Show Notes
Amkor (AMKR) stock: a solid Q3 2026 and a bigger Nvidia deal, so why are we still passing? In this video: what Amkor actually does in advanced packaging, what drove its Q3 2026 results and margin jump, and why we’d rather own the equipment makers behind packaging than the packager itself. Sponsored by Fiscal.ai. See disclosure in the sponsor block below.
Amkor posted Q3 2026 revenue of $1.99B (flat YoY), gross margin up about 400 bps to 18.3%, and net income up 50% YoY to roughly $191M. Free cash flow turned negative on $548M of capex, and Nvidia expanded its commitment to $3B total with a new $1.3B for South Korea. The stock now trades around a mid-teens forward P/E, but 2027 expansion spending could weigh on profits. That’s why we prefer packaging equipment exposure, like Applied Materials, which is raising its BESI stake to 20%.
Chapters 0:00 - Amkor Q3 2026 and the AI Packaging Bottleneck 1:05 - What Amkor Does: Advanced Packaging Explained 2:35 - Why Packaging Is Now a Key Industry Bottleneck 3:20 - Nvidia’s $3B Commitment and the TSMC Partnership 4:50 - Q3 Results: Revenue, Net Income, and Free Cash Flow 6:15 - Segment Breakdown: Computing and Auto Up 37% 7:10 - Why an 18% Gross Margin Isn’t a Red Flag 8:45 - Balance Sheet Strength and Q4 2026 Guidance 10:15 - Valuation Reset: Should AMKR Trade at a Premium? 12:00 - Our Verdict: Why We Prefer Packaging Equipment
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CSI doesn't own shares of Amkor as of publication. Positions can change without notice.
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