Taiwan Semiconductor Called Artificial Intelligence Play, Gets Upgrade

A brokerage firm on Monday turned positive on Taiwan Semiconductor Manufacturing (TSM), also known as TSMC, calling the chipmaker an investment play on artificial intelligence. Susquehanna Financial Group analyst Mehdi Hosseini upgraded TSMC to positive from neutral. He also raised his price target on its U.S. shares to 48 from 36. TSMC stock dipped 0.9%, near 36.20, in midday trading on the stock market today. The stock has been beaten down recently by concerns that the chip cycle has ebbed.