If you've got $1,000 burning a hole in your pocket, there is one stock I'd recommend buying right now: Taiwan Semiconductor (NYSE: TSM). This industry leader in chip production is nearing a new cycle in its business. However, the market hasn't reacted to it yet.

Read on to discover why TSMC is such a great buy now and why it deserves a spot in your portfolio.

Taiwan Semiconductor is in a unique market position. Because it is a contract Semiconductor factory, it provides the chips necessary to build a wide variety of products, including Apple iPhones and Nvidia graphics processing units (GPUs) used for powering artificial intelligence (AI) models.

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Source Fool.com