TSMC's non-wafer revenue grew >2.5x in 2024 from 2019 levels (21% CAGR). The majority of non-wafer revenue is from advanced packaging, which will account for 10%+ of TSMC revenue in CY25. Non-wafer capex will grow by 33% to $4B+ in '25. GM for this business still below corporate average though.
Source: Sravan Kundojjala
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