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.

Key Takeaways Nvidia is set to deliver its highly anticipated earnings after the closing bell Wednesday.Analysts are overwhelmingly bullish on the chipmaker's stock, with multiple firms raising their price targets ahead of the report.