US stock futures were steady after another milestone moment from Nvidia (NVDA) helped push the S&P 500 and Nasdaq to new highs. Renewed investor enthusiasm has been felt in the market's standouts, most prominently AI giant Nvidia,

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 achieved a $1 trillion market value for the first time in June 2023 and tripled it in about a year, faster than Apple and Microsoft, the only other U.S. firms with market values above $3 trillion. Microsoft is the second most valuable U.S. company, with a market capitalisation of $3.73 trillion. Its shares dipped 0.4% on Thursday.

Nvidia ( NVDA 1.80%) remains one of the best artificial intelligence (AI) stocks on the market. But with the chipmaker now trading at a price-to-sales multiple of 26.4, many investors may wonder if shares have gotten too expensive to buy. Don't be fooled: Nvidia stock is still reasonably priced.

Nvidia briefly reached a market capitalisation of US$4 trillion on Wednesday, making it the first company in the world to reach the milestone and solidifying its position as one of Wall Street's most-favoUred stocks.

Nvidia stock has surged 51%, making it the first publicly traded company to briefly surpass a staggering $4 trillion market cap.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.