Nvidia was set to open above a $5 trillion market value on Wednesday, becoming the first company to reach the milestone after a powerful rally that has made the chip designer the centerpiece of the artificial intelligence boom.

Shares of the Santa Clara, California-based company jumped 2.8% in premarket trade after CEO Jensen Huang announced $500 billion in AI chip orders and plans to build seven supercomputers for the U.S. government.

The milestone marks Nvidia‘s evolution from a niche graphics-chip maker into the backbone of the global AI industry, vaulting past peers Apple , Microsoft and Alphabet and turning Huang into a Silicon Valley icon.

“In many ways, everything that could have gone right for the firm, has gone right over the last sort of 24 hours,” said Michael Brown, senior r

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