Semiconductors, also called microchips, are a bright highlight of technology. From freezers to computers, they allow the devices we rely on daily to work smoothly and efficiently.One company that typically comes to mind when considering semiconductor stocks is Taiwan Semiconductor Manufacturing TSM, the world’s largest dedicated integrated circuit foundry.TSM is engaged in the manufacturing and sale of integrated circuits and wafer semiconductor devices. You can find TSM chips in PCs, electronics, automotive equipment, and many other daily applications.In addition, the company is responsible for supplying chips to many tech titans, including Apple, Advanced Micro Devices, and Nvidia. Clearly, the company is of mass importance.The company sports a Zacks Rank #1 (Strong Buy), making shares appear very enticing and raising a valid question: how does the semiconductor titan currently stack up? Let’s take a closer look.Share PerformanceYear-to-date, TSM shares are deep in the red, losing more than a fourth of their value and drastically underperforming the S&P 500.Image Source: Zacks Investment ResearchHowever, the price action of TSM shares has changed vividly over the last month. Buyers have been out in full force, pushing shares up a spectacular 11% and outperforming the general market by a wide margin.Image Source: Zacks Investment ResearchValuationValuation multiples have come down extensively amid the rough stretch of share performance.TSM currently carries a 14.2X forward earnings multiple, well below its five-year median of 19.9X and representing an enticing 41% discount relative to its Zacks Computer & Technology Sector. Image Source: Zacks Investment ResearchGrowth Estimates & Quarterly PerformanceAnalysts have been overwhelmingly bullish over the last 60 days, helping push the company into a Zacks Rank #1 (Strong Buy).Image Source: Zacks Investment ResearchFor the current fiscal year, growth projections indicate serious growth. The Zacks Consensus EPS Estimate for FY22 resides at $6.30, reflecting a substantial 52% uptick in earnings year-over-year.Of course, the growth doesn’t stop there – TSM is forecasted to rake in a mighty $78 billion in revenue during FY22, penciling in a 37% double-digit year-over-year increase from FY21 annual sales of $57 billion.Below is a chart illustrating the company’s revenue on an annual basis. Image Source: Zacks Investment ResearchIn addition, TSM has been on a blazing-hot earnings streak, chaining together seven consecutive bottom-line beats. Just in its latest quarter, the company exceeded the Zacks Consensus EPS Estimate by a solid 3.3%.Bottom LineOne of the best ways investors can find expected winners within the market is by utilizing the Zacks Rank – one of the most potent market tools out there that does all of the hard work. A portfolio consisting of Zacks Rank #1 (Strong Buy) stocks has beaten the market in 26 of the last 31 years with an average annual return of an incredible 24%.Additionally, the top 5% of all stocks receive the highly coveted Zacks Rank #1 (Strong Buy). These stocks should outperform the market more than any other rank.Taiwan Semiconductor Manufacturing TSM would be an excellent bet for investors looking to add a solid stock to their portfolios, as displayed by its Zack Rank #1 (Strong Buy). Want to Know the #1 Semiconductor Stock for 2022? Few people know how promising the semiconductor market is. Over the last couple of years, disruptions to the supply chain have caused shortages in several industries. The absence of one single semiconductor can stop all operations in certain industries. This year, companies that create and produce this essential material will have incredible pricing power. For a limited time, Zacks is revealing the top semiconductor stock for 2022. You'll find it in our new Special Report, One Semiconductor Stock Stands to Gain the Most. Today, it's yours free with no obligation.>>Give me access to my free special report.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Taiwan Semiconductor Manufacturing Company Ltd. (TSM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research