This story was originally published here.
Companies continue to push to be the world's largest chip producer. And Taiwan Semiconductor Manufacturing Co., or TSMC (NYSE: TSM), is pushing its way to the top.
TSMC is the world's largest contract chip manufacturer, assembling semiconductors for Apple Inc. (NASDAQ: AAPL), Qualcomm Inc. (NASDAQ: QCOM), Nvidia Corp. (NASDAQ: NVDA), and over 400 other companies.
Recently, the company got some good news. TSMC's rival, Intel Corp. (NASDAQ: INTC), announced that its next-generation chips would be delayed – a setback that could give the Taiwanese chipmaker a big leg up in this competitive market.
TSMC's stock rose around 10% following this announcement, helping it reach a $413 billion market valuation. This uptick helped push the stock into the world's 10 most valuable companies category – knocking out Johnson & Johnson (NYSE: JNJ).
When it comes to a highly competitive and saturated industry, using other companies' shortcomings is the name of the game. And that's precisely what we're seeing TSMC doing.
This strong response is important, especially after TSMC had to cut Huawei as a client due to the recent U.S. embargo. It's important because it proves that investors still believe in this tech giant.
Truthfully, I do, too – especially after hearing that Intel could be outsourcing a good amount of its production to TSMC.
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Editor's Note: Click here to keep reading.
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