Global investors are ramping up their positions in Taiwan Semiconductor Manufacturing Co. (TSMC) ahead of the company’s upcoming earnings report, signaling confidence that the world’s top chip foundry will continue to benefit from the ongoing AI spending surge.

TSMC’s American depositary receipts (ADRs) are trading at their highest premium to its Taipei-listed shares since 2002 on a 50-day moving average basis. The gap reflects growing global recognition of TSMC’s critical role as the primary outsourced chip supplier for Nvidia Corp. and a wide array of other AI-focused technology companies.

The ADRs have jumped 54% year-to-date, outpacing the 38% gain of TSMC’s Taiwan-listed shares, as international traders increase bullish bets ahead of the earnings report. Analysts say the upcoming results, due after Thursday’s market close, could act as the next market catalyst following last week’s stronger-than-expected sales figures.