A flip chip module comprising: • a carrier having a top surface; • a first mold compound residing on the top surface; • a first thinned flip chip die (34, 36) with no semiconductor substrate and residing over a first portion of the first mold compound and having a first set of interconnects (18, 20, 24) extending from the device layer and through the first portion of the first mold compound to the top surface wherein the first portion of the first mold compound fills a region between the first thinned flip chip die and the top surface, wherein the first thinned flip chip die provides an integrated passive device, IPD, or a microelectromechanical, MEMS, component; • a second mold compound residing over the carrier and in contact with the first mold compound and providing a first cavity over the first thinned flip chip die wherein the first cavity extends to a first die surface of the first thinned flip chip die, wherein the first die surface is an etch stop layer; • a third mold compound residing in the first cavity and covering the etch stop layer of the first thinned flip chip die, wherein the first mold compound, and the second mold compound, and the third mold compound are not the same with each having different physical properties, wherein the first mold compound includes a ferrite nanopowder to provide magnetic permeability, the second mold compound includes a filler to provide mechanical strength, and the third mold compound includes a thermally conductive additive to provide thermal conductance through the third mold compound; and • a second thinned flip chip die (34, 36) having no semiconductor substrate and residing over a second portion of the first mold compound and having a second set of interconnects extending through the second portion to the top surface wherein: • the second portion of the first mold compound fills a region between the second thinned flip chip die and the top surface; • the second mold compound provides a second cavity over the second flip chip die such that the second cavity extends to a second die surface of the second thinned flip chip die, wherein the second die surface is a second etch stop layer; and • the third mold compound resides in the second cavity and covers the second die surface of the second thinned flip chip die, and wherein the second flip chip die provides the other of the IPD or MEMS component. • a carrier having a top surface; • a first mold compound residing on the top surface; • a first thinned flip chip die (34, 36) with no semiconductor substrate and residing over a first portion of the first mold compound and having a first set of interconnects (18, 20, 24) extending from the device layer and through the first portion of the first mold compound to the top surface wherein the first portion of the first mold compound fills a region between the first thinned flip chip die and the top surface, wherein the first thinned flip chip die provides an integrated passive device, IPD, or a microelectromechanical, MEMS, component; • a second mold compound residing over the carrier and in contact with the first mold compound and providing a first cavity over the first thinned flip chip die wherein the first cavity extends to a first die surface of the first thinned flip chip die, wherein the first die surface is an etch stop layer; • a third mold compound residing in the first cavity and covering the etch stop layer of the first thinned flip chip die, wherein the first mold compound, and the second mold compound, and the third mold compound are not the same with each having different physical properties, wherein the first mold compound includes a ferrite nanopowder to provide magnetic permeability, the second mold compound includes a filler to provide mechanical strength, and the third mold compound includes a thermally conductive additive to provide thermal conductance through the third mold compound; and • a second thinned flip chip die (34, 36) having no semiconductor substrate and residing over a second portion of the first mold compound and having a second set of interconnects extending through the second portion to the top surface wherein: • the second portion of the first mold compound fills a region between the second thinned flip chip die and the top surface; • the second mold compound provides a second cavity over the second flip chip die such that the second cavity extends to a second die surface of the second thinned flip chip die, wherein the second die surface is a second etch stop layer; and • the third mold compound resides in the second cavity and covers the second die surface of the second thinned flip chip die, and wherein the second flip chip die provides the other of the IPD or MEMS component. • the second portion of the first mold compound fills a region between the second thinned flip chip die and the top surface; • the second mold compound provides a second cavity over the second flip chip die such that the second cavity extends to a second die surface of the second thinned flip chip die, wherein the second die surface is a second etch stop layer; and • the third mold compound resides in the second cavity and covers the second die surface of the second thinned flip chip die, and wherein the second flip chip die provides the other of the IPD or MEMS component.