Taiwan Semiconductor Manufacturing Co. is set to regain its $500 billion market capitalization as investors ramp up bets on a bottom in the memory chip market. Excitement in the artificial intelligence space has also helped a rally in tech shares.

Asia’s most valuable company is less than $1 billion away from that milestone after hitting that level intraday on Tuesday. A 32% gain this year has placed TSMC among the world’s 10 biggest companies by market capitalization after overtaking Visa Inc. in late May.

Morgan Stanley earlier this week raised the company’s price target, citing higher demand for energy-efficient and low-cost AI custom chip designs.