TSM is up nearly 22% year-to-date and has a strong technical setup. Since they are a foundry, they benefit from overall AI demand without competing on finished products. It is essentially the strategy of selling tickets to the game rather than betting on a team. Institutional options flow has been bullish recently, with smart money buying out-of-the-money calls. Volatility skew is relatively flat, suggesting traders aren't pricing in much downside risk. March is historically a strong month for the stock, and models are currently projecting a move between $341 and $400 by late March.