Taiwan Semiconductor Manufacturing Co reported a 57% leap in fourth-quarter profit on Thursday as demand surges for advanced chips used in artificial intelligence processing.

Taiwan Semiconductor Manufacturing Company beat revenue and profit expectations in the fourth quarter on continued strong demand for AI chips.

Taiwan Semiconductor Manufacturing is set to report a surge in quarterly profit on the back of demand for artificial-intelligence hardware. However, proposed U.S. restrictions on exports of chips could cast a shadow over its December quarter results.

The Biden administration is proposing a new framework for the exporting of the advanced computer chips used to develop artificial intelligence, an attempt to balance national security concerns about the technology with the economic interests of producers and other countries.

The Biden administration’s new proposal to block or cap sales of AI computer chips throughout most of the world has not, shall we say, brought a smile to the face of AI chipmakers, tech companies who use them,

Nvidia pushed back on the Biden administration's new executive order relating to overseas sales of advanced AI chips, saying it will undermine U.S. technological leadership.