Nvidia on Wednesday briefly hit $4 trillion in market value, making it the first publicly traded company to hit that milestone. Nvidia stock rose 2.76% after the market opened on Wednesday to hit an intraday record high that pushed its market value above the $4 trillion mark.

Nvidia holds a 7.3% weight on the S&P 500, the biggest on the index.

Nvidia's stock surge has given it significant weight in key equity indexes and ETFs that are more heavily influenced by companies with the biggest market values.