Phenomenal deep-dive! Your synthesis of AMKR's strategic positioning is exceptional. The connection between the Arizona facility, national security interests, and AMD's advanced packaging needs creates a powerful moat. I particularly appreciate your nuanced discussion of the SiC barriers to entry - the thermal management expertise isn't easily replicated. The 'too important to fail' framwork around government support is brilliantly articulated. Michel's 5-year hold thesis with 2029-2032 payoff window is compelling given the capex cycle.
Phenomenal deep-dive! Your synthesis of AMKR's strategic positioning is exceptional. The connection between the Arizona facility, national security interests, and AMD's advanced packaging needs creates a powerful moat. I particularly appreciate your nuanced discussion of the SiC barriers to entry - the thermal management expertise isn't easily replicated. The 'too important to fail' framwork around government support is brilliantly articulated. Michel's 5-year hold thesis with 2029-2032 payoff window is compelling given the capex cycle.