The S&P 500 surged ahead of earnings results to hit a record high of 6,481.40 Wednesday just ahead of quarterly earnings from the world’s largest company, chipmaker Nvidia.

“Nvidia is going to produce humongous revenue gains over the next nine months, on top of an already humongous revenue base,” said Jed Ellerbroek, portfolio manager at Argent Capital, told Reuters . “Investors should prepare themselves for a world where Nvidia is a double-digit percentage of the S&P 500.”

Why do Nvidia’s earnings move the market so much?

Nvidia dominates the AI market, which means the company’s earnings results are highly anticipated each quarter. But the stakes were particularly high going into Wednesday’s earnings.

Last month, Nvidia became the first company to hit $4 trillion market value

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