Taiwanese chip design firm Alchip jumped to an all-time high after winning AI chip orders from three of the world's biggest cloud companies — good news for investors betting on the AI buildout.

• Alchip's August sales hit a record for the third month running, more than doubling from a year ago.
• The stock opened lower with the broader Taiwan market, then swung sharply higher to a new all-time high.
• Growth is coming from custom AI chips for North American cloud giants, which make up roughly 80% of its cloud-related business.
• Crypto mining chip work is shrinking and being replaced by car chip projects.
• The company has already locked in extra TSMC production capacity for next year, clearing the way for more orders.

Outlook: Alchip expects an even stronger second half, with a big cloud customer's next-generation AI chip going into mass production around the turn of the year.