TSMC's capex intensity stepped up after 2010. 2006-09 avg was 25%, 2010-15 jumped to 42%, 2016-25 settled at 39%. The current 33-34% (2024-26E) is a cyclical trough post-2010. Capex has grown slightly faster than revenue over 20 years, but slower over 15. But in the last 5 yrs rev grew +21.9% vs capex +19.0%. TSMC does not see sudden surge in capital intensity and sees revenue outpacing capex growth. Historically, high capex eras followed by high revenue CAGR eras. TSMC's current 5 yr revenue CAGR guidance is 25%.
Source: Sravan Kundojjala
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