Can Nvidia’s GTC conference give the stock a boost? One analyst thinks a bigger catalyst might be simply psychological.

Nvidia’s total market value as of the close Wednesday, before the release of its earnings report. That’s second in the S&P 500 behind Apple ($3.611 trillion). Microsoft is third with a market value just below $3 trillion ($2.972 trillion). Two years ago, Nvidia’s market value was below $600 billion.

Nvidia shares traded near flat in premarket action Thursday, suggesting they could be due for an unusually muted post-results session. The AI chip maker's stock is popular with individual investors and often swings wildly following earnings.