HONG KONG (AP) — Taiwan computer chip maker TSMC reported 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 ($11.4 billion), higher than expected.

Last week, the company, Taiwan Semiconductor Manufacturing Corp., reported that its revenue for 2024 rose almost 34% to 2.9 trillion new Taiwan dollars ($88 billion). Revenue for the fourth quarter rose 38.8% to 868.46 billion new Taiwan dollars ($26.4 billion), also higher than forecasts.

TSMC has been caught in the crossfire of U.S.-China tensions over trade and technology.

The U.S. said this week that it would further restrict exports of chips used for AI and other advanced technology, seeking to limit China's access. The new rules cap the number of AI chips that can be exported to most countries, although about 20 close allies including Taiwan will have unlimited access to U.S. AI technology.

The regulations however could impact demand for AI chips from chipmakers like TSMC.

The Taiwanese chipmaker has plans to open three factories in the U.S. and two more in Japan. Both the Japanese and U.S. governments are offering billions in funding and subsidies to TSMC to boost domestic chip production.