TECH - Key Apple Supplier's Stock Gets 14 Upgrades In 2 Weeks Amid Soaring Demand: What's Going On? | Benzinga
The Taiwanese chip manufacturer Taiwan Semiconductor Manufacturing Company (NYSE:TSM) has seen a surge in analyst upgrades. This comes as the demand for artificial intelligence chips continues to rise.
What Happened: As many as 14 analysts have upgraded TSMC in the past two weeks, reported CNBC. The company’s stock has witnessed a 35% increase since the start of the year and a 60% rise over the past year.
"TSMC's shares remain attractive, as artificial intelligence-related demand continues to pleasantly surprise us, and there is limited downside to sentiment for the automotive and industrial markets," said Phelix Lee, equity analyst at Morningstar.
TSMC is the world’s leading producer of advanced processors, with a significant portion of its business driven by the AI sector. The company’s recent financial results, which exceeded revenue and profit expectations, have further bolstered its position.
“Without access to leading edge equipment, China has to order more legacy equipment to keep up with ...