Shares of Taiwan Semiconductor Manufacturing (NYSE: TSM), also known as TSMC, rose 63% in the first six months of 2024, according to data provided by S&P Global Market Intelligence. TSMC is the world's biggest microchip manufacturer, and its list of customers includes several of the largest semiconductor companies. It's been producing impressive financial results as the semiconductor industry rebounds from a cyclical slowdown.

TSMC got the year off to a strong start with a bullish quarterly report in January. The company's revenue and profits both shrank relative to the prior year, but the results were better than Wall Street's forecasts. The fourth quarter showed remarkable improvement over the third, suggesting that the semiconductor industry is entering a cyclical boom period.

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Source Fool.com