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 stock recently traded about 2.5% higher at a little over $164 a share.

Nvidia's chips have been in high demand by companies building AI models as they need faster computing capacity, especially after the launch of ChatGPT in 2022.

Nvidia’s climb also made the chip maker briefly the world’s first company with a market value of $4 trillion. Wednesday’s milestone came barely two years after the Santa Clara, Calif.-based company, led by Chief Executive Jensen Huang, notched a $1 trillion closing valuation for the first time.

Nvidia became the first public company to top $4 trillion in value on Wednesday after two-year investor frenzy.

The latest catalyst for the stock has been a commitment to AI spending from Nvidia’s biggest customers, showing that demand for its computing systems remains strong.