Taiwan computer chip maker TSMC reported Thursday that its profit in the last quarter rose 57%, buoyed by the artificial intelligence boom. The world’s biggest semiconductor manufacturer reported a net profit of 374.

Chip giant TSMC posts a record-breaking quarter, shrugs off U.S. export curbs, and gears up for massive expansion.

Taiwanese chipmaking giant TSMC on Thursday announced a better-than-expected net profit for the fourth quarter as it benefits from booming demand for AI technology.

Taiwan Semiconductor Manufacturing Co logged record quarterly profit on Thursday and said it expects robust revenue growth in the first three months of the year as demand surges for chips used in artificial intelligence processing.

Taiwan Semiconductor Manufacturing Company beat revenue and profit expectations in the fourth quarter on continued strong demand for AI chips.