TAIPEI: Taiwanese chipmaker TSMC said fourth-quarter net profit rose 57% to a record on Thursday, in line with expectations, as it benefits from surging demand for semiconductors used in artificial intelligence processing.

Taiwan Semiconductor Manufacturing, the world’s largest contract chipmaker and a major Apple and Nvidia supplier, saw October to December net profit rise to T$374.68 billion ($11.38 billion) from T$238.7 billion a year earlier.

TSMC fourth-quarter profit seen jumping 58% on strong AI chip demand

The profit was broadly in line with a T$377.95 billion LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.