Taiwan's Alchip has won custom AI chip work from all three of the biggest cloud companies, and its stock jumped to an all-time high — good news for the company and its investors.

• Alchip now designs custom AI chips for Google, Microsoft, and Meta, the three largest cloud providers.
• Its stock hit limit-up and broke past a major price milestone for the first time, a record since listing.
• Foreign brokers raised their price target, betting Alchip will get more of TSMC's advanced 3-nanometer production capacity next year.
• Microsoft's chip work alone — its Maia AI accelerator and Cobalt data center processor — could more than double demand next year and add hundreds of millions in sales.
• The Meta project is expected to be locked in by the first half of next year, with revenue starting to show up at the end of next year.

Outlook: Custom AI chips look set to keep driving Alchip's growth into next year, as long as it can secure enough production capacity at TSMC.