Nvidia’s stock surged to an all-time high on Thursday, making the chipmaker the first company ever to exceed a $3.6 trillion market value, as Wall Street continued its rally fueled by Donald Trump’s return to the White House. The A.I. chip leader saw its shares climb 2.2%, driven by investor optimism surrounding potential tax cuts and deregulation following the Republican candidate’s victory on Tuesday.

Nvidia’s stock surge was largely propelled by the increasing demand for GPU chips used in artificial intelligence systems. Competing with major players like Microsoft, Alphabet, and Amazon, the Silicon Valley company has seen its share price jump 12% in November alone, and its market value has tripled this year.

In June, Nvidia briefly became the world’s most valuable company before being overtaken by Microsoft and Apple. However, its market valuation has kept close to that of tech giants in recent months.

Nvidia’s stock price surge this month and this year’s massive growth in its A.I. market dominance have pushed it to the top of the list of the world’s most valued companies. Reuters reported that the company’s market capitalization now exceeds that of Eli Lilly and Co, Walmart WMT.N, JPMorgan Chase and Co JPM.N, Visa Inc V.N., UnitedHealth Group UNH.N, and Netflix NFLX.N combined.

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Unlike many other technology stocks, Nvidia’s rise has not been driven by fears of a recession or the impact of a trade war with China. Instead, it reflects growing investor confidence that Trump’s policies will boost economic growth and encourage more corporate investment in technological innovation.

The milestone will likely bolster Nvidia’s position as an investor darling after the tech sector’s post-election rally. The S&P 500 technology index has increased more than 4% in the two days since Trump’s win. This could be a boon for Nvidia as it prepares to release quarterly earnings on Nov. 20, when analysts expect it to see its quarterly revenue jump by over 80%, according to LSEG data.

Investors are also anticipating a jaw-dropping quarterly sales increase from Nvidia. Based on estimates from LSEG, the company’s revenues are expected to grow by over 80% year-on-year to reach around $32.9 billion.

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