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The single biggest supplier to Nvidia Corp. (NASDAQ:NVDA) looks all set to surge with a big spike in its Growth score in Benzinga’s Edge Stock Rankings.
The stock in question is Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM), the world's leading contract chipmaker and primary manufacturer of Nvidia's prized GPUs. The company has been riding on the coattails of the American tech giant, amid a broader AI frenzy in recent years.
The Growth score in Benzinga’s Edge Rankings is assessed based on a company’s historic growth profile. It considers the pace of earnings and revenue growth, with equal parts importance given to both short and long-term trends, before being ranked as a percentile relative to all other stocks.
TSMC has seen a big spike in its Growth scores, within a relatively short timeframe, and here’s what we believe is behind this surge.
The Taiwanese chipmaker has seen its Growth score surge in Benzinga’s Edge Rankings, from 21.86 to 85.48 within the span of a week.
This comes just weeks after the company’s third-quarter results, when it posted a strong 30.3% year-over-year surge in revenue, at $33.1 billion, which was ahead of consensus estimates at $31.5 billion. The company similarly beat consensus estimates at the bottom, with a profit of $15.10 billion and $2.92 per share.
As a result, the company’s Growth score has been reevaluated, leading to a big spike to better reflect its monumental pace of growth.
The stock scores high on Momentum, Growth and Quality in Benzinga’s Edge Stock Rankings, with a favorable price trend in the medium and long terms. Click here for deeper insights into the stock, its peers and competitors.
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