What Amkor Technology, Inc. told the SEC could break it.

U.S.-China trade tensions and BIS export-licensing rules limiting exports of advanced computing chips and chipmaking equipment into China have already adversely affected, and may continue to affect, Amkor's operations.

“For example, changes in U.S.-China relations, the political environment or international trade policies could result in further revisions to laws or regulations or their interpretation and enforcement, increased taxation, trade sanctions, the imposition of import or export duties and tariffs, restrictions on imports or exports, currency revaluations or retaliatory actions, which have had and may continue to have an adverse effect on our business plans and operating results.”

Amkor's up-to-$407M CHIPS Act award for the Arizona facility (none yet received) carries construction-milestone covenants, events of default and clawback rights; OBBBA raised the related ITC from 25% to 35%.

“In December 2024, the Commerce Department awarded us up to $ 407 million in direct funding pursuant to the CHIPS Act for the Arizona Facility. The award agreement contains representations, warranties and covenants that relate to compliance with requirements, including construction milestones, and also includes certain events of default and related rights and remedies, including clawbacks.”

Amkor's revenue is highly concentrated — its ten largest customers were 72% of 2025 net sales, with one customer (Apple) at 29.8% and a second (Qualcomm) at 11.1%.

“Our ten largest customers accounted for 72% of our net sales in 2025. Direct sales to Apple and Qualcomm accounted for 29.8% and 11.1% of our net sales, respectively, for the year ended December 31, 2025.”

A significant portion of Amkor's PP&E and most production sits in foreign jurisdictions (China, Japan, Korea, Malaysia, Philippines, Portugal, Singapore, Taiwan, Vietnam), exposing it to international trade restrictions and regional conflict.

“We provide packaging and test services through our factories and other operations located in China, Japan, Korea, Malaysia, the Philippines, Portugal, Singapore, Taiwan and Vietnam. A significant portion of our property, plant and equipment is located outside of the United States, and many of our customers and the vendors in our supply chain are also located outside the United States.”

Amkor depends on vendors for packaging materials, and notes its customers rely on a limited number of suppliers for materials and silicon wafers — supply shortages/disruptions (incl. from conflicts) could materially harm results.

“Some of our customers are also dependent on a limited number of suppliers for certain materials and silicon wafers. Shortages or disruptions in our customers' supply channels, including any disruptions arising out of the conflicts in Ukraine and Israel or other future conflicts, could have a material adverse effect on our business, financial condition, results of operations and cash flows.”