(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.

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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.

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.

(Updates with dividend plan)

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