After hitting a four-year low in FY24, AMAT's TSMC revenue recovered well and hit an all-time high in FY25, driven by leading-edge logic. Its TSMC revenue grew 80% y/y in FY25, Samsung revenue up 31% and China down -16%. TSMC accounted for nearly 40% of AMAT's foundry/logic revenue in FY25. AMAT had $4.5B in GAA (gate-all-around) revenue and most of that is driven by TSMC. GAA capacity still has a long ramp ahead and will likely triple from current industry capacity. AMAT claims over 50% share of the GAA and backside power SAM, with roughly 30% incremental revenue per fab for GAA versus FinFET.
Source: Sravan Kundojjala
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