Steve Weiss Says Taiwan Semiconductor Stock Is 'A Great Opportunity'

Taiwan Semiconductor Mfg. Co. Ltd. TSM announced Friday its June revenue grew 22.8% year-over-year. The company's revenue from January through June increased 18.2% year-over-year. 

Taiwan Semiconductor is a critical company amid the semiconductor shortage, Short Hills Capital's Steve Weiss said Monday on CNBC's "Fast Money Halftime Report."

The shortage isn't going away anytime soon, so the company is becoming more and more important, Weiss said. The stock has been consolidating since March while other semiconductor stocks have traded higher, he added. 

The company reports revenue numbers on a monthly basis and the numbers have been very strong, Weiss told CNBC. 

The stock valuation is currently cheap and he expects the stock to get rerated higher following its quarterly report. The current price presents a great opportunity to buy a stock that will continue to "perform for years to come," Weiss said.

Taiwan Semiconductor is expected to report its quarterly financial results on Thursday before the market opens.

Related Link: TSM's June Revenue Climbs 23%

TSM Price Action: Taiwan Semiconductor has traded as high as $142.20 and as low as $63.19 over a 52-week period. 

At last check Monday, the stock was up 1.70% at $122.63.