscal 2025 consolidated revenues (three 10%+ customers at 21%/20%/13%)."
- [mentions] CNBC (EN, news, published 2025-05-19) https://www.cnbc.com/2025/05/19/chinas-xiaomi-commits-6point9-billion-to-in-house-chips.html: "Xiaomi flagship phones continue on Snapdragon."

### 교세라 (high)  → /kyocera.md
- note: 교세라 러기드 스마트폰(DuraForce)용 스냅드래곤 칩셋을 공급 — 퀄컴에겐 다수 단말 OEM 중 하나이나, 교세라 단말의 성능을 규정하는 핵심 공급 관계.
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT IoT revenue grew 22% to $6,617M in FY2025 (consumer, industrial, edge networking)."
- [confirms] Qualcomm (EN, news, published 2025-06-01) https://www.qualcomm.com/smartphones/device-finder/kyocera-corporation-duraforce-ultra-5g: "퀄컴 기기 파인더 — 교세라 DuraForce Ultra 5G(Snapdragon 탑재)."

### 제너럴 모터스 (mid)  → /general-motors.md
- metric: 매출 $4B · FY2025 · QCT 오토모티브 FY2025 매출(+36%, 다변화)
- note: GM 차량의 콕핏·텔레매틱스·ADAS 칩 공급.
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT Automotive revenue grew 36% to $3,957M in FY2025 (digital cockpit, ADAS/AD)."
- [confirms] Green Car Congress (EN, news, published 2021-01-27) https://www.greencarcongress.com/2021/01/20210127-qualcommgm.html: "Snapdragon platforms power GM digital cockpits and ADAS."

## Money out · pays to (14)
### JCET (high)  → /jcet.md
- note: JCET에서 후공정 조립·테스트 이용.
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [confirms] 트렌드포스 (EN, analysis, published 2025-05-13) https://www.trendforce.com/presscenter/news/20250513-12577.html: "JCET에서 후공정 조립·테스트 이용."
- [confirms] JCET (EN, ir, published 2025-05-01) https://www.jcetglobal.com/en/: "JCET에서 후공정 조립·테스트 이용."

### Arm Holdings (high)  → /arm.md
- note: Arm Holdings에서 CPU 아키텍처 IP 매입/사용.
- [confirms] 이코노미6 (KO, news, published 2026-01-15) https://www.economy6.com/2026/01/arm-stock.html: "애플·퀄컴·삼성·엔비디아가 ARM IP 사용."
- [confirms] 한국경제 (KO, news, published 2026-01-07) https://www.hankyung.com/article/2026010776221: "삼성과 2나노 파운드리 재논의."
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [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."
- [confirms] Arm IR (EN, ir, published 2024-07-01) https://investors.arm.com/static-files/219a3b28-f209-4d74-8bc6-f9e026d55a95: "FY2024 매출 $3.23B."
- [confirms] SEC EDGAR (EN, filing, published 2024-05-22) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ARM&type=20-F: "20-F: 라이선스·로열티 매출."

### TSMC (high)  → /tsmc.md
- note: TSMC에서 첨단 파운드리 위탁생산 매입/사용.
- [confirms] 한국경제 (KO, news, published 2026-01-07) https://www.hankyung.com/article/2026010776221: "삼성과 2나노 파운드리 재논의."
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [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."

### KYEC (mid)  → /kyec.md
- note: KYEC에서 반도체 테스트 이용.
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [confirms] KYEC (EN, ir, published 2025-05-01) https://www.kyec.com.tw/en/: "KYEC에서 반도체 테스트 이용."
- [confirms] Mordor Intelligence (EN, analysis, published 2025-01-01) https://www.mordorintelligence.com/industry-reports/osat-market/companies: "KYEC에서 반도체 테스트 이용."

### UMC (mid)  → /umc.md
- note: UMC에 성숙노드 위탁생산 지급.
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [confirms] Tom's Hardware (EN, news, published 2025-06-15) https://www.tomshardware.com/tech-industry/semiconductors/the-trailing-edge-foundry-roadmap-examined: "UMC의 주요 고객에 퀄컴 포함 — 22/28nm 성숙·특수공정 위탁(매출의 40%대)."

### 리노공업 (mid)  → /leeno.md
- note: 리노공업에서 테스트 소켓·핀 매입.
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [confirms] 리노공업 (EN, ir, published 2025-05-01) https://www.leeno.com: "리노공업에서 테스트 소켓·핀 매입."
- [confirms] 코머신 (KO, analysis, published 2025-01-01) https://www.komachine.com/ko/companies/leeno: "리노공업에서 테스트 소켓·핀 매입."

