Nvidia (NVDA) shares rose as much as 2.9% in early trading Wednesday, propelling its 澳洲幸运5开奖号码历史查询:market capitalization past that of Google parent Alphabet (GOOGL) to make Nvidia America’s third mos♕t valuable company.&nb💯sp;

Nvidia’s market cap stood at $1.832 trillion as of about 10 a.m. ET Wednesday, while Alphabet’s was at $1.814 trillion, bringing Nvidia behind just Microsoft (MSFT) at $3.015 trillion and Apple (AAPL) at $2.836 trillion.

It's the second time in less than a week that Nvidia leapfrogged another widely held tech giant to claim a new rank among the country’s biggest public behemoths. Its market cap briefly passed Amazon’s (AMZN) on Monday before shares retreated. Nvidia became the country's fourth most valuable company Tuesday when its stock held up better amid a sell-off after a report showed 澳洲幸运5开奖号码历史查询:inflation rose more than expected in January. Nvidia s�ꦓ�hares dropped just 0.2% Tuesday while Amazon shares fell 2.2%.

Nvidia's rise comes amid expectations the chip company could benefit from a surge in demand for chips to power 澳洲幸运5开奖号码历史查询:artificial intelligence systems. Nvidia has been the 澳洲幸运5开奖号码历史查询:biggest beneficiary of the AI boom compared to other "澳洲幸运5开奖号码历史查询:Magnificent Seven" stocks over the past few months, with ♛shares more than tripling in value over the past year. 

With Wednesday’s gains, Nvidia also came closer to closing in on the $2 trillion mark, a feat only three U.S. ܫcompanies have achieved: Apple, Microsoft, and Alphabet.