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.

This isn't the only AI stock you need as there are plenty of other promising and high-performing stocks in the industry, but if you're new to investing or the AI sector, TSMC is an excellent first choice. Even after its rally over the past year, the stock has more upside potential. If AI continues to grow, TSMC will be a winner.

One of the longer-term booms in the stock market right now is right at the center of the technology sector, as the space is responsible for most of the returns now in the S&P 500 and Nasdaq-100 indexes.