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TSMC and ASE revenue relationship decouples in early 2024

Wednesday, January 14, 2026 at 01:09 PM

TSMC and ASE revenue trends have decoupled in early 2024, signaling a shift in the traditional directional tracking of their financial performance within the semiconductor supply chain.

Context

The historical revenue correlation between TSMC and ASE broke down in early 2024 as the artificial intelligence boom created a divergent growth path for the two supply chain giants. While TSMC reported a massive 34.3% year-over-year surge in March 2024 revenue to NT$195.21 billion, contributing to a total first-quarter revenue of NT$592.64 billion, ASE’s growth remained comparatively muted. This decoupling reflects a fundamental shift where leading-edge foundry services are now accelerating far ahead of traditional outsourced assembly and test (OSAT) cycles. This divergence stems from TSMC’s dominance in the 3nm and 5nm nodes required for AI hardware and its successful expansion into internal CoWoS advanced packaging. While TSMC captures a larger share of the high-end value chain, ASE’s Q1 2024 manufacturing revenue remained nearly flat at approximately NT$73.32 billion. This reflects ASE’s greater exposure to the legacy consumer electronics sector, which faced a slower recovery and ongoing inventory adjustments compared to the explosive demand for AI-specific silicon.

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