Taiwan Semiconductor Manufacturing Co. (TMSC), posted a surge in month-to-month income in March, because it cashed in on a seamless synthetic intelligence growth powered by high-end chips.

TSMC mentioned March income got here in at 195.2 billion new Taiwan {dollars} ($6.1 billion), up 34.3% year-on-year — marking the quickest tempo of progress since November 2022.

The corporate’s first-quarter income totaled 592.6 billon new Taiwan {dollars}, up 16.5% year-on-year.

TSMC is the world’s largest contract semiconductor producer, which makes chips for corporations from Apple to Nvidia.

The corporate is presently driving the AI growth. Semiconductors, comparable to these designed by Nvidia, have been underpinning the event of AI purposes.

Competitors has been rising out there. AMD launched a rival chip to Nvidia final 12 months, whereas Intel on Tuesday took the wraps off its newest AI providing.

A lot of startups are additionally growing AI chips, which TSMC manufactures for some corporations.

TSMC shares are up just below 40% this 12 months so far, as traders guess on the continued demand for AI chips.

In January, the corporate mentioned that its AI income is rising 50% on an annual foundation. Analysts anticipate TSMC to publish a 23.7% rise in whole income this 12 months, in response to LSEG consensus estimates, after a decline in 2023.