Taiwan Semiconductor Manufacturing Company announced it is speeding up expansion at its site in Arizona. The chipmaker says the growth comes from demand for artificial intelligence and high-performance computing chips. The company says its plans will allow for a third of the production of some of its most advanced chips to be made in Arizona.

TSMC , the world's main producer of advanced AI chips, posted record, forecast-beating quarterly profit on Thursday but warned that future income might be hit by U.S. tariffs, though perhaps not until the fourth quarter.