Nvidia became the first publicly traded company to surpass a $4 trillion market capitalization on Wednesday, as its shares climbed as much as 2.5% to a record intraday high of roughly $164 on the New York Stock Exchange. The advance builds on a rally driven by unrelenting demand for the company’s artificial-intelligence processors and lifts its stock more than 1,300% since late 2022.

The milestone vaults the Santa Clara-based chipmaker past Microsoft, valued at about $3.7 trillion, and Apple at roughly $3.1 trillion, to become the world’s most valuable company. Nvidia’s swelling size gives it the largest single weighting in the S&P 500 at around 7.5%, helping the benchmark rise 0.6% and the Nasdaq Composite 0.9% on the day.