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 (NASDAQ: NVDA) shares climbed 0.7% on Thursday, July 10, to close at $164.10,  outperforming the broader market and pushing the chipmaker over the $4 trillion market capitalization threshold at the close of trading.

The chip giant on Wednesday morning became the first company to see its market capitalization touch $4 trillion intraday, rising above that level when its shares reached $163.93 in early trading.