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Toward the end of 2022 and throughout 2023, Taiwan Semiconductor Manufacturing Co. Ltd. was trading at exceptionally attractive valuations. However, now the GF Value chart is showing the stock to be significantly overvalued.In my opinion, these developments certainly add to the security of investing in Taiwan Semiconductor. However, one has to remember that the company's target market is already mature. Therefore, while AI markets are developing and HPC chips are likely to become more in demand as digitalization scales globally, Taiwan Semiconductor is unable to deliver the high growth that is more likely to occur in newer AI and semiconductor intellectual property companies. In addition, regulatory inhibitions surrounding AI and automation could inhibit growth in these sectors, which are predicted to be highly accretive to the company. That being said, Taiwan Semiconductor expects its AI-related revenue to double in 2024 and grow at a 50% compound annual rate over the next five years