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An unusually large in-the-money (ITM) put option tranche expiring over the next month in Taiwan Semiconductor (TSM), the Taiwan chip maker, shows investors are still bullish on TSM ADRs (American Depository Receipts).
TSM is at $388.85 in midday trading today, off its recent peak of $419.50 on May 6. This is after the company released stellar earnings on April 16, and reported higher figures in its April results on May 8.