Nvidia’s total market value as of the close Wednesday, tops in the S & P 500. It regained the No. 1 sport from Apple ($3.461 trillion) earlier this week. Microsoft is the only other company with a market value above $3 trillion ($3.089 trillion). One year ago, Nvidia's market value was around $1.243 trillion.

Goldman Sachs said Nvidia has another trick up its sleeve to drive its stock price higher going forward: a massive stock buyback program.

Expectations are high going into Nvidia's fiscal 2025 third-quarter report next week, and some investors are wondering whether the stock can possibly live up to its lofty expectations. One Wall Street analyst called Nvidia stock a "must own" and believes selling now would be a huge mistake.

The tech-heavy Nasdaq closed lower on Wednesday, taking a break from the prior session's rally as investors worried about escalating Russia-Ukraine tensions and weak results from Target, while awaiting earnings from megacap Nvidia that landed after the bell.