Nvidia’s total market value as of the close Wednesday, before the release of its earnings report. That’s second in the S&P 500 behind Apple ($3.611 trillion). Microsoft is third with a market value just below $3 trillion ($2.972 trillion). Two years ago, Nvidia’s market value was below $600 billion.

Long a Wall Street favorite, Nvidia stock has struggled recently, gaining 4% over the last six months, worse than the S&P 500’s 7% return.

Nvidia is set to report its fourth-quarter earnings on Wednesday, marking the first financial update from the chip giant since the launch of China's DeepSeek AI model