Hong Kong CNN Business  — 

Taiwan Semiconductor Manufacturing Company is nipping at the heels of the world’s most valuable corporations.

TSMC’s stock has surged in recent days after American rival Intel announced that its next-generation chips would be delayed — a setback that could give the Taiwanese chipmaker an edge in an important market.

On Tuesday, TSMC’s Taiwan-listed stock briefly soared around 10%, helping it reach a market valuation of $413 billion. That made it the 10th largest company in the world by that metric, behind Warren Buffet’s Berkshire Hathaway (BRKA) and ahead of Walmart (WMT) and Nestle (NSRGF), according to data provider Refinitiv.

Its shares retreated somewhat throughout the day, eventually settling up 2.5%. But that still gives TSMC a market value of $374 billion — enough to make it the 12th most valuable company in the world. (Intel (INTC)ranks several spots below TSMC, though it was the world’s top semiconductor supplier by sales last year, according to IC Insights. TSMC ranked third.)

TSMC’s stock rise is yet another sign of how well many major tech companies are weathering the coronavirus pandemic. Its stock has jumped more than 30% this year, making it one of the best performing tech stocks in the world behind Amazon (AMZN) and Tencent (TCEHY), which have soared 65% and 44%, respectively.

And chip demand in particular has been strong this year as millions of people around the world continue to work, play games and watch movies from home, according to analysts.

That also makes Intel’s struggles all the more important. The news last week of Intel’s product delay could mean a “significant technology leadership shift” from Intel to TSMC, Citi analysts wrote in a report last week.

They added that Intel is also likely to outsource some microprocessor manufacturing to TSMC, which could give the latter firm another boost. Microprocessors are widely used in personal computers.

Other major chipmakers are also rising. Samsung Electronics (SSNLF) — the second largest semiconductor supplier by sales — jumped 5% on Tuesday, following Monday’s 3% gain.