Taiwan Semiconductor Manufacturing ( TSM ), the world’s top chip foundry, on Thursday smashed expectations for the first quarter and guided higher for the current period. But TSM stock fell despite the positive report. X The company, better known as TSMC, earned $1.40 per U.S. share on sales of $17.57 billion in the March quarter. Analysts had expected TSMC to earn $1.27 a share on sales of $16.74 billion, according to FactSet. On a year-over-year basis, Taiwan Semi’s earnings rose 47% while sales increased 36%. For the second quarter, TSMC forecast revenue of $17.6 billion to $18.2 billion. The midpoint...