TAIPEI (Taiwan News) — Share prices for Taiwan Semiconductor Manufacturing Corporation (TSMC) stock reached a new six-month high of NT$626 (US$22.69) during Monday morning’s (Sept. 6) trading session.

Investors in the U.S. also readjusted TSMC’s price target (its projected future share price) to NT$1,014, according to a UDN report.

In response to the ongoing global shortage in semiconductors, TSMC raised prices for its products last month, increasing prices for the 7nm and 5nm advanced processes by 7% and 9%, respectively, while prices for its other processors jumped by about 20%.

This has investors optimistic about TSMC’s growth, as next year’s gross profit margin is expected to remain at more than 50%, with net profit per share in the range of NT$26 to NT$28.

Investors in the U.S. expect the shortage of foundry capacity will continue into next year and so have increased the target price of TSMC stock to NT$1,014.

With a surge in buying orders on Monday, TSMC’s market value increased by NT$155.5 billion to reach NT$16.23 trillion and added about 50 points to the Taiex index.