Nvidia reached another milestone in its rise to becoming one of the world's most important companies: the first publicly traded company to reach a market value of $4 trillion. Nvidia and other companies benefiting from the boom in artificial intelligence have been a major reason the S&P 500 has recently climbed to a record.

Nvidia is now the most valuable company in the world after hitting the $4 trillion market capitalisation mark. The company’s data center business which drives many an AI platform is its golden child despite trading restrictions with China.

Nvidia hit a market value of $3.92 trillion today, on track to become the most valuable company in history, as Wall Street doubled down on optimism about AI. Shares of the leading designer of high-end AI chips rose as much as 2.