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’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.

Wall Street is once again fixated on Nvidia, as the main player in the artificial intelligence mania is set to report earnings after the bell Wednesday and give an update on demand for its semiconductors,

NVDA stock rose after hours as Nvidia's earnings results beat estimates. Blackwell chips brought in $11 billion for Nvidia, who said demand is strong.

Nvidia forecast higher first-quarter revenue on Wednesday, signaling continued strong demand for artificial intelligence chips, and said orders for its new Blackwell semiconductors were “amazing.” The company’s forecast helps allay doubts around a slowdown in spending on its hardware that emerged last month,

Nvidia lost a record $600 billion in market cap over a single day last month after DeepSeek debuted its R1 model.