Taiwan Semiconductor Mfg. Co. Ltd., the world's largest contract chip manufacturer and Apple's major supplier, announced its biggest quarterly profit jump to two years and said it was "confidence" to enter the second half of the year.

“Entering the third quarter of 2022, we expect our business to be supported by ongoing demand,” said Chief Financial Officer Wendell Huang.

Taiwan Semiconductor Mfg. Co. Ltd. ( TSM ) The world's largest contract chip manufacturer and major supplier of Apple ( AAPL ), announced its largest quarterly profit jump to two years and expressed "full of confidence" in entering the second half of the year.

TSMC said revenue for the three months to June increased by 76.4% from last year to just under $8 billion, with revenue rising 36.6% to $18.16 billion. The industry leader said third-quarter sales could be between $19.8 billion and $20.6 billion amid sales of 5G and AI chips, driven by sales of 5G and AI chips.

"Our business in the second quarter was supported by high-performance computing, the Internet of Things and automotive-related needs," said Wendell Huang, Chief Financial Officer. “Entering the third quarter of 2022, we expect our business to be supported by ongoing demand for our industry-leading 5nm and 7nm technologies.”

TSMC’s U.S.-listed shares rose 2.5% in Thursday afternoon trading, while Nasdaq fell 0.5%, changing hands at $83.35 per share.

Earlier this month, Samsung Electronics and Apple 's main competitors in the smartphone market predicted their strongest quarterly profits in four years, adding some much-needed confidence to the chip and smartphone industries, both of which were affected by supply chain disruptions and demand eroded by faster consumer price inflation.

However, both prospects are in sharp contrast to the outlook for U.S. chipmaker Micron Technology ( MU) — Micron Technology reported earlier this month that weak consumer markets, especially computers and smartphones, will curb profit growth in the coming months.

This could strengthen the efforts of members of Congress to speed up a bill aimed at improving the competitiveness of the United States and China in the coming weeks.

The Senate bill passed in 2021 will also partially provide approximately $52 billion in subsidies to U.S. chip manufacturers to help increase production and reduce the industry’s reliance on Asian-made products.

U.S. Commerce Secretary Gina Raymondo said on Wednesday that Congress could “cut out” $52 billion for the chip industry from the greater competitiveness bill and is expected to pass a streamlined version before the recession on August 4.

Last month, as part of the semiconductor industry association’s lobbying efforts, the CEOs of some of the largest and most influential U.S. companies once again asked Congress for help to improve domestic companies’ competitiveness relative to Chinese competitors.

"The unresolved competition legislation in Congress is crucial to the U.S. economy, national security, and supply chain resilience," said part of a letter signed by the CEO of Microsoft ( ), Amazon ( ) .