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Chip-maker Nvidia's market capitalisation rose to $1.83 trillion on Wednesday, nudging past Alphabet's $1.82 trillion market cap, a media report said.

Santa Clara-based chipmaker's shares rose 2.5 per cent to $739, while Alphabet shares ended the session at $145.94, CNN reported.

Earlier this week, Nvidia surpassed Amazon, closing with a higher market cap on Tuesday for the first time since 2002, CNN reported.

Nvidia shares have been on a tear since 2023, when investors swept up in AI hype bought up shares of Big Tech stocks, spurring a bull market against a backdrop of sky-high interest rates and leading the S&P 500 index to jump 24 per cent last year.

Nvidia has been the biggest beneficiary of the AI mania dominating Wall Street. The stock is up 49 per cent this year after soaring 239 per cent in 2023, CNN reported.

Most of the Magnificent Seven, the group of tech stocks that have led the bull market, have continued to race even higher this year with Nvidia leading the pack. But some investors are sceptical that they can match their staggering gains from last year.

"The valuation for this company is based on a very rapid growth rate. Anything that could potentially derail that growth rate would have a very negative impact on that valuation," wrote Dave Sekera, chief US market strategist at Morningstar, in a note on Monday.

"Investors should proceed with caution," CNN reported.