Taiwanese custom-chip maker Alchip has won AI chip orders from all three of the biggest cloud companies, sending its stock limit-up to a record high — very good news for its shareholders.

• Alchip now designs custom AI chips for Google, Microsoft and Meta.
• Its shares jumped the daily limit and broke past NT$6,000 for the first time.
• Microsoft is ramping up its own chips fast, and its orders should more than double next year.
• A new Meta AI chip project could be finalized in the first half of next year, with money coming in from late next year.
• A US brokerage raised its target price and expects Alchip to get more of TSMC's advanced 3-nanometer capacity.

Outlook: Growth looks locked in for the next two years as the big cloud firms keep shifting away from off-the-shelf AI chips toward their own designs.