(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. saw April sales jump 60% to NT$236 billion ($7.3 billion) as sustained artificial intelligence demand was helped by the beginnings of a recovery in consumer electronics.

Most Read from Bloomberg

• Flood of China Used Cooking Oil Spurs Call to Hike US Levies

• How One of the World's Oldest Hedge Funds Went Bankrupt

• Biden Accuses China of ‘Cheating’ on Trade, Imposes New Tariffs

• Trump Vows ‘Day One’ Executive Order Targeting Offshore Wind

• OpenAI Chief Scientist Ilya Sutskever Is Leaving the Company

The world’s largest contract chipmaker is running well ahead of estimates for revenue growth in the current quarter, after sales increased by 34.3% in March, buoyed largely by insatiable appetite for AI semiconductors. The global smartphone industry returned to growth over the first three months of the year, including in the highly competitive Chinese market, which may drive orders for TSMC’s traditional mainstay of mobile chips.

US-traded shares were up 3% in New York in early trading on Friday.

Hsinchu-based TSMC weathered a year of muted demand for personal electronics last year, which Nvidia Corp.’s highly sought-after AI chips helped make more tolerable. Now the AI boost is pairing with rising prospects for consumer demand, though TSMC Chief Executive Officer C.C. Wei has cautioned about the pace of any recovery.

Read more: TSMC Sector Outlook Implies Weak PC, Phone-Chip Recovery: React

The company’s shares soared to an all-time high in April, as it remains in an enviable position to benefit from the rise of AI technology, being Nvidia’s sole manufacturer for the most advanced training chips. TSMC also fabricates semiconductors for Apple Inc., which just announced a new lineup of iPads, and Advanced Micro Devices Inc., the closest competitor to Nvidia in the AI chip race.

TSMC’s board approved a cash dividend of NT$4 per share, the company announced on Friday.

(Adds the share price in the third paragraph.)

Most Read from Bloomberg Businessweek

• How the ‘Harvard of Trading’ Ruined Thousands of Young People’s Lives

• Kids Hooked on Video Games Prompt a Flurry of Lawsuits

• US East Coast Ports Are Spending Billions to Profit From Asia’s Shifting Exports

• Cheap Prison Labor Is Keeping People Locked Up Longer, Suit Alleges

• Elon Musk’s Big AI Contradiction

?2024 Bloomberg L.P.