A record amount of money is being invested by TSMC in the expansion of its chip production facility

TSMC announced a 16.4 percent increase in profits for the fourth quarter of the year. A $100 billion expansion of the company’s facilities is planned for 2021 in anticipation of record chip demand.

TSMC has set aside $40-$44 billion for expanding its manufacturing capacity in 2022, an increase from the previous year’s $30 billion. As the largest chipmaker in the world, TSMC also serves as the primary supplier to Apple and Qualcomm.

There will be a “multi-year industry megatrend,” according to TSMC, for increased chip demand, bolstered by technologies like artificial intelligence (5G) and the Internet of Things (IoT).