Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, reported record revenue for the third quarter, driven by robust demand for artificial intelligence applications. On Thursday, the company announced third-quarter revenue of 1.49 trillion Taiwanese dollars ($46.71 billion), surpassing market expectations and marking a 50 percent increase compared to the same period last year.

TSMC had previously forecasted third-quarter revenue between $44.6 billion and $45.8 billion during its July earnings call. The company also reported that revenue for September alone reached 511.86 billion Taiwanese dollars, representing a year-on-year increase of 54.6 percent.

As Asia’s most valuable publicly listed company, with a market capitalization of approximately $2.1 trillion, TSMC provided only a brief revenue statement without additional details or forward guidance. The company is set to release its full third-quarter earnings report next Thursday, when it is expected to offer updated financial outlooks and strategic plans for the remainder of the year.