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.

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.Net revenue for the fourth quarter rose 38.

Taiwan Semiconductor Manufacturing (TSMC), 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, the world's largest contract chip manufacturer, produces advanced processors for clients such as Nvidia and Apple and has benefited from the megatrend in favor of AI.

TSMC is set to report a net profit of T$377.95 billion ($11.44 billion) for the quarter ended Dec. 31, according to a LSEG SmartEstimate drawn from 22 analysts. SmartEstimates give greater weighting to forecasts from analysts who are more consistently accurate.

Taiwan Semiconductor Manufacturing reported a 57% rise in profit on strong demand for hardware to power AI systems.