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 stock was struggling for direction ahead of Thursday's opening bell, even though the artificial-intelligence chip maker once again topped Wall Street's earnings expectations. Shares were trading flat at $131.