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.

Taiwan Semiconductor Manufacturing confirmed it started commercial production at its Phoenix complex during fourth quarter when profits surged 57%.