Industry forces could again align for Taiwan Semiconductor (NYSE: TSM). The world's leading third-party chip manufacturer experienced a significant slowdown as its industry experienced a downturn following the post-pandemic boom.

Today, the downturn appears to be ending, meaning TSMC (as it's known for short) can better capitalize on an artificial intelligence (AI) boom in its industry. As more customers demand the most advanced chips for AI and other purposes, it should lead the way for the stock to achieve record highs in 2024 and perhaps beyond.

TSMC's stock has followed the trajectory of most of the semiconductor companies it serves. The lockdowns in 2020 and 2021 led to an industry boom with much of the world's work moving away from the office. That frontloaded much of the growth that would have likely happened in later years, leading to a downturn in 2022.

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Source Fool.com