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While its valuation is undoubtedly high, there's one thing that has the potential to send its shares up even more, and that's a strong earnings report. With Nvidia's earnings set to come out later this month, on Aug. 27, is that likely to be a catalyst that sends the chipmaker's scorching-hot stock to new heights?

Nvidia has climbed to about 8% of the S&P 500, the biggest share any single company has had in the index since 1981, according to data from CNBC.