Shares of Taiwan Semiconductor Manufacturing Co (TSMC) rose in pre-market trading on Wednesday after the world’s largest contract chipmaker reported strong second-quarter revenue growth, significantly beating market forecasts due to rapidly increasing demand for artificial intelligence applications.

TSMC, whose clients include Apple and Nvidia, benefited from the increased interest in AI, which helped offset the pandemic-induced demand slowdown. Revenue for April-June 2024 amounted to T$673.51 billion ($20.67 billion), significantly higher than the analysts’ forecast of T$654.27 billion, representing a 32% year-on-year growth.

The company, which reported a 33% year-on-year revenue increase for June alone, did not provide further details in its brief revenue statement. TSMC’s market capitalization is $830 billion, making it the most valuable publicly listed company in Asia.