Taiwan Semiconductor Manufacturing Company
TSMpublicSemiconductors (Foundry)
World's largest contract chipmaker — manufactures virtually all advanced AI chips (NVIDIA H/B series, Apple silicon, AMD, Qualcomm). TSMC's CAPEX is the best proxy for global AI chip supply capacity. CoWoS advanced packaging for HBM is a key AI bottleneck.
Latest News
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'25 | $11.2B | $33.0B | 33.9% | TSMC Q4 2025 Earnings (est.) |
| Q3'25 | $11.0B | $30.0B | 36.7% | TSMC Q3 2025 Earnings (est.) |
| Q2'25 | $10.8B | $28.0B | 38.6% | TSMC Q2 2025 Earnings |
| Q1'25 | $9.5B | $25.5B | 37.3% | TSMC Q1 2025 Earnings |
| Q4'24 | $7.2B | $26.9B | 26.8% | TSMC Q4 2024 Earnings |
| Q3'24 | $7.8B | $23.5B | 33.2% | TSMC Q3 2024 Earnings |
| Q2'24 | $7.7B | $20.8B | 37.0% | TSMC Q2 2024 Earnings |
| Q1'24 | $7.3B | $18.9B | 38.6% | TSMC Q1 2024 Earnings |
| Q4'23 | $7.0B | $19.6B | 35.7% | TSMC Q4 2023 Earnings |
| Q3'23 | $6.9B | $17.3B | 39.9% | TSMC Q3 2023 Earnings |
| Q2'23 | $6.8B | $15.7B | 43.3% | TSMC Q2 2023 Earnings |
| Q1'23 | $6.3B | $16.7B | 37.7% | TSMC Q1 2023 Earnings |
| Q4'22 | $9.0B | $19.9B | 45.2% | TSMC Q4 2022 Earnings |
| Q3'22 | $9.2B | $20.2B | 45.5% | TSMC Q3 2022 Earnings |
| Q2'22 | $9.1B | $18.2B | 50.0% | TSMC Q2 2022 Earnings |
| Q1'22 | $8.8B | $17.6B | 50.0% | TSMC Q1 2022 Earnings |
Q1'22 — Converted from TWD at 30 TWD/USD
Q2'22 — Converted from TWD at 30 TWD/USD
Q3'22 — Converted from TWD at 30 TWD/USD
Q4'22 — FY2022 total CAPEX: ~$36.3B
Q1'23 — Converted from TWD at 30 TWD/USD
Q2'23 — Converted from TWD at 30 TWD/USD
Q3'23 — Converted from TWD at 30 TWD/USD
Q4'23 — FY2023 total CAPEX: ~$27.0B (discipline after 2022 surge)
Q1'24 — Converted from TWD at 31 TWD/USD
Q2'24 — Converted from TWD at 31 TWD/USD
Q3'24 — Converted from TWD at 31 TWD/USD
Q4'24 — FY2024 total CAPEX: ~$30.0B
Q1'25 — Converted from TWD at 32 TWD/USD
Q2'25 — Converted from TWD at 32 TWD/USD
Q3'25 — Estimated. N2 ramp driving CAPEX acceleration.
Q4'25 — Estimated. FY2025 total est. ~$42.5B
Guidance Tracker
“We expect our 2025 capital budget to be between $38 billion and $42 billion, driven by N2 capacity build-out, CoWoS advanced packaging expansion, and Arizona fab investments.”
“We expect 2026 capital expenditure to be between $42B and $48B as N2 ramps to volume production and we accelerate our Arizona and Japan fab investments.”
“Our 5-year investment plan calls for continued capacity expansion through 2027-2028. A14/A16 process ramp and US fabs drive incremental CAPEX.”
Key Quotes
“AI-related demand is real and is accelerating. Our CoWoS capacity is sold out through 2025. We are expanding aggressively to meet demand from all our AI customers.”
Q4 2024 Earnings Call