Amkor Technology, Inc.
Information Technology · Semiconductors & Semiconductor Equipment
Structural: OSAT is the bottleneck downstream of $TSM's CoWoS - every HBM-attached AI die has to be packaged and tested before it ships, and the packaging step has gone from commodity backend to gating capacity for the entire AI build-out.
Amkor is the only Western-listed pure-play and the designated US partner for the Apple Arizona fab (~$2B Peoria, AZ facility, CHIPS Act funded, online 2027-2028).
- Sole-source advanced-packaging partner for $AAPL at TSMC Arizona - multi-year sticky volume from FY27 onwards
- ~$2B Peoria facility (CHIPS Act $407M direct + ITC) makes AMKR the only at-scale on-shore OSAT; structural moat vs ASE / SPIL
- Advanced packaging mix (2.5D, fan-out, SiP) growing double-digit while mainstream wirebond stays flat - margin mix shift
- Automotive + ADAS exposure (~20% of revenue) is recovering off the 2024-2025 inventory bottom
- Communications segment (~40% of revenue) tied tightly to iPhone cycle - single-customer concentration risk
- ASE/SPIL out-spend AMKR on capex 3:1; share gains in HBM packaging are not guaranteed
- Memory packaging is captive at $MU / $SK Hynix / $005930 - AMKR's HBM exposure routes through logic side, not the stack itself
- Capex intensity stays elevated (~15-18% of revenue) through Arizona ramp - FCF compressed FY26-27
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