Asia Tech Wire (July 18) -- TSMC on Thursday raised the guidance for 2024 revenue growth to 24%~26%.

At an earnings conference for the second quarter of 2024 held Thursday, TSMC Chairman and President C.C. Wei expanded the initial definition of the wafer fabrication industry to "Foundry 2.0".

The new definition covers packaging, testing, mask making and others, as well as all integrated device manufacturers (IDMs) except memory manufacturing.

Under this definition, Wei expects the wafer fabrication industry to grow nearly 10% annually, while TSMC's market share in 2023 would be 28%.

He also pointed out the strong demand for TSMC's 3nm and 5nm processes this year, given the high demand for advanced processes in AI and smartphones.

Wei said TSMC raised its guidance for this year's revenue growth to the mid-20% range, or 24% to 26%.