The Taiwanese chipmaker reported a 16.5% rise in revenue on Wednesday.

That beat market expectations and was at the high end of the company's own guidance.

The world's largest contract chipmaker includes Apple and Nvidia as customers.

Surging demand for AI products has helped push its stock towards a record high.

Revenue in the first three months of the year came in at just over $18.5 billion - well up from a year ago.

The first half of the year is traditionally quieter for Taiwanese tech firms.

That as it comes after the end-of-year holiday rush for goods like tablets and smartphones in major Western markets,

But the AI trend is boosting demand even in the off season.

For March alone, TSMC reported revenue rose about 34% year-on-year to over $6 billion.

The company did not provide any details or forward guidance in its brief revenue statement.

Its shares have surged 37% so far this year.