Why Taiwan Semiconductor Stock Raced Nearly 5% Higher Today

A pair of encouraging news items pushed chipmaking powerhouse Taiwan Semiconductor Manufacturing's (NYSE: TSM) stock notably higher on Wednesday. The company's shares rose by almost 5% in price, handily beating the 0.8% increase of the bellwether S 500 index.

The first item was Taiwan Semi's latest monthly revenue report.

The company reported that it earned just under 216 billion new Taiwan dollars ($6.9 billion) in January, which was up significantly on both a sequential and an annual basis. The figure was 22% higher than the December 2023 tally and represented a nearly 8% year-over-year improvement.

Source Fool.com