Taiwan computer chip maker TSMC reported on 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 374.7 billion new Taiwan dollars (£9.3 billion), higher than expected.

Taiwanese chip making giant TSMC said Friday its net sales rose by more than a third last year, beating its own forecast, as the company continued to benefit from soaring demand for AI technology.

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.