Although TSMC continues to aggressively expand its CoWoS capacity, supply still falls short of demand. As a result, excess demand is spilling over to other OSAT players—this has become one of the key narratives in the market recently. Chip-on-Wafer (CoW), being the most technically challenging step, is handled directly by TSMC, while Wafer-on-Substrate (WoS) is partially outsourced. WoS players are responsible for attaching the CoW to the substrate. $Amkor Technology(AMKR)$ is the largest OSAT company headquartered in the U.S., with manufacturing sites across Taiwan, South Korea, Japan, Vietnam, and Malaysia, which helps diversify geopolitical risk (many OSAT peers are heavily concentrated in Taiwan and China). Amkor also operates a fa