Taiwan Semiconductor, or TSMC, is a foundry, which means it makes the chips that companies like Nvidia, Apple, and Advanced Micro Devices design. It's benefiting from tremendous tailwinds in AI, but since it works with so many clients in many different industries, its risk is well diversified. That gives it the best of both worlds.

It’s not often that a software stock with steady double-digit revenue growth and rising profits trades at a steep discount. And honestly, that's not