Nvidia briefly reached a market capitalization of $4 trillion on Wednesday, making it the first company in the world to reach the milestone and solidifying its position as one of Wall Street's most-favored stocks.

The accomplishment is even more impressive considering it has been just two years since Nvidia passed $1 trillion in market cap. Apple and Amazon reached $1 trillion in 2018 and Microsoft followed suit in 2019.

Even at record highs, Nvidia’s stock may not be as expensive as it is touted to be. Some valuation metrics suggest room for upside