Nvidia became the first publicly traded company to hit a $4 trillion market value on Wednesday after its stock rose 2.5% to a record high.

The U.S. chipmaker has surged about 20% this year, fueled by booming demand for its AI chips that power data centers for companies like Microsoft, Amazon, and Google.

Nvidia overtook Apple and Microsoft to reach the milestone first.

The company’s revenue for the latest quarter was up 69% year-over-year to $44.1 billion, CNN has reported.

Analysts see Nvidia as central to the AI revolution and expect its market value could reach $6 trillion by 2028, despite challenges such as export restrictions to China and competition from cheaper AI models.

Written by B.C. Begley