Executives at Taiwan Semiconductor Manufacturing (NYSE: TSM), or TSMC for short, recently said at an event that we are in a "new golden age" for chips. These executives also forecast 10% annual growth for the global semiconductor industry, excluding memory chips. For its part, TSMC has been forecasting revenue growth of over 20% in 2024.

Let's take a closer look at TSMC and why it could be one of the biggest beneficiaries of the strong market for semiconductors.

Today, many semiconductor companies, including Nvidia, use what is known as a fabless semiconductor model. What that means is that they just design the chips but don't do any of the actual manufacturing. Instead, the manufacturing is left to semiconductor contract manufacturing companies that specialize in manufacturing chips in their fabrication facilitates, or foundries.

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Source Fool.com