Nvidia briefly reached a market capitalisation of US$4 trillion on Wednesday, making it the first company in the world to reach the milestone and solidifying its position as one of Wall Street's most-favoUred stocks.

I'm talking about Nvidia (NVDA) , of course, and the question is: Can it help power the S&P 500 to another record high? The answer is yes. In premarket trading shares of the AI-chip giant are trading up nearly 1%.

Shares of Nvidia ended up 0.75 percent at $164.10, giving it a market value of $4.004 trillion as it benefits from an ongoing surge in demand for artificial-intelligence technologies. Nvidia’s stock market value briefly peaked above $4 trillion on Wednesday before closing at about $3.97 trillion.