AsianFin -- Broadcom (AVGO) on Thursday reported record quarterly sales fueled by surging demand for its artificial intelligence chips, reinforcing investor confidence in the semiconductor sector’s AI-driven growth story.

The chipmaker posted adjusted earnings per share of $1.69 on revenue of $15.95 billion for its fiscal third quarter, up 22% year-over-year and ahead of Wall Street estimates, according to Visible Alpha consensus data. Both top- and bottom-line results beat analyst expectations.

AI was once again the standout. Broadcom’s AI-related revenue jumped 63% to $5.2 billion in the quarter. CEO Hock Tan said the company now expects AI semiconductor sales to climb further to $6.2 billion in the current quarter, marking what he described as “eleven consecutive quarters of growth, as our customers continue to strongly invest.”