Its American depositary receipts are trading at the highest premium to its Taipei shares since 2002, on a 50-day moving average basis. The ADRs have surged 54% this year, outpacing the 38% gain in the Taiwan listing, as global traders boost bullish bets. “We are positive on TSMC’s outlook and expect it to raise its full-year 2025 sales growth outlook,” said Rex Chen, a Taipei-based fund manager at Capital Investment Trust Corp.