Keep an eye on Taiwan Semiconductor (SYM: TSM).
After some recent weakness, it’s just starting to push higher again. Now, if it can break above prior resistance at around $184.86, it could challenge $200 shortly after.
Helping, analysts at Bernstein recently raised their price target to $200. The firm noted that, “high-end phone and advanced nodes are propelling TSM to top its 2024 guidance. Data center AI revenue is rising as planned, but more data indicating AI driving an upward shift in smartphone came as an upside surprise.”
Even better, according to analysts at Bank of America, TSM is an “indispensable and reliable partner” to Apple, as noted by CNBC.
“We believe the semi-demand upside from Apple can get bigger with its widening AI service, from a relatively low base,” added the firm. “TSMC is Apple’s supplier for the A- and M-series semiconductors and is well poised to benefit from multi-year growth.”