Early chip earnings reporters showing how high the bar really is

Wall Street will have to buckle up this earnings season, based on the early reports tied to the artificial intelligence trade. Taiwan Semiconductor , the largest chip manufacturer in the world, reported a monster second quarter, with earnings soaring 77% year on year . In Europe, ASML also posted Q2 results that were ahead of analyst expectations . Still, those numbers weren’t enough to sway investors to add to their positions in those names. U.S.-listed shares of TSM were down 3% before the bell Thursday, as the company also hiked its full-year spending outlook. ASML’s Amsterdam-listed stock also closed slightly…