Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) briefly surpassed $1 trillion in market capitalization on Monday after Morgan Stanley joined other brokers in raising price targets for the chipmaker ahead of its earnings. 

TSMC ADRs surged by as much as 4.8% after the opening bell in New York, marking an over 80% increase in share price for the year.

In June, TSMC overtook Berkshire Hathaway to become the world's eighth most valuable company based on its ADRs, which trade at a premium compared to its Taipei-listed shares.