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.

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TSMC, which makes chips for Nvidia, reported net income of $11.6 billion. Its CFO said this was supported by "strong demand" for its advanced chips.

U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. rose in premarket trading Thursday after the world's largest contract chip manufacturer posted better-than-expected fourth-quarter profit and a bullish outlook for artificial intelligence demand.

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.

TSMC, the Taiwanese company and world’s largest chipmaker, reported a net profit of $11.37 billion for the fourth quarter, representing a 57 percent year-on-year increase and the highest quarterly profit in the company’s history,

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 Co, the main global producer of advanced chips used in artificial intelligence applications, is expected to report a 58% leap in fourth-quarter profit on Thursday because of surging demand.