NEW YORK (AP) — Chipmaker Nvidia became the first public company to top $4 trillion in value on Wednesday after a two-year investor frenzy.

Nvidia shares rose 2.5%, or $3.97, in early trading Wednesday, topping $164 each. At the beginning of 2023, Nvidia shares were around $14 each.

The poster child of the AI boom, Nvidia has grown into the most valuable company in the world, surpassing Microsoft, Apple, Amazon and Google parent Alphabet. The stock’s movement carries more weight on the S&P 500 and other indexes than every company except Apple. Two years ago, Nvidia’s market value was below $600 billion.

In its most recent quarter, Nvidia overcame tariff-driven turbulence to deliver another quarter of robust growth amid feverish demand for its high-powered AI chips.

Nvidia earned $18.8 billion, or 76 cents per share, in the period, a 26% increase from the same time last year. Revenue surged 69% from a year ago to $44.1 billion. If not for a $4.5 billion charge that Nvidia absorbed to account for the U.S. government’s restrictions on its chip sales to China, Nvidia would have made 96 cents per share, far above the 73 cents per share envisioned by analysts.

Nvidia reports its second-quarter results next month. Wall Street is expecting another quarter of record sales and profit for the Santa Clara, California, company.

Nvidia and other companies benefiting from the AI boom have been a major reason the S&P 500 has climbed to record after record recently. Their explosion of profits has helped to propel the market despite worries about stubbornly high inflation and possible pain coming for the U.S. economy from tariffs and other policies of President Donald Trump.