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.

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.

The company revealed net income rose 57% for the final quarter of 2024, while revenue increased 37% to almost $27 billion.