Taiwan Semiconductor Manufacturing (NYSE: TSM) stock is making big gains in Wednesday's trading. The chip fabrication leader's share price was up 4.8% as of 2: 15 p.m. ET, according to data from S&P Global Market Intelligence.

While there wasn't much in the way of business-specific news pushing the company's share price higher, TSMC stock benefited from some favorable economic data and an ongoing rally for artificial intelligence (AI) stocks. Consumer Price Index (CPI) data released by the U.S. Bureau of Labor Statistics showed that inflation had come in slightly lower than anticipated in May, and the report is helping to spur continued gains for growth-dependent tech stocks.

Growth investors got some good news with the new CPI data released today. The CPI, which tracks the pricing change of a combined group of goods, showed that costs increased 3.3% year over year in May and were flat on a sequential monthly basis.

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Source Fool.com