Shares in Taiwan Semiconductor Manufacturing (NYSE: TSM) were up almost 4% by midday Wednesday. The move follows the company's excellent fourth-quarter earnings released last Tuesday. As is often the case, the company's positive outlook led to Wall Street analyst upgrades.

Management's outlook called for full-year 2024 revenue to increase by a low to mid-20% range in U.S. dollar terms as the industry experiences a cyclical bounce driven by artificial intelligence (AI) demand.

The company is the leading semiconductor foundry, so what it says matters, but it helps to see its outlook backed up elsewhere. For example, the semiconductor Industry Association expects the global semiconductor market to grow by a double-digit percentage in 2024.

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Source Fool.com