AMKR vs ASX: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
ASX is the larger of the two ($77.33B market cap): the incumbent the market prices for continued execution (19.11x forward earnings, beta 1.46). AMKR is the smaller challenger ($12.39B), priced similarly on forward earnings (17.67x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
AMKR vs ASX: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | AMKR | ASX | What it tells you |
|---|---|---|---|
| Market cap | $12.39B | $77.33B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 17.67 | 19.11 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 22.36 | 43.42 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 2.21 | 1.46 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 37% of range | 71% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.66 | 6.43 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how AMKR and ASX affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMKR and ASX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMKR and ASX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Amkor Technology (AMKR) do?
Amkor Technology is one of the world's largest outsourced semiconductor assembly and test (OSAT) providers. After chips are fabricated at TSMC, Samsung, Intel, or other foundries, they need to be packaged (mounted in protective enclosures, connected to external pins) and tested before being sold. Amkor performs this packaging and testing for major customers including Apple, NVIDIA, Qualcomm, AMD, and others.
What does ASE Technology Holding (ASX) do?
ASE Technology Holding (NYSE: ASX; TWSE: 3711) is the parent of Advanced Semiconductor Engineering and SPIL, together the largest provider of outsourced semiconductor assembly, test, and materials (the ATM segment) in the world. It also runs a sizable electronics manufacturing services (EMS) business through USI. The ATM segment packages and tests chips designed by fabless firms and manufactured by foundries, and it has become strategically central to AI computing through advanced packaging technologies such as fan-out wafer-level packaging, system-in-package, and support work tied to 2.5D/3D integration used in AI accelerators and high-bandwidth memory.
AMKR vs ASX: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- AMKR drivers: Advanced packaging for AI accelerators; US fab investment and onshore packaging.
- ASX drivers: AI-driven advanced packaging; Scale and market leadership.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: OSAT margins are structurally lower than fabless designers or pure foundries. For ASX, aSX is deeply cyclical and its results swing with semiconductor demand, inventory corrections, and smartphone and PC seasonality.
AMKR or ASX: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AMKR if you believe its drivers more; ASX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMKR and ASX guides.
AMKR vs ASX: the full fundamentals
AMKR. Amkor trades at a modest multiple typical for the OSAT industry: thin margins, capex-heavy. The premium versus pure commodity OSATs comes from the advanced packaging mix shift and the US-domestic positioning.
ASX. ASE reported Q1 2026 net revenue of about NT$173.7 billion, up roughly 17 percent year over year, with net income near NT$14.1 billion and EPS around NT$3.24, both up sharply from a year earlier. Q2 2026 revenue reached about NT$191 billion (roughly US$6.05 billion), up about 27 percent year over year. At a market cap near $93 billion and a forward P/E in the mid-to-high 20s, the stock prices in continued AI-packaging growth against a cyclical, capital-heavy base.
Headline figures (approximate, early 2026): AMKR shows revenue (ttm) ~$6 billion, operating margin ~8% (thin, typical for OSAT), net income (ttm) ~$300 million, eps (ttm) ~$1.10; ASX shows market cap ~$93 billion, revenue (ttm) ~$21 billion, q1 2026 revenue ~NT$173.7 billion (up ~17% YoY), q1 2026 gross margin ~20%.
The bottom line: AMKR vs ASX
AMKR and ASX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMKR and ASX exposure against your real portfolio. It is not an investment adviser.
Wondering how AMKR or ASX fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Amkor Technology with AI
Connect the broker you already use and ask Walnut's AI how AMKR fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between AMKR and ASX?
+
Amkor Technology is one of the world's largest outsourced semiconductor assembly and test (OSAT) providers. ASE Technology Holding (NYSE: ASX; TWSE: 3711) is the parent of Advanced Semiconductor Engineering and SPIL, together the largest provider of outsourced semiconductor assembly, test, and materials (the ATM segment) in the world. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AMKR or ASX the better stock?
+
Neither is universally better. ASX is the larger incumbent; AMKR is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AMKR or ASX?
+
On forward P/E (as of August 2026), AMKR trades at 17.67x and ASX at 19.11x, so AMKR is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AMKR and ASX?
+
Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AMKR vs ASX?
+
AMKR: OSAT margins are structurally lower than fabless designers or pure foundries. Capex requirements for advanced packaging are substantial. Customer concentration with the largest fabless designers is meaningful. ASX: ASX is deeply cyclical and its results swing with semiconductor demand, inventory corrections, and smartphone and PC seasonality. Advanced packaging is capital-intensive, so heavy capacity spending can pressure returns if AI demand cools or capacity outruns orders. Customer concentration among a few large chipmakers, pricing competition from Chinese OSAT firms such as JCET and Tongfu that benefit from domestic localization policy, and thin EMS margins all weigh on the outlook. As a Taiwan-based operating company, ASX also carries New Taiwan dollar currency risk and elevated geopolitical exposure tied to cross-strait tensions, and the ADR can trade with added volatility versus the local shares.
Related comparisons
Browse all stock comparisons.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AMKR or ASX; figures are approximate and dated (as of August 2026). Verify current data before investing.