Nvidia on Wednesday became the first company in the world to reach a $5 trillion valuation.

The chipmaker’s stock jumped 3 percent at market open, pushing the company above the historic milestone. The company had recently been nearing the $5 trillion mark, sitting at $4.89 trillion at the close of trading Tuesday.

Nvidia became the first $4 trillion company in early July, underscoring the firm’s meteoric rise as a key provider of the chips that are powering the artificial intelligence (AI) boom. It was followed by Microsoft in late July and Apple on Tuesday.

The company’s growth has closely tracked the rise of AI, which exploded into public view in late 2022 with the release of OpenAI’s ChatGPT. Nvidia first crossed $1 trillion in 2023, before reaching $2 trillion and later $3 trillion

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