AsianFin -- Taiwan Semiconductor Manufacturing Co. surpassed a $1 trillion market capitalization for the first time in Taipei last week, fueled by surging demand for artificial intelligence chips and a bullish revenue outlook.

The chipmaker’s shares in Taiwan jumped to a record high on Friday, marking a nearly 50% rebound from their April low. The rally made TSMC the first Asian-listed stock to cross the $1 trillion threshold since PetroChina briefly did so in 2007.

Investors are increasingly betting that TSMC, the key chip supplier to Apple Inc. and Nvidia Corp., will further solidify its industry lead as the AI boom accelerates. The company last week raised its full-year revenue growth forecast to around 30%, signaling expectations of tighter supply and rising demand for advanced chipmaking capacity.