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TAIPEI (Reuters) - TSMC (TSM), the world's largest contract chipmaker, posted a 60% jump in first-quarter net profit on Thursday, beating market forecasts as it benefited from surging demand for semiconductors used in artificial intelligence applications.
TSMC stock was up over 2% in premarket trading on Thursday.
Taiwan Semiconductor Manufacturing Co, whose customers include Apple and Nvidia, saw January-March net profit rise to T$361.6 billion ($11.12 billion) from T$225.5 billion a year earlier.
The profit beat a T$354.6 billion LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate.
($1 = 32.5060 Taiwan dollars)
(Reporting by Wen-Yee Lee and Faith Hung; Writing by Ben Blanchard; Editing by Edwina Gibbs)