Over the past decade, Taiwan Semiconductor Manufacturing's (NYSE: TSM) stock rallied nearly 450% as the S 500 advanced 170%. TSMC easily beat the market because it's the world's largest and most advanced contract chipmaker, and it fed the market's insatiable appetite for more powerful chips. The robust growth of TSMC's top customer, Apple, amplified those gains.

But does TSMC still have room to run over the next few years? Let's compare the bear and bull cases to find out.

Image source: TSMC.

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Source Fool.com