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.

Nvidia is set to deliver its highly anticipated earnings after the closing bell Wednesday, with analysts overwhelmingly bullish on the chipmaker's stock.