Between 2019 and 2023, TSMC's capital intensity was 46% before dropping to mid-30s in '24 and '25. The company spends ahead of growth but insists capacity is not built on speculation. Between 1997-2002, its capital intensity was 60% but 1997-2007 period saw 20% rev CAGR. Current revenue guidance for the next 5 yrs stands at 20%. TSMC, known for its capital discipline, spends based on its tech leadership, customer trust, sustained profitability and manufacturing agility.
Source: Sravan Kundojjala
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