I'm talking about Nvidia (NVDA) , of course, and the question is: Can it help power the S&P 500 to another record high? The answer is yes. In premarket trading shares of the AI-chip giant are trading up nearly 1%.

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.

Nvidia becomes first $4 trillion company at market close. Its stock has increased more than 870 percent since ChatGPT was released in late 2022.