For the better part of three years now, Taiwan Semiconductor Manufacturing (NYSE: TSM) has largely been dead money. The market sold off TSMC from its highs during the pandemic-fueled digital economy boom, even though this business continued to chug higher. However, a long-feared downturn already plaguing consumer electronics starting in late 2022 has come for TSMC, too. The company reported significant sales declines through the summer months. 

Nevertheless, management has expressed its expectation that AI chips will help lift the company to new highs in 2024. So is it time to buy the stock while it's still down?

Q2 2023 sales at TSMC declined a modest 6.2% (after converting from Taiwanese dollars to U.S. dollars). Management predicted the downturn would worsen in Q3, causing the first full-year revenue decline in quite some time for the chipmaking giant. 

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Source Fool.com