But here's the thing: TSMC's market cap may have just hit $1 trillion in Taiwan a few days ago. But here in the U.S., the rapidly rising price of the company's American depositary receipts (ADRs) passed $1 trillion two months ago, in May, and gave the company an implied market cap for U.S. investors of $1. 2 trillion.

The chipmaker is the first Asian company to hit the milestone since China's PetroChina did so in 2007. A number of companies aren't far behind.