Shares of Nvidia rallied to a record high on Thursday, making the chipmaker the first company in history to surpass a stock market value of $3.6 trillion as Wall Street extended a rally sparked by Donald Trump's return to the White House.

Nvidia (NASDAQ:NVDA) stock never seems to go too long without experiencing a sustained rally higher. Undoubtedly, only time will tell if NVDA shares will retain the multi-bagger gains that investors have enjoyed in 2024.

Nvidia stock rose after Donald Trump was declared the winner in the 2024 presidential election in the early hours of Wednesday. The stock was up 1.5% at $141.97 in premarket trading. Trump will become the 47th president,

Nvidia has become a member of the Dow Jones Industrial Average Friday, replacing storied chipmaker Intel as the artificial intelligence darling cements its position as the world’s most valuable company.

Also know that, unlike the S&P 500 or the Nasdaq Composite, the Dow is weighted by price rather than by market cap. Although Nvidia has an outsized influence on the movements of the cap-weighted benchmarks, at current prices NVDA stock will be as important to the DJIA as, roughly, 3M ( MMM ).

Chip maker Nvidia and paint maker Sherwin-Williams join the Dow Jones Industrial Average today. While the move is symbolically important, it is unlikely to lead to any more demand for the stocks. The two companies are replacing Intel and Dow Inc.