Goldman Sachs said Nvidia has another trick up its sleeve to drive its stock price higher going forward: a massive stock buyback program.

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.

Nvidia's (NVDA) third quarter earnings report out Wednesday saw the chipmaker once again blow away Wall Street forecasts.  And analysts across the Street were quick to praise the results, which showed the world's largest public company continuing to benefit from the AI boom.

Nvidia's Q3 earnings are key as Wall Street tracks demand for its new Blackwell GPU amid issues like overheating chips and yearly upgrades.

Nvidia stock was paring some losses early on Thursday as a raft of positive reactions to its earnings came in from Wall Street analysts. The majority were looking ahead to Nvidia being able to ramp up the supply of Blackwell chips.

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

Wall Street analysts are bullish on the prospect for Nvidia's third-quarter earnings report, with expectations running high for the new Blackwell GPU.

Nvidia reported fiscal third-quarter earnings after Wednesday's closing bell. MarketWatch will be breaking down the results.

Nvidia's recent Q3 report exceeded Wall Street's high expectations, yet the stock was down. Due to high demand for its Hopper and new Blackwell Superchips, Nvidia is raking in cash. Research suggests short-term dips are normal in a situation like this.