Taiwan Semiconductor Manufacturing Co.’s market value closed above $1 trillion for the first time in Taipei last week, with a raised sales forecast driven by robust artificial intelligence demand.

But here's the thing: TSMC's market cap may have just hit $1 trillion in Taiwan a few days ago. But here in the U.S., the rapidly rising price of the company's American depositary receipts (ADRs) passed $1 trillion two months ago, in May, and gave the company an implied market cap for U.S. investors of $1. 2 trillion.

Taiwan Semiconductor (TSMC) has surged over 300% from its 2022 low, driven by record-breaking earnings and soaring demand for AI chips, and is positioned for further growth in 2025.