$ASX vs $MU: Two Semiconductor Stocks Tied to the AI Buildout ASX is the world's largest outsourced semiconductor assembly and test (OSAT) provider, while MU is a leading manufacturer of memory chips (DRAM, NAND, and high-bandwidth memory, or HBM). Both stocks have ridden the artificial intelligence (AI) boom, but through different segments: advanced chip packaging for ASX versus memory supply for MU. MU has delivered explosive top-line and earnings growth recently, with record gross margins near 87%, yet trades at a much lower forward valuation than ASX.