Key takeaways from AMKR 3Q26 results

J.P. Morgan's Asia Tech team reviews Amkor's 3Q26 results and implications for the Asian tech supply chain. Both 4Q revenue and gross margin guidance came in below consensus (revenue $1.95bn vs $2.05bn; GM 18.5% vs 19%), driven by lukewarm communications and consumer demand, weaker Apple/QCOM momentum and supply constraints as AI crowds out capacity and inflated memory pricing weighs on consumer demand. Computing is expected to grow 30%+ in 2027, with an additional high-density fan-out CPU project for a CSP ramping in 3Q26 and two new networking/data center programs starting in 4Q26;