Apple Inc. (NASDAQ:AAPL), Amazon.com Inc. (NASDAQ:AMZN) and Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) are among the largest companies to deliver earnings "triple plays" this season, adding heavyweight names to a growing list of stocks that are beating expectations and raising guidance.

INTC stock is at new highs. See the chart and price action here. 

An earnings triple play occurs when a company beats analyst estimates on earnings per share, beats revenue expectations and raises forward guidance. 

According to Bespoke Investment Group, the setup has appeared 66 times since mid-April, more than double the 30 occurrences seen at the same point last year.

The surge suggests companies are doing more than clearing lowered earnings bars. They are also giving Wall Street enough confidence to raise expectations for future quarters, a key signal in a market where investors remain highly sensitive to forward guidance.