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 reported its fourth-quarter results after Wednesday's closing bell. Investors are focused on early sales of the company's new Blackwell line.