Between 1994 and 2019, only twice Intel spent less capex than TSMC. But from 2020, TSMC consistently outspent Intel. In 2025 alone, TSMC will spend $22B more capex than Intel. However, 47% of Intel's 2025 capex is offset by subsidies, partners (Apollo, Brookfield) and customer payments. In terms of real estate footprint, Intel has 70M+ sq ft vs TSMC's 120M+ sq ft.
Source: Sravan Kundojjala
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