### Siemens EDA (mid)  → /siemens-eda.md
- note: 지멘스 EDA(Calibre 등) 라이선스 지급.
- [confirms] 위키백과 (KO, news, published 2026-01-01) https://ko.wikipedia.org/wiki/멘토_그래픽스: "Qualcomm가 지멘스 EDA(Calibre·Tessent·Questa) 라이선스로 칩 설계."
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [confirms] SemiWiki (EN, research, published 2025-06-01) https://semiwiki.com/wikis/company-wikis/mentor-graphics-wiki/: "Qualcomm가 지멘스 EDA(Calibre·Tessent·Questa) 라이선스로 칩 설계."

### Cadence Design Systems (mid)  → /cadence.md
- note: Cadence Design Systems에서 EDA 설계 툴 매입/사용.
- [confirms] 한국경제 (KO, news, published 2026-01-07) https://www.hankyung.com/article/2026010776221: "삼성과 2나노 파운드리 재논의."
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [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."

### 삼성전자 (mid)  → /samsung-electronics.md
- note: Samsung Electronics에서 파운드리 위탁생산(일부·2나노 논의) 매입/사용.
- [confirms] 한국경제 (KO, news, published 2026-01-07) https://www.hankyung.com/article/2026010776221: "삼성과 2나노 파운드리 재논의."
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [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."

### Synopsys (mid)  → /synopsys.md
- note: Synopsys에서 EDA 설계 툴 매입/사용.
- [confirms] 한국경제 (KO, news, published 2026-01-07) https://www.hankyung.com/article/2026010776221: "삼성과 2나노 파운드리 재논의."
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [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."

### Soitec (mid)  → /soitec.md
- note: RF 프런트엔드에 RF-SOI 기판 사용.
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "QCT utilizes a fabless production model; we rely on sole- or limited-source suppliers for some products, particularly in QCT."
- [confirms] Soitec/GlobeNewswire (EN, filing, published 2025-05-27) https://www.globenewswire.com/news-release/2025/05/27/3088835/0/en/soitec-reports-fourth-quarter-revenue-and-full-year-results-of-fiscal-year-2025.html: "RF 프런트엔드에 RF-SOI 기판 사용."

### RF·패키지 부품 (비공개) (low)
- note: RF 프런트엔드·패키지 부품(비공개).
- [mentions] 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: 부품 원가."

### 네패스 (low)  → /nepes.md
- note: RF·전력관리 부품의 웨이퍼레벨/팬아웃 패키징(FO-WLP·패널레벨) 공급 이력 — 네패스는 8/12인치 플립칩 범핑·팬아웃 패키징 제공사로, 퀄컴 RF 패키징 파트너로 거론된다(as_of 2023). 다만 FY2025 10-K는 개별 패키징 공급사를 명시하지 않아 금액·현재성은 미공시.
- [confirms] THE ELEC (EN, news, published 2023-04-07) https://www.thelec.net/news/articleView.html?idxno=4485: "Nepes Laweh saw its order for FO-PLP work for certain chips by Qualcomm canceled recently."
- [confirms] 디일렉 (KO, news, published 2023-04-06) https://www.thelec.kr/news/articleView.html?idxno=20537: "네패스라웨는 최근 대형 고객사인 미국 퀄컴으로부터 특정 칩 제품의 FO-PLP 물량 공급건에 관한 계약을 해지당했다."

### SMIC (low)  → /smic.md
- note: 성숙노드(28nm) 스냅드래곤·전력관리칩(PMIC) 위탁 이력의 레거시 관계 — 첨단 플래그십(스냅드래곤 8 Elite 2 등)은 TSMC N3P로 생산되고, 미 수출통제로 첨단노드 SMIC 위탁은 제한된다. 현재 유효성은 성숙노드·중저가 물량에 한정되며 FY2025 10-K는 특정 공급사를 명시하지 않는다.
- [confirms] SMIC (EN, ir, published 2025-05-01) https://www.smics.com/en/site/company_invest: "SMIC에서 레거시 파운드리 매입."
- [confirms] Statista (EN, analysis, published 2025-01-01) https://www.statista.com/chart/32653/market-share-of-semiconductor-foundries-by-revenue/: "SMIC에서 레거시 파운드리 매입."
- [mentions] Asian Legal Business (EN, news, published 2019-01-01) https://china.legalbusinessonline.com/news/qualcomm-turns-smic-snapdragon-chip-production/66127: "Qualcomm turned to SMIC for 28nm Snapdragon production; SMIC had previously made power-management chips for Qualcomm (legacy, mature node)."

## Investments (1)
### QSI 전략투자 (스타트업·자본배치) (high)
- note: 퀄컴은 QCT·QTL 외에 QSI(Qualcomm Strategic Investments)로 유망 기술 스타트업·기업에 전략적 지분 투자를 집행한다 — 자동차·IoT·AI 등 성장영역 생태계를 선점하고 미래 칩 수요를 심는 자본배치 구조로, 애플 모뎀 이탈에 대비한 다변화 전략과 맞물린다.
- [confirms] Qualcomm (SEC EDGAR) (EN, filing, published 2025-11-05) https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm: "We conduct business primarily through QCT and QTL, while QSI makes strategic investments."

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

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