Nvidia market value topped $1 trillion on Tuesday, making the chipmaker the first in its industry to hit the milestone. 

Shares hit $404.98 in morning trading, exceeding the $404.85 level needed to reach the new high. 

"Nvidia has done a lot of heavy lifting over the years," Ark Invest CEO Cathie Wood told FOX Business last week, "and it is the No. 1 hardware play in AI."

While there are no "pure play" A.I. stocks, she added that with most publicly traded companies heavily involved in A.I. having other business offerings, Nvidia is now considered the dominant leader in the field. 

The company's AI push has helped fuel the boom this year and sent the stock up more than166%.

Nvidia joins other companies that are valued at over a trillion dollars including Apple, Google parent Alphabet, Amazon and Microsoft.