Artificial intelligence (AI) stocks are in correction mode right now, driven by multiple factors, including high interest rates, a hotter-than-expected inflation report that could prompt further rate hikes, and concerns about the rising cost of financing the AI infrastructure build-out. However, the actual results from AI industry bellwethers suggest otherwise. Taiwan Semiconductor Manufacturing (NYSE:TSM), the world's leading semiconductor foundry, released its third-quarter results on Oct. 15. TSMC is at the epicenter of the AI boom, manufacturing chips for leading chip designers and consumer electronics companies. Its numbers exceeded expectations, and the guidance indicates the growth rate is poised to accelerate. I won't be surprised to see this semiconductor stock emerge stronger from the recent sectorwide sell-off and soar by 2030. Let's look at the reasons why TSMC could step on the gas and jump nearly 3x by the end of the decade to hit $1,200.
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