Taiwan Semiconductor stock is red-hot in Thursday's session after the chipmaker beat Q3 expectations and issued a strong outlook. Here's what you need to know.

The consensus rating for Taiwan Semiconductor is Outperform, based on 3 analyst ratings. With an average one-year price target of $236.67, there's a potential 26.47% upside.

Key Takeaways Chip stocks rose Thursday after the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., reinvigorated Wall Street’s AI enthusiasm. Better-than-expected quarterly results and a rosy financial outlook powered its shares higher,