Nvidia reached another milestone in its rise to becoming one of the world's most important companies: the first publicly traded company to reach a market value of $4 trillion. Nvidia and other companies benefiting from the boom in artificial intelligence have been a major reason the S&P 500 has recently climbed to a record.

Nvidia has rebounded about 74% from its lows in April, when global markets were jolted from U.S. President Donald Trump's tariff volley.

Wall Street indexes closed higher on Wednesday after Federal Reserve meeting minutes fueled hopes that inflation pressures from President Donald Trump's tariffs would not derail interest rate cuts this year and the tech-heavy Nasdaq led gains as Nvidia briefly reached a $4 trillion valuation.