What's Going On With Amkor Technology Stock Today?

Amkor Technology Inc AMKR shares are trading higher Thursday. The company announced plans to build an advanced facility that will package and test chips produced for Apple Inc AAPL.

What To Know: Amkor is set to invest $2 billion into a new facility to perform packaging and test services for Apple. Amkor has worked closely with Apple on the strategic vision and manufacturing capabilities of the facility. Apple is set to be the first and largest customer of the new facility.

"Expansion of a US semiconductor supply chain is underway, and as the largest US-headquartered advanced packaging company, we are excited to lead the charge in bolstering America's advanced packaging capabilities," said Giel Rutten, president and CEO of Amkor.

"The announcement of our new advanced packaging and test facility in Arizona is a clear signal of our intent to help our customers ensure resilient supply chains and be a part of a strong American semiconductor ecosystem."

The new manufacturing location will position Amkor among a strong ecosystem of front-end fabs, IDMs and suppliers in the area. The facility will run tests and package chips produced for Apple at the nearby TSMC fab. 

Amkor also noted that it has applied for CHIPS funding through the $52.7 billion CHIPS and Science Act program, which is set to award $39 billion to U.S. companies to finance construction, expansion and modernization of facilities and equipment.

See Also: Apple Resists Arm's Payment Hike Demand Despite IPO Pressure: Report

AMKR Price Action: Amkor shares were up 2.89% at $29.18 at the time of publication, according to Benzinga Pro.

Photo: Tom from Pixabay.