2022 and 2023 haven't been great years for most of the semiconductor industry. PC and smartphone sales fell off a cliff after elevated pandemic-era consumer purchasing, and later in 2023, this was compounded by a drop in demand for some data center servers -- excluding those powered by Nvidia (NASDAQ: NVDA), of course. 

Semiconductor demand appears to be bottoming, though, and the industry could be heating up as 2024 draws near. Amkor Technology (NASDAQ: AMKR) is a top outsourced semiconductor assembly and test (OSAT) company, trading for a meager valuation of less than 10 times trailing-12-month earnings. Is it too cheap to ignore?

OSATs are an important part of the semiconductor supply chain. Once a fab (a facility that makes chips) is finished making silicon wafers, those wafers need to be chopped up into chips and packaged into a computing or electronics system. That's where Amkor and its OSAT peers, like Hon Hai Precision Industry (OTC: HNHPF) (better known as Foxconn, which handles a lot of Apple's (NASDAQ: AAPL) devices), ASE Technology, and Jabil Industry (NYSE: JBL) come in. 

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Source Fool.com