Taiwan Semiconductor Manufacturing Co reported a 57% leap in fourth-quarter profit on Thursday as demand surges for advanced chips used in artificial intelligence processing.

Chipmaking giant TSMC on Thursday announced a better-than-expected net profit for the fourth quarter as it benefits from booming demand for AI

TSMC's (TW: 2330) (NYSE: TSM) net income surged 57% to T$374.68 billion ($11.60 billion) in the three months to Dec 31, the company said in a statement. The figure was higher than Bloomberg estimates of T$369.84 billion.

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.

Taiwanese chipmaking giant TSMC today announced a better-than-expected net profit for the fourth quarter as it benefits from booming demand for

World's largest contract chipmaker, whose customers include Apple and Nvidia, posted a net profit of T$374.68 billion ($11.4 billion) for the quarter ended Dec 31

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 Company beat revenue and profit expectations in the fourth quarter on continued strong demand for AI chips.

Taiwan Semiconductor Manufacturing is set to report a surge in quarterly profit on the back of demand for artificial-intelligence hardware. However, proposed U.S. restrictions on exports of chips could cast a shadow over its December quarter results.