OSAT (packaging & test)
Amkor Technology
The largest US-headquartered OSAT (outsourced packaging and test). FY2025 revenue $6.7B. Its largest customer is Apple, whose chips it has packaged for over a decade; its $7B Arizona campus will package Apple silicon made at TSMC. Buys packaging equipment from ASMPT and BESI and substrates from suppliers such as Samsung Electro-Mechanics.
AMKR Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Amkor Technology is directly linked to 9 companies (8 supply, 1 revenue relationships) and reaches 12 companies within two hops; the links are backed by 15 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $6.7B
- Customer concentration · Largest customer Apple (10+ years). $7B Arizona campus to package Apple silicon and Nvidia.
- Segments · Advanced packaging · Mainstream packaging · Test
Revenue from
- fabless · IDM customers (NVIDIA et al.) High confidence· Revenue $6.7B · FY2025 · annual total revenue
Packages and tests chips for fabless/IDM customers such as NVIDIA (FY2025 revenue $6.7B, incl. the Arizona campus) — the AI-chip volumes they add flow directly into Amkor's back-end utilization, the bottleneck demand.Mentions EN Analyst consensus Published Jun 29, 2026: Amkor (AMKR) analysts: Buy consensus, AI advanced-packaging demand (target $78-82.5)Mentions EN Amkor Technology IR Accessed Jun 20, 2026: Amkor breaks ground on $7B Arizona packaging campus (Apple largest customer) - Apple High confidence
Amkor's first and largest customer, packaging Apple chips for over a decade — with the $7B Arizona campus set to package TSMC-made Apple silicon, Apple volume is the anchor of Amkor's US advanced packaging and the core of its single-customer concentration risk.Confirms KO Electronic Times Published Nov 19, 2025: Amkor Korea invests ₩270B in Songdo for AI chip packagingConfirms EN DigiTimes Published Dec 1, 2023: Amkor US advanced packaging, Apple to be first customerConfirms EN Amkor Technology IR Accessed Jun 20, 2026: Amkor breaks ground on $7B Arizona packaging campus (Apple largest customer)
Pays to
- Kulicke & Soffa High confidence
Buys bonding equipment from Kulicke & Soffa. - Cohu Medium confidence
Purchases test handlers and interfaces from Cohu. - Camtek Medium confidence
Buys inspection and metrology tools from Camtek. - Resonac Medium confidence
Buys packaging materials from Resonac. - BESI Medium confidence
Buys die-attach and hybrid-bonding tools from BESI. - Samsung Electro-Mechanics Medium confidence
Buys package substrates (FC-BGA, etc.) from suppliers such as Samsung Electro-Mechanics. - Disco Corporation Medium confidence
Purchases dicing and grinding equipment from Disco. - ASMPT Medium confidence
Buys die/wire bonders and back-end packaging tools from ASMPT — the advanced-packaging ramp's execution hinges on this tool lead time, an upstream constraint and the cost side of the OSAT bottleneck. - leadframes & materials (undisclosed) Low confidence
Buys leadframes, bonding wire and molding materials (suppliers undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Amkor Technology | node | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +79 |
| Samsung Electro-Mechanics | benef1 | -11.8 | -18.5 | -1.4 | -2.5 | +110 | +467.7 |
| Kulicke & Soffa | benef1 | +92.4 | -25.8 | +25.5 | -13.2 | -0.3 | +150.1 |
| Cohu | benef1 | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +141.4 |
| Resonac | benef1 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| BESI | benef1 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +56.2 |
| Camtek | benef1 | +110.1 | -52.3 | +215.9 | +18.3 | +31.7 | +35.2 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Ajinomoto | benef2 | +31 | +36 | +44.5 | +4 | +14.1 | +63.7 |
| Cosmo Advanced Materials & Technology | benef2 | +121.4 | +48.7 | +128.9 | -60.4 | -3.4 | -22.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
Amkor's thesis is 'the largest US OSAT chained to Apple and AI fabless.' It has packaged the chips of its largest customer Apple for over a decade and will package TSMC-made Apple silicon and NVIDIA at its $7B Arizona campus, standing at the gateway of US advanced packaging. In a bottleneck where fabless/IDM volumes flow into back-end utilization, the supply side (equipment makers) moved harder and earlier than the stock — FY2025 revenue $6.7B. In the graph it depends upstream on ASMPT, BESI, K&S, Disco and Camtek (tools) and Samsung Electro-Mechanics and Resonac (substrates/materials), selling packaging downstream to Apple, NVIDIA and others. The keys are the advanced-packaging ramp (flip-chip, hybrid bonding) and Arizona start-up; the risks are Apple single-customer concentration and capex payback.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 1 · Hold 2 · Sell 0 · Avg. target $87 · Price $71.09 (07-11) · Upside +22%