Futures on the Dow Jones Industrial Average and other major indexes were mixed Thursday, as Wall Street awaited to surprise initial jobless claims and U.S. retail sales data. Meanwhile, Taiwan SemiconductorTSM,

Nvidia stock has rallied impressively in the past three months, and trades at a premium valuation. Growth-oriented investors should consider looking past Nvidia's valuation in light of the opportunity.

Taiwan Semiconductor Manufacturing Co. (TSM) stock soared Thursday after the contract chipmaker delivered second-quarter results that blew past analyst expectations, driven by insatiable global demand for its advanced processor technologies essential for artificial intelligence applications.

Nvidia stock hits record highs as U.S. export licenses unlock access to China’s $50B AI market. Click here to read an analysis of NVDA stock now.

Nvidia said it has filed applications to resume selling H20 GPUs in China and has received assurances that licenses will be granted.

Currently, Nvidia accounts for nearly 8 percent of the S&P 500. That’s the highest weighting for a single stock in 45 years, according to Todd Sohn, senior ETF strategist at Strategas Securities. For context, industrials account for 8.7 percent of the index, while healthcare stands at 9.1 percent.

Nvidia (NASDAQ:NVDA) stock was the first-ever company to hit a $4 trillion market cap. As the GPU colossus looks to $5 trillion and beyond, the big question in tech is which company will be second, and in what timeframe will number two be stepping up to the plate?

The stock is worth $4 trillion for a good reason. Nvidia's dominance in AI chips allows it to earn very high margins. Nvidia made $77 billion in net income on $148 billion of revenue over the last year, and its net income has increased 892% over the last three years.