Nvidia made history on Wednesday as the first company to reach $5 trillion in market value, powered by a stunning rally that has cemented its place at the center of the global artificial intelligence boom.

The milestone underscores the company’s swift transformation from a niche graphics-chip designer into the backbone of the global AI industry, turning CEO Jensen Huang into a Silicon Valley icon and making its advanced chips a flashpoint in the tech rivalry between the US and China.

Since the launch of ChatGPT in 2022, Nvidia’s shares have climbed 12-fold as the AI frenzy propelled the S&P 500 to record highs, igniting a debate on whether frothy tech valuations could lead to the next big bubble .

The new milestone, coming just three months after Nvidia breached the $4 trillion mar

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