Direxion Daily Semiconductors Bull 3x Shares (SOXL) surged 5.00% in Tuesday's trading session, riding the wave of a broad rally in semiconductor stocks. The leveraged ETF's movement was part of a sector-wide uptick, with various chip companies posting significant gains.

The catalyst for this bullish trend in the semiconductor space appears to be Taiwan Semiconductor Manufacturing Co.'s (TSMC) impressive sales report for May. TSMC, a bellwether for the global chip industry, announced revenue of approximately $10.7 billion for the month, marking a substantial 40% increase compared to the same period last year. This robust performance has boosted investor confidence in the semiconductor sector as a whole.

Other notable gainers in the semiconductor space included Wolfspeed, which led the pack with a 10% increase, while TSMC, ON Semiconductor, Micron, and NXP Semiconductors all saw gains of around 3%. Industry giants such as ASML, Qualcomm, AMD, Arm, Intel, and Nvidia also experienced positive movements, albeit to varying degrees. The strong performance across the board underscores the current optimism surrounding the semiconductor industry, which is reflected in SOXL's leveraged gains.