ASE and Amkor investing in advanced packaging (CoWoS) rather than legacy wire bonding; structural margin expansion opportunity.
ASE and Amkor NOT investing in wire bonders; investing heavily in CoWoS and Advanced packaging. Clear strategic pivot away from legacy commoditized segments.
Conversations with ASE make this clear: They are NOT investing in wire bonders. They ARE investing heavily in: • CoWoS and other Advanced packaging. Amkor is doing the same. (6/10)
| Horizon | Raw move | vs SPY |
|---|---|---|
| 1 day | -3.4% | -4.2% |
| 1 week | -8.2% | -8.1% |
| 1 month | +11.0% | +11.0% |
| 3 months | — | — |
| 6 months | — | — |