Nvidia edged closer on Wednesday to becoming the first company ever to surpass a $5 trillion market capitalization, propelled by a remarkable rally that has positioned the chipmaker at the forefront of the artificial intelligence boom.

Shares of the Santa Clara, California-based company rose 2.8% in premarket trading after CEO Jensen Huang announced $500 billion in AI chip bookings and unveiled plans to construct seven supercomputers for the U.S. government.