TAIPEI (Reuters) – TSMC, the world’s largest contract chipmaker, reported on Wednesday third-quarter revenue of T$759.69 billion ($23.62 billion), according to Reuters calculations, easily beating the market forecast, as the company reaps the benefit from artificial intelligence (AI) demand.

An LSEG SmartEstimate, drawn from 23 analysts, had predicted third-quarter revenue of T$750.36 billion ($23.33 billion). Taiwan Semiconductor Manufacturing Co (TSMC) is a major supplier to companies including Apple (NASDAQ:) and Nvidia (NASDAQ:).

($1 = 32.1620 Taiwan dollars