<div id="readability-page-1"><p>Taiwan Semiconductor Manufacturing Company Limited's (TSM) stock still looks attractive after its massive rally. That may sound hard to debate after such a huge run, but recent data has made it clear that the business is still benefiting from much larger forces than those of a typical semiconductor cycle.</p><h3>Claim 55% Off TipRanks</h3><ul><li>Unlock  hedge fund-level data  and  powerful investing tools  for smarter, sharper decisions  </li><li> Discover top-performing stock ideas and upgrade to a portfolio of market leaders with  Smart Investor Picks  </li></ul> <p>Demand for advanced chips remains extremely strong, and margins of this contract chipmaker continue to reflect enormous operating leverage. At the same time, management's outlook suggests the artificial intelligence (AI) buildout still has a long way to run. That makes the valuation look reasonable even with the stock up so sharply from last year's levels. That is why I remain bullish on TSM today.</p></div>

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<p>Despite a significant stock rally, TSMC's (TSM) stock remains attractive due to strong demand for advanced chips and favorable margins. The company's management indicates that the AI buildout is ongoing, supporting a reasonable valuation. Therefore, the outlook for TSM is bullish.</p>

- Taiwan Semiconductor Manufacturing Company Limited's (TSM) stock is deemed attractive following a significant rally due to ongoing demand for advanced chips.  
- The company's margins indicate strong operating leverage, and management's positive outlook suggests continued growth from the artificial intelligence (AI) sector.  
- Despite the stock's rise, the valuation is considered reasonable, supporting a bullish stance on TSM.

Everyone Says TSMC (TSM) Has Run Too Far. I Think They Are Wrong