Taiwan Semiconductor shares had a rough day, but it’s a stock that “everyone should want to own” at these levels, according to Tim Seymour, founder and chief investment officer of Seymour Asset Management. U.S.-traded shares of the chip giant dropped as much as 4.2% on Monday after the company posted a decline in monthly revenue for the first time in nearly four years . The stock ultimately trimmed losses and ended the day about 1.4% lower. “You want any chance to buy this stock on weakness,” Seymour said on CNBC’s “Fast Money.” “Right now, that’s a stock everyone should want to own, and they should probably want to own it somewhere around here, which is 16 times [earnings],” he added. “You could probably get it cheaper because I just think semis have run so far.” He flagged one potential caveat: that the stock “turns into China risk,” with some seeing it “not as a company that would be first friendly to the U.S. but rather to China.” Taiwan Semiconductor is up roughly 19% from the start of the year. Last month, Bank of America upgraded its price target on the company, saying it stands to benefit from investor interest in generative artificial intelligence. Chipmakers saw a lot of action all around Monday. Samsung Electronics announced that it plans to cut memory chip production in the near term. Rivals Micron Technology and Western Digital benefited from the news, each ending the session about 8% higher. Wall Street analysts said the move could accelerate a return to supply-demand balance and potential rebound in the chipmaking sector. Indeed, the VanEck Semiconductor ETF (SMH) is up 26% in 2023. SMH YTD mountain VanEck Semiconductor ETF (SMH) YTD —CNBC’s Brian Evans and Hakyung Kim contributed reporting.