Taiwan Semiconductor Manufacturing (TSM) expects the global semiconductor market to surpass $1.5 trillion by 2030, raising its earlier outlook as demand for artificial intelligence and high-performance computing continues to accelerate, the company said Thursday at a tech symposium.

Taiwan Semiconductor expects AI and high-performance computing applications to account for 55% of the semiconductor market by the end of the decade, followed by smartphones at 20% and automotive applications at 10%.