Taiwanese tech titan TSMC reported Thursday a forecast-busting record net profit for the third quarter on skyrocketing demand for microchips used to power iPhones and artificial intelligence.

Taiwan Semiconductor Manufacturing Company, the world’s largest contract chipmaker, has been a massive beneficiary of the frenzy in AI investment.

TSMC’s clients Nvidia and Apple are among firms pouring many billions of dollars into chips, servers and data centres, fuelling concerns about a financial bubble.

TSMC said net profit for the three months to September soared 39.1 percent from a year ago to NT$452.3 billion (US$14.7 billion).

That marked a quarterly record, and beat expectations of NT$406.67 billion, according to a Bloomberg News survey of analysts.

Third-quarter revenue was up 30 perce

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