The stunning rise of Nvidia Corp to become the first publicly traded company valued at $4 trillion underscores the massive importance to the stock market of the AI chipmaker and the technology sector.

Nvidia has officially become the first publicly traded company to cross the $4 trillion mark in market value, a major milestone that underscores the growing influence of artificial intelligence on the global economy.

Microsoft, valued at $3.725 trillion, sits just below Nvidia in market cap rankings. Apple follows with its valuation just above the $3 trillion mark. Of the three, Nvidia accounts for 7.3% of the S&P 500, surpassing Apple at 7% and Microsoft at 6%.