$Taiwan Semiconductor(TSM.US), as the world's most advanced semiconductor process company, has a very high moat. Semiconductor manufacturing is a technology-intensive industry that requires the right timing, location, and people. Interestingly, QQQ, the S&P, and even many semiconductor indices like SOXX exclude TSMC for various reasons. However, in an overlooked corner, TSMC has shown the best growth momentum. Currently, the most stable picks in the semiconductor supply chain are TSMC and ASML. Both companies have their own unique secrets that are hard for outsiders to get a glimpse of.