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.

Numerous growth drivers and strong tailwinds should combine to drive this artificial intelligence (AI) pioneer higher.

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

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.

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

US tech giant Nvidia is spreading its investments into smaller-cap AI companies, which will help promote the adoption of its products. This comes as demand for its graphics processing units (GPUs) is on an increase and projected to remain firm supported by continued adoption of the AI technology across sectors.

The artificial intelligence (AI) boom has been a huge benefit to the business, and with the stock up more than 10x in just a few short years, it would be understandable for investors who didn't get in earlier to think they missed the boat.