Shares of Taiwan Semiconductor Manufacturing Co (TSMC) rose by 1% on Wednesday on the Taipei Stock Exchange following the release of third-quarter revenue data that exceeded both market expectations and the company’s own forecasts. This was due to strong demand for artificial intelligence (AI).

TSMC’s revenue for the July to September period was T$759.69 billion ($23.62 billion), which surpassed the LSEG SmartEstimate of T$750.36 billion ($23.33 billion) based on data from 23 analysts. This represents a growth of 36.5% compared to $17.3 billion for the same period last year.

TSMC provides monthly revenue data in Taiwan dollars but offers quarterly results and forecasts in U.S. dollars. In July, the company forecasted third-quarter revenue between $22.4 billion and $23.2 billion.

In September, TSMC’s revenue increased by 39.6% year-on-year, reaching T$251.87 billion. The company will release its full third-quarter results and updated forecast on October 17.

Since the beginning of the year, TSMC’s shares have risen by 72%, while the broader market has grown by 26%.