(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. reported sales rose by 50% in November, a month challenged by slumping consumer electronics demand and Covid disruptions in China.

The world’s biggest maker of made-to-order chips reported revenue of NT$222.7 billion ($7.3 billion) for the period, adding to a long streak of increasing sales that was supercharged by a spike in demand during the pandemic. The company is also the exclusive supplier of Apple Inc.’s Silicon chips for iPhones and Macs.

Hsinchu-based TSMC, Taiwan’s most valuable company, has been spending heavily to expand its production capacity and handle more orders. This week, it increased its investment in the US state of Arizona to $40 billion and hosted President Joe Biden, Apple Chief Executive Officer Tim Cook, Advanced Micro Devices Inc. CEO Lisa Su and other industry leaders at an event in Phoenix.

Biden Joins Tim Cook to Hail TSMC’s $40 Billion US Chip Venture

TSMC is under pressure to diversify the geographic distribution of its most advanced chipmaking and is working with governments like the US and Japan on developing a more global footprint.

TSMC shares are down more than 20% this year after more than doubling during the pandemic. The global economic slowdown has diminished consumer demand for many products that TSMC chips go into, but the company and its customers still expect the long-term trend in electronics demand to keep going up. TSMC has committed to spending roughly $36 billion in capital expenditure this year.

©2022 Bloomberg L.P.