Net profit for the three months to December jumped 57 percent on-year to NT$374.7 billion (US$11.4 billion).

The Biden administration's announcement comes around two months before President-elect Trump takes office

The suit alleges that the world's largest contract manufacturer of chips -- used in everything from Apple iPhones to Nvidia's AI hardware -- unfairly favors Asian staff in terms of hiring, firing and working standards.

The semiconductor industry stands at a pivotal moment in its history, with Taiwan Semiconductor Manufacturing Company (TSMC) and Intel competing for dominance in advanced chip manufacturing. Let's take a look at how these two companies are battling for the ultimate chip supremacy.

The world's largest contract chipmaker, whose customers include Apple and Nvidia,has benefited from the surge towards AI.

TSMC and Samsung Electronics, have discussed building potential chip projects in the United Arab Emirates in coming years which could be worth more than $100 billion

With a recent market valuation of over $1 trillion, the Taiwanese semiconductor manufacturer TSMC has cemented itself as the most valuable company in Asia. This achievement takes place after a strong second-quarter revenue from the company, thanks to the ongoing boom of AI chips.

TSMC, the Taiwan-based multinational semiconductor company, briefly reached a valuation of $1 trillion recently. At the time of writing, the company's market capitalisation stands at $967.87 billion, but experts believe the number will rise again soon due to the ongoing boom in AI chips' market demands. Meanwhile, here are five things you should know about this Taiwanese chip manufacturer.

TSMC, which is also expanding in the US and Germany, plans to ramp up to mass production in Japan before the end of the year