As of this writing, Nvidia (NVDA) stock is up 1.7% in intraday trading, bringing its market capitalization to $4 trillion. This makes it the most valuable company in the world, and the first company to cross the $4 trillion threshold.

Nvidia holds a 7.3% weight on the S&P 500, the biggest on the index.

Nvidia’s chips power the data centers that companies like Microsoft, Amazon and Google need to fuel their AI models and cloud services — and AI investments are only expected to grow.

TSMC has also been expanding in the U.S., as President Donald Trump pushes for more domestic manufacturing.

Investors have piled back into AI-linked companies, shaking off a funk that settled in after China’s DeepSeek cast doubt on whether the likes of Meta Platforms and Google needed to spend that much mo...