Taiwan Semiconductor blasted past its financial expectations for Q3 and is adjusting its Q4 outlook accordingly.

With high growth baked into the market, the upside for the stock is a bit diminished. However, if you're patient, the long-term trends are still there for Taiwan Semi's stock to deliver market-beating returns over the next five years.

The shares are up 20% to trade at $207.94, on track for their best single-session gain since May 2023. TSM -- a Schaeffer's Top Pick for 2024 -- earlier hit a record high of $212.50, and is now 100% higher year-to-date.