15 AI Stocks That Are On Sale

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12. Amkor Technology, Inc. (NASDAQ:AMKR)

Number of Hedge Fund Holders: 39

Expected Earnings Growth: 7.5%

P/E Ratio: 19.5

Amkor Technology, Inc. (NASDAQ:AMKR) is a provider of outsourced semiconductor packaging and test services. It is based in Tempe, Arizona.

Being a top outsourced semiconductor assembly and test (OSAT) company, Amkor Technology, Inc. (NASDAQ:AMKR) is an important part of the semiconductor supply chain. The company has been tirelessly working to provide its essential services through greater collaborations with bodies such as the US Department of Commerce, through which it has been working to secure $400 million in grants under the CHIPS and Science Act for building a new facility in Arizona. The new facility is expected to enable advanced packaging and testing for the high-performance computing, AI, communications, and automotive markets.

Amkor Technology, Inc.’s (NASDAQ:AMKR) strong presence in the OSAT space has resulted in the company generating higher revenues in the second quarter. From the computing end market alone, the company’s revenue increased 20% sequentially in the second quarter, primarily driven by strength in AI devices and new product introductions for ARM-based PCs. Overall revenue for the quarter was $1.46 billion, up 7% sequentially.

The company is guided for the remainder of 2024 by three principles. First, to provide leadership in tech through offering expanded capacity for supporting the growing demand for AI. Second, to expand Amkor Technology, Inc.’s (NASDAQ:AMKR) geographic footprint with its US manufacturing plans and government funding. And third, to focus on industry mega trends. Amkor Technology, Inc. (NASDAQ:AMKR) expects immense profitability in the third quarter on the touchstone of its current operations and these principles, with net income for the next quarter expected to rise by over 80% quarter-over-quarter.

In the second quarter, 39 hedge funds were long Amkor Technology, Inc. (NASDAQ:AMKR), with a total stake value of $404.3 million.

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