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. The world's largest contract chipmaker,

U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. rose in premarket trading Thursday after the world's largest contract chip manufacturer posted better-than-expected fourth-quarter profit and a bullish outlook for artificial intelligence demand.

Taiwan computer chip maker TSMC has reported its profit in the last quarter rose 57%, buoyed by the artificial intelligence boom

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.